Randy DiSimone

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.