Home Buying in Davenport>Question Details

greenbid, Real Estate Pro in Davenport, FL

Can anyone let me know if it''s worth buying a sinkhole repaired home ? Also, can anyone let me know what documents should be in place?

Asked by greenbid, Davenport, FL Fri Oct 26, 2012

any help would be much appreciated

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Once a sinkhole property has been repaired, it is fully insurable against further sinkhole damage. Sale prices of REPAIRED sinkhole properties in Polk indicate a 25% to 35% loss in market value. (unrepaired sinkhole properties suffer a70% to 80% loss).

BE SURE to obtain a copy of the geologist's report that certifies sinkhole activity, AND an engineers report stating that the foundation was repaired.
0 votes Thank Flag Link Wed Nov 21, 2012
Hi Gory,
Every insurer I have talked to will tell you that once a home has been sinkhole repaired it then becomes un- insurable. That being the case would mean that you would have to pay cash for it.
If you are thinking about it make sure you talk to as many insurers as you can find.
http://clermontshortsalespecialists.theshortsaleguide.com
0 votes Thank Flag Link Fri Oct 26, 2012
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