Want to Sell Your Home After a Sinkhole Remediation? Information you need to know.

Selling your home after having a sinkhole remediation

takes one very important thing. A knowledgeable real estate professional who knows how to sell your repaired sinkhole home. What will the buyers insurance company need?  What will the buyers lender need?  Can a buyer get a mortgage on your home?  Can the buyer get insurance even if they cannot get a mortgage?  I have the answers to these questions and they are based on your homes specific information.

Is your home going to be a cash only sale or can the buyer obtain a conventional mortgage?  In order for your buyer to obtain a mortgage you will need to provide them with a complete copy of the engineer report detailing the necessary repairs. You will also need to provide them with the summary report which confirms that the exact repairs that were suggested in the engineer report matches the summary report.  If the engineer report states that the home should be "piered" or "Pinned" and you have it grouted instead. The buyer cannot obtain a mortgage on your home and we will need to find a cash buyer.

Can a buyer get insurance on the home I am selling? If

you had the home repaired then yes, but you will need to provide them with the following: the debt page from when the claim was filed, ( check cluereport.com)executive summary report, final report. Keep in mind it may take 6 weeks for the insurance company to review this information for your buyer so once you enter into a contract, you will have a longer than usual time to close. If you do not have these documents pertaining to your homes sinkhole, your home can be insured for cash value which offers little coverage and will affect the market value of your home.

What if I didn't repair my sinkhole?  Unrepaired sinkhole homes can get insurance from one carrier at this time. The policy will be more costly to the buyer and will not cover "catastrophic ground collapse" damage. In this case your home would need to sell for all cash and at a reduced market value.  

If you or someone you know wants to sell a repaired or unrepaired sinkhole home in New Port Richey, Trinity or Port Richey Florida, please contact me so we can discuss your options and review your paperwork to determine the best way to market your home to get you a sale. 

       

written by Michael J. Gallo