Skip to main content

Roof old, home insurance ?

We are first time home buyers and we are buying a house from the 90s in New England with a roof from the 90s with some visible maintenance issues (shingles curling). We realize we will need to replace it very soon.

Inspections are done and I am currently trying to get home owners insurance to proceed with this purchase.

But the insurance company is gonna get back to us on the roof… saying they may not be able to insure it.

I do some googling and see that old roofs or roofs that clearly need maintenance are an issue for home owner insurance companies and they don’t insure them.

What I want to know is why would my real estate broker not have told me this? She’s been very communicative otherwise …(I found at last night and haven’t had a chance to talk to her yet I just can’t sleep stressing about this).

If they won’t insure it how are we gonna get a mortgage? Will the buyers need to replace it first or will we be required to purchase the house without it being insurable??

I feel like this will delay our closing, please tell me if I’m wrong.

submitted by /u/Queasy_Freedom8142
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/17cyeva/roof_old_home_insurance/
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

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more