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Scott Pray's Blog

By Scott Pray | Agent in Bozeman, MT

How Hail damage can effect the sale or purchase of a home in Bozeman MT.

  Many of my clients have been concerned about the purchasing and selling of a home with hail damage that has not yet been repaired. The biggest hurdle seems to be insurance. Insurance companies are not willing to insure a home that has existing hail damage and if the buyers can't get adquate insurance then the lender is not willing to fund the loan. Putting Insurance on the home is typically one of the last things a buyer does prior to closing so it can be a real nightmare if not dealt with early in the transaction. The best way to deal with this problem is to have the seller of the home be diligent about getting the work done prior to closing. If this is not an option then try having the buyers go through the same insurance company as the sellers have and hopefully they can get an insurance binder that will satisfy the lender.

Comments

By Ken Allen,  Sat Nov 26 2011, 08:57
Scott,
Interesting problem that I hadn't come across before.

By the way, I had lunch with Jim Thompson yesterday. We are old friends, going back to high school in Santa Monica.

You can also find me on Trulia in Darien, CT.
Regards,
Ken

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