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Hi Steve from Wilhelmy Homes
Hey thanks for stopping by this site
I want to talk to buyers today
And specifically let's paint a situation that has happened with my clients
In the past and sometimes people ask that question
So I want to just cover here for you guys
What happens if you put a contract in an house
And everything is going along great
And you know you are working on all the final details
And maybe you got closing the schedule for three weeks from now and everything is moving
on
And hailstorm comes through and the house that you absolutely fell in love with gets
damaged
What do you do
Well let's say
You know the sellers are going to follow their process
They are going to check with their insurance company
The insurance company will say
Yeah you need a new roof and then they are going to work on their process
They are going to get them a check or multiple people are going to get checks
And things like that
And they are going to coordinate with a roofing company
And then they are going to go ahead and get the roof replaced
But generally what happens is the listing agent is contacted
They are going to contact me first
And I am going to contact you right away
And say
Okay here's what's going on because there is a couple of things that happened
There is actually a section in the purchase contract that says 'risk of loss'
And if there is a risk of loss
Basically the buyers actually get to cancel the contract if they choose to
And get their earnest money back
Not sure if you want to enforce that
But you have that right to do that
And reason being is
You fell in love with the house
It has a hail damage
Guess what it could have happened a month after you owned it
If you are still going to fall in love with the house
It's still perfect for you and your family
It has the right number of beds and bathrooms
In right locations in right place all of that stuff
So generally you don't see too many people enforcing that and walking away from it
But it could happen
It is definitely your right to do that
So what's going to happen is ideally the seller gets the roof fixed ahead of time
And then
Then we don't have to worry about it
And you know they'll even most likely say
Hey you know what you want to pick the colors out
And maybe you are planning on painting the house or residing in it and you want different
colors
Hey great opportunity for you to pick the color and make it match exactly what you want
Let's say we are in a situation maybe little tighter to closing
And we have
We just don't have enough time
Well it's three days before closing
There is no way a contractor can get out there and get it done in time and do great job
And so don't worry about it
We have ways to do that
We could delay closing
We could absolutely delay closing but let's see that's not an option for you
Maybe you are leaving on an overseas trip or maybe you sold your place and you got to
move
Well again don't worry we have solutions.
What we do is we take that insurance money
And we actually put it into an escrow account
And it gets held by the
Generally by the title company and they hold on to it
Until they have evidence that the roof has been replaced
And what they will generally do is they will get pictures from the contractor
And they will get the signed off permit from the city that says
Yeah everything is good and they will release the check to the insurance company
And all of that good stuff
So most important thing if something does happen
Let's be in communication, we will talk through your options
We will make sure your specific options
That's the kind of things that potentially could happen
I loved to just to share that information with you
If you want to talk about anything related to real estate
Whether it's insurance claims or is now the right time to buy or anything like that
Feel free, give me a call
My number is right here
My email is also there
You can comment about this blog
Whatever you would like to do
I would love to chat with you
My name is Steve from Wilhelmy Homes
Thanks for stopping by this site
Bye now