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Old 02-13-2012, 02:00 PM
 
32 posts, read 111,675 times
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My sister owns a home in Safety Harbor, near Countryside High School. She just recently looked into sink hole coverage since many people in her area said they had it or homes close by were pinned to be repaired. She has never had any issues and the insurance person revewed home. She just was denied for coverage last month. They were just talking about putting home on market and now worries she won't be able to ever sell. Does anyone have any info on her situation? Since they can't get coverage could they still sell there home for a decent amount? They don't mind selling for less but they don't want to sell it for nothing. Any information would be appreciated. Thanks!
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Old 02-13-2012, 07:02 PM
 
25,876 posts, read 39,129,864 times
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Quote:
Originally Posted by RyDill1008 View Post
My sister owns a home in Safety Harbor, near Countryside High School. She just recently looked into sink hole coverage since many people in her area said they had it or homes close by were pinned to be repaired. She has never had any issues and the insurance person revewed home. She just was denied for coverage last month. They were just talking about putting home on market and now worries she won't be able to ever sell. Does anyone have any info on her situation? Since they can't get coverage could they still sell there home for a decent amount? They don't mind selling for less but they don't want to sell it for nothing. Any information would be appreciated. Thanks!
Absolutely she can sell it....we have agents who have sold sinkhole properties before....even investors will buy them to use them as rentals.
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Old 02-13-2012, 07:45 PM
 
32 posts, read 111,675 times
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But does that mean if the home is worth 200K she will only get 100K for instance?
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Old 02-14-2012, 05:29 AM
 
25,876 posts, read 39,129,864 times
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Quote:
Originally Posted by RyDill1008 View Post
But does that mean if the home is worth 200K she will only get 100K for instance?
It all depends on many factors...

There is not just one simple answer to a house/ location unseen...

First, what do you base the $200 K on...real value in today's market? You need to have a CMA done to see what the houses go for in the area and unfortunately short sales and foreclosures are incl....then you need to add the issues which the house may or may not have...

Nobody on a forum can answer that without knowing all the ins and outs. sorry.

Perhaps a different ins. Company will provide insurance coverage...just shop around and otherwise I can provide you with a company to check it out...
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Old 02-14-2012, 05:55 AM
 
Location: East Tennessee
3,926 posts, read 10,308,997 times
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Before selling, I'd suggest she first get an engineering report to determine exactly where and if the soil is soft and settling under the house and second, get another insurance agent. Selling on fear and the unknown is not smart. JMHO.

Last edited by TampaKaren; 02-14-2012 at 07:24 AM..
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Old 02-14-2012, 06:50 AM
 
13,773 posts, read 33,893,512 times
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I have to agree, insurance companies turn down people all the time not always because of a problem but because they only issue so many policies in a certain area.
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Old 02-15-2012, 08:58 AM
 
32 posts, read 111,675 times
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Thanks everyone! 200K including the short sales/forclosures...at the the hieght of the market her home was worth 360+. She said a home on her street similiar to hers sold for $190K last month, plus others in that same range in the last 6 months. She was just hoping to get at least $170K for hers. This area has some of the best schools, part of the reason homes are selling in her area. I will let her know your advice, Thanks again.
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