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Old 03-25-2010, 09:15 AM
 
180 posts, read 719,535 times
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In seller's disclosure papers (I don't know if they are all the same. I'm in Texas) there are several places that this would situation would come up. Especially the question that directly asks if you've ever received proceeds for a claim of damages and not used them for repairs.

Also, there is something called a CLUE Report (Comprehensive Loss Underwriting Exchange) that is an insurance industry database. Your buyers can check that out and find out that a claim was made.
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Old 03-25-2010, 09:41 AM
 
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I never could figure that one out ( mortgage companies requiring you have insurance to protect their assets, then allowing insurance companies to make the check out to only the mortgage holder )
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Old 03-25-2010, 09:51 AM
 
Location: Bella Vista, Ark
69,344 posts, read 79,526,740 times
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Quote:
Originally Posted by Dr. Foosball View Post
Maybe that came out wrong. I don't hope they find one. I meant that he should hope they find one.
I think I knew what you meant, just wanted to give you a rough time..
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Old 03-25-2010, 03:15 PM
 
Location: Hot Springs, AR
5,612 posts, read 13,245,233 times
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Quote:
Originally Posted by marmac View Post
I never could figure that one out ( mortgage companies requiring you have insurance to protect their assets, then allowing insurance companies to make the check out to only the mortgage holder )
They do that because it's easier, or rather faster, for the homeowner to get the work done if they don't have to go back to the mortgage company to cash the check. The insurance companies that do make the check to both is to avoid situations like this one.
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Old 03-25-2010, 04:18 PM
 
Location: Fort Smith, Arkansas
1,466 posts, read 3,698,291 times
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Think about all the hail damages cars driving around. I bet over half of those drivers received a check to fix their cars. If you don't see anything wrong with the house, and you don't have a leak, you will probably be fine.
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Old 03-25-2010, 07:51 PM
 
Location: Bella Vista, Ark
69,344 posts, read 79,526,740 times
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Quote:
Originally Posted by Dr. Foosball View Post
Think about all the hail damages cars driving around. I bet over half of those drivers received a check to fix their cars. If you don't see anything wrong with the house, and you don't have a leak, you will probably be fine.
I can see both sides: a care damage from hail isn't' going to affect the care except for looks, a roof damage, though not apparent at the time can do serious damage and result in more problems than most of us realize.

Nita
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Old 03-25-2010, 07:57 PM
 
Location: Texas
14,078 posts, read 17,043,591 times
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Quote:
Originally Posted by did0c View Post
In seller's disclosure papers (I don't know if they are all the same. I'm in Texas) there are several places that this would situation would come up. Especially the question that directly asks if you've ever received proceeds for a claim of damages and not used them for repairs.

Also, there is something called a CLUE Report (Comprehensive Loss Underwriting Exchange) that is an insurance industry database. Your buyers can check that out and find out that a claim was made.

I was thinking the same thing. I don't know if a disclosure is required in Arkansas, as it is here in Texas, but if so, it's a legally binding document. If you fail to notify the buyer of the circumstances, you could be held liable if they find out. If you do notify them, you can expect fixing the roof to be a condition of finalizing the sale or the buyers may demand a substantial amount off the selling price. Either way, you're screwed.

Don't you wish now you'd have just gone ahead and replaced the roof like you should have?
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Old 03-26-2010, 08:03 AM
 
Location: Bella Vista, Ark
69,344 posts, read 79,526,740 times
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Quote:
Originally Posted by stillkit View Post
I was thinking the same thing. I don't know if a disclosure is required in Arkansas, as it is here in Texas, but if so, it's a legally binding document. If you fail to notify the buyer of the circumstances, you could be held liable if they find out. If you do notify them, you can expect fixing the roof to be a condition of finalizing the sale or the buyers may demand a substantial amount off the selling price. Either way, you're screwed.

Don't you wish now you'd have just gone ahead and replaced the roof like you should have?
I had forgotten that as well. Yes, we had the declosure requirement in NM and TX. I would hope it is required here..

Nita
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Old 03-29-2010, 08:25 AM
 
Location: Northwest Arkansas
8 posts, read 29,302 times
Reputation: 22
Although a Sellers Property Discloser is not required by law in Arkansas, it is customary for a resale home, that is not Bank Owned, to have one unless you are selling the home as-is. If you are selling a home as-is it had better be priced down with the Bank Owned Property.
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Old 03-29-2010, 09:18 AM
 
8,649 posts, read 14,879,362 times
Reputation: 4563
The insurance did not pay you enough to replace the roof..... Unless you are living in a shed...

Just go buy some shingles and replace those damaged by the hail... You are allowed to do it yourself...It will have been repaired and you will be fine....
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