Pre-existing Damage ( FLA Of Course)
I have a short sale in the works. The house has pre-existing damage that the insurance company is supposed to fix. How do I CONTROL the insurance company in that they fix it or I get the check rather than the sellers? There is enough spread in the deal so it isn't a requirement, but it would sure sweeten the pot.
This repair by the insurance company should be included in your purchase agreement, as some insurance policies may not transfer to the new property owner.
When I have a concern with this type of issue my purchase is subject-said repairs being completed.
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With the situation in FL, getting someone to do the repairs (roof). Contractors are backed up by months I know the work won't get done till I do it. How do I get the insurance to pay me rather than the existing owner?
Captkirk,
It all depends on how the policy is written. If it is transferable you may have a chance, but the fact remains that most insurance of this type are only obligated to the policyholder.
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