Skip to main content

Cant close because of insurance problems

I am in the end stages of buying a trailer park in FL. The only hang up is there is a structure on the property that is owned by the park so the bank is requiring me to get wind and flood coverage on it. It is just a portable shed that I would value at 5-7k. I have already got my liability and flood coverage squared away, but I was unaware of how much of a time consuming process it is to wind coverage in the state of FL. I am almost on week 4 of waiting for this coverage. I recently had to ask the seller for a 2 week extension of our contract. Our extension expires at the end of next week and the seller sounds adamant that he NEEDS to close by then. I don’t know what to do, I feel like it is out of my hands at this point. My question is have you guys ever been able to get the bank to let you close on something without having the proper insurance in place? I am extremely frustrated because the value of this building is less than 1% of the loan amount. Is there any products or companies that offer a temporary emergency insurance service for situations like this? I was also thinking about offering to give the bank the amount that the building is worth to hold until the insurance comes through. Just spitballing ideas here

submitted by /u/Additional_Club_122
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/14impzh/cant_close_because_of_insurance_problems/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
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