Will a bank repair a roof damaged due to winds with their insurance on an REO?
Saturday, June 21st, 2008 at
12:55 am
whattheheck asked:
Just wondering if I were to get an offer accepted on an REO home with part of the roof damaged due to high winds, would it be feasible to ask the bank to fix it with their property insurance after inspection if I offer to pay their deductible?
The offer is at list right now, and is contingent on an inspection. I figure if I would rather pay their deductible than pay the whole thing myself, and the inconvenience of them filing a claim would be less than finding a new buyer or accepting a lower bid.
Tagged with: Insurance Inspection • Property Insurance • Reo
Filed under: Renting & Real Estate
Like this post? Subscribe to my RSS feed and get loads more!
hertfordshire roof repair
No, typically, they will either:
1. Discount the property.
2. Fix it only if there is a roof leak that will further devalue the interior.
Banks typically do not carry insurance on REO properties…they are not required to because it belongs to them.
hertfordshire roofing insulation
You will have to ask them, This sort of thing is not written in stone. You could ask the to fix it out right or to set asides funds in escrow for you do get in done.
hertfordshire chimney flashing
The banks are all different and have their own prerogatives.
A new trend I’m seeing is the banks are requiring their listing agents to make necessary repairs (and this very well could be necessary if it won’t appraise for what you want to finance because of it) and then reimbursing the realtors at closing.
You’ll never know if you don’t try. Some banks will do absolutely nothing, and others are making repairs even above what is required by the VA.
Also, you need to decide how important it is to you. Is the house a great deal without getting the roof fixed? Are you prepared to miss out on the house by trying to get the roof fixed by the bank?