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Old 03-24-2010, 09:45 AM
 
1 posts, read 29,221 times
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1.5 years ago we had some hail damage to our vehicles sitting in the driveway. I had an adjuster look them and over we received claims money to get them fixed. I did.

I also inspected my roof and didn't see any damage, except maybe a few smalls dents on my metal vents, but no visible damage to the roof that I could tell.

I called an adjuster anyways, and he looked it over and said is able to submit claim for a new roof. I received a couple thousand dollar check written IN MY NAME and did not require my mortgage to endorse, nor to verify that the roof got replaced. We spent the money on paying off our car. Did NOT replace the roof. Roof is fine IMO.

I'm now getting ready to sell my house. This has lingered in the back of my head..... I know the right thing to do would be to get it replaced. But if I don't, will I be held liable? Will this be discovered in the process of selling the house??? Did the insurance company make a big mistake by writing the check in my name only? I have a mortgage on the home.
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Old 03-24-2010, 09:58 AM
 
9,807 posts, read 12,896,672 times
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As long as you can sell the house and pay off the mortgage, I doubt the mortgage company will be concerned.

However, if a buyer is aware that your area had hail storms and your neighbors have new roofs and yours still has damage---------they might want a big discount in price.

I would !
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Old 03-24-2010, 03:16 PM
 
Location: Bella Vista, Ark
69,256 posts, read 79,427,308 times
Reputation: 38610
Quote:
Originally Posted by boughtpassat View Post
1.5 years ago we had some hail damage to our vehicles sitting in the driveway. I had an adjuster look them and over we received claims money to get them fixed. I did.

I also inspected my roof and didn't see any damage, except maybe a few smalls dents on my metal vents, but no visible damage to the roof that I could tell.

I called an adjuster anyways, and he looked it over and said is able to submit claim for a new roof. I received a couple thousand dollar check written IN MY NAME and did not require my mortgage to endorse, nor to verify that the roof got replaced. We spent the money on paying off our car. Did NOT replace the roof. Roof is fine IMO.

I'm now getting ready to sell my house. This has lingered in the back of my head..... I know the right thing to do would be to get it replaced. But if I don't, will I be held liable? Will this be discovered in the process of selling the house??? Did the insurance company make a big mistake by writing the check in my name only? I have a mortgage on the home.
A home inspection will reveal the need for a roof so, yes, you will have to replace the roof. If you are lucky you may not have to but don't count on it. Just because, to you, it looks fine, does not mean it is.

Sometimes the insurance companies write the check to the home owner, sometimes the mortage holder. In this case, I guess they did make a mistake.

Nita
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Old 03-24-2010, 03:18 PM
 
Location: Bella Vista, Ark
69,256 posts, read 79,427,308 times
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Quote:
Originally Posted by marmac View Post
As long as you can sell the house and pay off the mortgage, I doubt the mortgage company will be concerned.

However, if a buyer is aware that your area had hail storms and your neighbors have new roofs and yours still has damage---------they might want a big discount in price.

I would !
the mortgage company will not care, the new owners will, if they are smart and I am sure they will be, will want an inspection. That is where the trouble will come in. No one, in their right mind buys a home today without an inspeciton.

Nita
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Old 03-24-2010, 03:47 PM
 
Location: Hot Springs, AR
5,612 posts, read 13,236,060 times
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Your question is actually best answered in the real estate section but imho, you could be found liable for insurance fraud if your insurance company founds out that you did not replace the roof. I forget the exact term for it, but in the law if you receive an insurance claim, you are only allowed to use that money for the purpose given, in this case a new roof. It would be in your best interest to get a new roof pronto and pray the insurance will be forgiving.
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Old 03-24-2010, 04:16 PM
 
9,807 posts, read 12,896,672 times
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Quote:
Originally Posted by nmnita View Post
the mortgage company will not care, the new owners will, if they are smart and I am sure they will be, will want an inspection. That is where the trouble will come in. No one, in their right mind buys a home today without an inspeciton.

Nita
I fail to see where my post disagreed with that.
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Old 03-24-2010, 07:54 PM
 
Location: Bella Vista, Ark
69,256 posts, read 79,427,308 times
Reputation: 38610
Quote:
Originally Posted by marmac View Post
I fail to see where my post disagreed with that.
oh, I am not saying you disagree, or I do, my only point, went one step further than yours: it has nothing to do with "if the buyer knows about hail in the area" it has to do with an inspection which a good realtor will insist on. That was my point. I wasn't intending to argue, just point out, to the poster, an inspection will decide the condition of the roof. If he finds any damage the selling will need to replace the roof, end of story.
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Old 03-25-2010, 07:49 AM
 
Location: Fort Smith, Arkansas
1,466 posts, read 3,695,746 times
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This is actually very common. I know tons of people who take their insurance money and use it for other purposes. There are plenty of incompetent home inspectors in Arkansas. Hope your buyers find one.
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Old 03-25-2010, 08:23 AM
 
Location: Bella Vista, Ark
69,256 posts, read 79,427,308 times
Reputation: 38610
Quote:
Originally Posted by Dr. Foosball View Post
This is actually very common. I know tons of people who take their insurance money and use it for other purposes. There are plenty of incompetent home inspectors in Arkansas. Hope your buyers find one.
Yes, you are right, many do spend the money. That is why more insurance companies are making the checks out to the home owner and the mortgage co jointly..As for incompetent ispectors, that is true as well, but did you really mean you hope the buyers find an incompetent one?

Nita
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Old 03-25-2010, 08:37 AM
 
Location: Fort Smith, Arkansas
1,466 posts, read 3,695,746 times
Reputation: 1045
Quote:
Originally Posted by nmnita View Post
.As for incompetent ispectors, that is true as well, but did you really mean you hope the buyers find an incompetent one?

Nita
Maybe that came out wrong. I don't hope they find one. I meant that he should hope they find one.
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