Home Buying in Tampa>Question Details

Shiela Z., Other/Just Looking in New Port Richey, FL

I see there are a lot of sinkhole homes available, both repaired and unrepaired. Can you get insurance on these homes?

Asked by Shiela Z., New Port Richey, FL Tue Mar 19, 2013

Help the community by answering this question:

Answers

6
Steve (888) 662-4404’s answer
-
-
If you don't take my advise, mark my words, you will regret it!

STAY AWAY FROM SINKHOLE HOMES...PERIOD!

Ever wonder why realtors don't actually buy Sinkhole property? Same as Mortgage Brokers, because they know the real deal too.

See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.

1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BK…OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)

4) 97% LTV- No monthly MI-No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home
7) 90% LTV- JUMBO w/cc
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals

--------STATED INCOME ALT up to Super Jumbo-----------
http://www.StatedIncomeALT.com
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness
14) 70% LTV- Soft and Hard Money
15) LOT/VACANT LAND LOANS
16) COMMERCIAL PROGRAMS-available nationwide

Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
#204296

Prior Service U.S. Marine Corps
====
1 vote Thank Flag Link Tue Mar 19, 2013
Unrepaired sinkhole homes are not insurable. Repaired sinkhole homes are not a good buy - there will always be a stigma on them. Instead of buying a sinkhole home, why not buy a better value home for the same price. Contact me to find out how...

Margaret Hassani
Broker, Lightning Realty
Innovation and Experience
(813) 766-1501
Fax (813) 443-0118
zzmarg@gmail.com
http://www.LightningRealtyFL.com
1 vote Thank Flag Link Sat Oct 12, 2013
I'd have to agree. Insurance only goes so far. Sinkhole homes are dangerous, repaired or not. I'd stay with houses that can be insured safely. Good luck with your search.

Jenn | http://www.solveall.com.au
Flag Fri Aug 15, 2014
Several factors to consider.
1) How the repair was done, the best way with a warranty is pinning, adding grout to the ground can't be trusted long term!
2) Repaired sink hole homes can be insured, thus you can get a mortgage if they were pinned!
3) Un-repaired sinkhole homes are cash only, and you cannot get insurance!
4) Repaired sink hole homes sell for more because they can be mortgaged, but they still do not sell equally to a home without a sink hole!
5) Another thought is the area, if the area has sink holes, and the home you're looking at doesn't have one, it doesn't mean it won't get one after you purchase it!
0 votes Thank Flag Link Sat Oct 12, 2013
Shiela,
The question you present is incredibly important and deserves a thorough answer.
Of course, a through response can not be provided in a Q&A on the internet.
You really need to chat with a real estate professional who works in Pasco County.
-
As a home buyer you need to ask your agent:
1. If a home has been remediated, what are the issues I may face today and in the future?
-
2. How much time must pass before 'sink hole' is no longer and issue and does not REQUIRE disclosure.
-
3. If the home for sale has sink hole damage and the insurance money was not spent by the current owner on remediation, what are the ramifications?
-
4. How can I determine if the home I am wanting to buy is currently under the influence of a sink hole?
-
5. Are there any circumstances where a home I purchase, in good condition, can become mot insurable? You will find 'sink hole' is not the only issue.

From the basis of the above information you can properly place your observations into the proper context..

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us

Movie Tour - Scotsdale Bluffs - http://youtu.be/KTuVUxNDpOQ
Find out how EZ selling your big water view can be.
0 votes Thank Flag Link Tue Mar 19, 2013
Sheila,
This does depend on insurance companies. An unrepaired sinkhole cannot be insured, but a repaired sinkhole can be insured at a higher premium.

Thanks.
0 votes Thank Flag Link Tue Mar 19, 2013
Good morning Shelia,
Are you familiar with any mortgage lender that will finance an unrepaired sinkhole property if I purchased to remediate?

Thank you
Flag Mon Mar 10, 2014
Sorry for spelling your name incorrectly.
Flag Tue Mar 19, 2013
Shiela,

Sometimes you can and sometimes not. Of course it is usually a bit higher but once the sinkhole has been repaired properly then the insurance can go down. Are you looking to buy in Tampa or the New Port Richey area? I would be happy to send you a few homes to consider and can help answer the other questions you may have about purchasing a new home.

Please review my profile on Trulia and send me a message or email me directly at Thoyt@prutropical.com

No pressure, just help.

Respectfully,
Tracy Hoyt
Realtor
Prudential Tropical Realty
0 votes Thank Flag Link Tue Mar 19, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer