Skip to main content

Old Home Insurance Open Claim From Prior Owner Stopping Buyer From Insuring Home.

Story takes place in North Jersey with the sale of a Multi Family property.

I'm an agent currently helping a seller with the sale of his home and brought a buyer who was interested and put in an offer. We proceeded forward and the buyer is in the process of getting insurance but the quotes he's requesting continues to get denied due to an open fire claim. Insurance broker mentioned the open fire claim is from July of 2018 which is prior to when the current owner (the seller in this transaction) actually purchased it (he purchased it a year later). Seller mentioned he had the same issue back then when getting insurance but let the brokers know that the property has no fire damage and his insurance company appropriately insured the home. He believed the open claim was taken care of and removed when they went ahead to insure the property.

I'm asking in this sub because I too invest in real estate and would like to know how I can go about solving and removing this open claim for the future ( and to help those who have the same question). I requested any documentation from the insurance broker in regards to the open claim but they simply mention that they don't have anything, something just pops up in their screen that lets them know there is an open claim.

Anyone have experience on how to go about closing out this open claim from the prior owner?

submitted by /u/Goodjorge
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/qicnbz/old_home_insurance_open_claim_from_prior_owner/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more