Yesterday my buyers (who already had loan approval) were ready to close escrow only to be told that they could not get insurance because the property had a prior water damage claim plus the fact that many buyers who purchased foreclosure properties immediately put in claims for missing appliances, missing pool equipment, and damages to the property. This is a new trend among insurance companies that is likely to continue! I have taken a number of steps to overcome this new challange to my qualified buyers and if all goes well in the next few days we will close this escrow on time. I'll let you know how it goes. My hope is that my experience will be of help to others in overcoming this new hurdle.
Monday Oct 13, 2008 Update: We made it! We closed escrow last Friday! Here's what we did. We went to the property with the permission of the selling broker and took several time and date stamped high resolution digital photos showing the general condition of the interior and exterior of the property including roof condition, appliances, flooring and close-ups showing that all copper plumbing had been upgraded (under sinks, water heater, hose bibs, etc.) We submitted the photos with a "general statement of condition" to the insurance company and they OK'd the policy. You don't always have to think out of the box to save an escrow...sometimes you only have to lookaround the corner for a workable solution! Hope you find this helpful.
Vice President - Real Estate Services. Awards and Accomplishments: Remax Lifetime Achievement Award. San Fernando Valley, Santa Clarita, Simi Valley, Thousand Oaks. Full Video Tours. 1031 Investment Properties, First Time Buyers, Bank Owned & Foreclosures
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Sad. I am glad that a recent update to our purchase contract requests the buyer to investigate the insurability of a home within 10 business days of acceptance. At least they know early rather than getting to the closing table.
We have the same thing in California. The goal however is to help the client get to the closing if possible. Anyone can watch a client walk away. In this case the buyer really wanted the home. I choose to help them reach their goal. I was able to solve the problem and we closed escrow last Friday! I'll post an additional comment to my article that may be of help to others.
Good evening. At my lemonade stand I used to give the first glass away free and charge five dollars for the second glass. The refill contained the antidote.
I am from Arabia and learning to read in English, give please true I wrote the following sentence: "Daphne abstract wall sculpture clock."
:p Thanks in advance. Tamasha.