Insurance Claims Adversely Affecting Home Sellers
Thursday, 13th April, 2023
Insurance history can cause havoc for a home seller trying to sell their home disclosing the material facts of any insurance claims against the home. Real Estate selection does matters on who you select to handle over 100 different categories in the residential purchase contract. It’s a binding contract between home seller and home buyer. This is one area the Carol Royse team knows how to navigate through effectively is the insurance claims history report.
Can History Insurance Claim report Affect a Home Seller Selling their Home?
Past insurance claims on a home can potentially affect the sale of the property, depending on the nature of the claims and the perspective of potential buyers.
For example, if the home has a history of multiple insurance claims for water damage or flooding, potential buyers may be concerned about the possibility of future issues and may either request repairs or lower the amount they are willing to pay for the property.
On the other hand, if the insurance claims were for minor issues that have since been resolved, they may not have a significant impact on the sale of the home.
It’s important to note that in some states, sellers are required by law to disclose any known material defects or issues with the property, including past insurance claims. Failing to disclose this information can result in legal consequences for the seller.
Ultimately, it’s best to be transparent about any past insurance claims and provide documentation of repairs or remediation efforts to potential buyers. This can help to build trust and ensure a smooth and fair transaction for all parties involved.
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