Seller gets 5 days of free rent back but wont cover insurance... (agent, illegal)
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My agent agreed to give a seller 5 days after COE until possession, and we requested the seller continue their insurance on top of my insurance that will start close of escrow. The insurance was not covered in the contract. Now seller says their insurance company won't cover them after COE, granted these are high maintenance sellers that are "all take and no give", so I'm guessing they are just trying to save a few bucks.
I will not close unless they have insurance to cover their 5 days or they need to move @ COE.
What is typical, this must be common? Unfortunately this is the seller's agent maybe 1st deal and she is an IDIOT.
My agent agreed to give a seller 5 days after COE until possession
Your agent doesn't agree to give the seller anything, unless there's more to the story than you've told. It sounds, from your statement, like you are trying to scapegoat someone for your own bad decision. Anyway, you didn't specify your insurance desire in the contract, is that right? Looks like you screwed up.
Sure I screwed up, I shouldn't have expected my agent to specify insurance coverage during the 5 days. We are where we are, any constructive advice from agents without egos?
Thanks, it's solved the Part time new 70 year old agent who drinks too much finally said she screwed up. Her client / seller are indeed carrying their insurance through the 5 days. I swear it should be illegal for PT agents that do 1 transaction a year for friends to be licensed. ONLY in RE will you encounter such inept "professionals".
I don't think it is that simple. Think of the logistics of stopping a homeowners policy and starting a renters policy just for 5 days. I don't know how willing an insurance co would be to do that. We've done rent backs, and we always insure the home from the day it becomes ours. It doesn't cover the contents, though, just the house. If the former owner wants to cover the contents, that's up to them.
Most insurance policies have an automatic 30 day extension when a house is sold and the insurance is "canceled". That's what I've been told by many insurance companies pertaining to lease backs after closing.
I swear it should be illegal for PT agents that do 1 transaction a year for friends to be licensed. ONLY in RE will you encounter such inept "professionals".
Part time and 70 years old? Hehe. You only have yourself to blame.
No...... not just real estate. There are inept professionals everywhere. Choose wisely.
Most insurance policies have an automatic 30 day extension when a house is sold and the insurance is "canceled". That's what I've been told by many insurance companies pertaining to lease backs after closing.
Thank you, that's what I just went through selling. I had to release the insurance company in writing!
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