Archive for the ‘Renting Real Estate’ Category
Wednesday, November 25th, 2009
Christopher B asked: Who has the best house insurance policy to cover the house, and the construction work that needs to be done on a rehab job?
I heard some company name Zenith(?), or something like that, is awesome. Anyone know more about them?
10 points to anyone who can tell me more about Zenith(???) and/or recommend the best rehab insurance companies.
Tags: Construction Work, Insurance, Insurance Companies, Insurance Policy, Rehabbers
Posted in Renting Real Estate | 1 Comment »
Monday, November 9th, 2009
Cassadilla asked: A cigarette started a fire at my rental home today. I was not home when this happened, so I cannot exactly explain how or why this happened (not to mention I don’t smoke). Needless to say, the fire damaged the deck as well as a small section of the side of the house. I called the landlord immediately after I received the call informing me of the fire and they explained to me that they will not be able to do anything until tomorrow. I have never dealt with a fire before, so I am absolutely clueless as to what comes next. I know I will find out the majority tomorrow, but I have a few questions.
1. Who is liable? Obviously I am the renter, but if I was not home, and I really at fault? The rear of our house faces a very busy road, so the cigarette could have come from that area, but my boyfriend also smokes. However, we weren’t home at the time, so I’m having a hard time believing he may have caused this. Is this something the owners home insurance covers?
2. I work for a Construction Company and could more than likely get the damage fixed at no cost to me or the owner. Is this something an owner would typically accept, or does this usually have to be handled through Insurance?
Overall, I am sick to my stomach over all of this. I want to get the damages fixed (obviously), whether or not I have to pay. Any information is greatly appreciated.
Tags: Hard Time, Home Insurance, Home Today, Insurance, Landlord
Posted in Renting Real Estate | 1 Comment »
Sunday, November 8th, 2009
J J asked:
My family and I lost our home onJanuary 10th to a tornado. We are going to have to start completely over. We are going to pay off our mortgage. My husband and I have not so good credit…500 to 630 range. All of our old debt is paid, it is just still showing on our report. My husband has no debt. We plan to start rebuilding in August. By then, we will have 60,000 to put down and we are going to ask for 80,000 in a construction loan. Think we can get it?
No, our insurance didn’t pay for replacement…only 10,000 over what we owed on the house and no…there was no federal or state help offered.
Tags: Construction Loan, Lost, Mortgage, T Pay, Tornado
Posted in Renting Real Estate | 4 Comments »
Monday, November 2nd, 2009
Johnpau2012 asked: I am buying a townhome for 215K and it has a association which has insurance to covers outer part. As home owner I need H06 policy to take of interior and my personal property.
I am closing next week and need to buy a home insurance and whenever I am getting quotes everyone is asking me what value you want for home replacing coverage to be. They are asking home much would it cost to rebuild my townhome, how would I know this.
Here is the scenario:
Its a PULTE built 2004 construction and was sold around 300K in 2004 for first owner, now since prices have come down I am getting the townhome for 215K.(3 bed, 2.5 bath,2 car garage,basement, 2 story,2000 Sft.), its in Chicago suburbs (Schaumburg IL).
So how would I know how much would it cost me to rebuilt incase of a full fire damage to the home, since I own the land I can reconstruct I guess.
Any approximate dollar amount as how much would it cost to rebuilt ?
Tags: Buy Insurance, Chicago Suburbs, Home Insurance, Incase, Quotes
Posted in Renting Real Estate | 1 Comment »
Sunday, November 1st, 2009
alcoz2237 asked:
one have story building / two apartments / Brick construction.
Tags: Apartments, Brick Construction, Insurance, Rental Insurance, Rental Property Insurance
Posted in Renting Real Estate | 2 Comments »
Monday, October 26th, 2009
Double R asked: We bought our house in 2002 for $79,900. Because we put no money down, we had to obtain Mortgage insurance. If I understand correctly, this would have to be carried as long as their was less than 20% equity in the home.
When we bought the house, there was fear that the local Navy base would close and people were selling their homes to anyone who could breath. We got our house cheap and with a 5.7% fixed interest rate.
The base stayed open and close to 2,000 jobs have been added. Home construction is booming here. At last check, Zillow.com says our house is worth $171,000 after falling from a high of $206,000.
My question is, shouldn’t I be able to drop the mortgage insurance? If so, how do I go about doing it? I have heard it is almost a nightmare to have it dropped. I have not taken out any loans against the house and have paid an additional $100 on my principle almost every month.
Tags: Fear, Home Construction, Navy Base, Nightmare, Principle
Posted in Renting Real Estate | 2 Comments »
Monday, October 26th, 2009
Jeff asked: I had just bought my house last July 2007. During inspection I said to inspector, looks like the deck is shot, he replied no the foundation is good, you just need to replace the boards. Now, 10 mths later, I have had several contractors tell me the deck needs to be replaced. The floor beams are 2 x 6 instead of the code 2 x 10. I have had several estimates of 15 -20K
My question is, if the original homeowner, the seller, had the deck built with a permit and it is not up to code and he lied about it, can I get anything back from either my inspector or the seller?
If he did not get a permit can I recoop any money?
Would I be able to get money from the seller or the inspector? I hear the inspectors have insurance for this.
Tags: Estimates, Floor Beams, Insurance, Money, Mths
Posted in Renting Real Estate | 3 Comments »
Friday, October 23rd, 2009
The Lamb of Vista asked:
I am looking for leads. I sell General Liability, Workers Comp., Bonding, Tool Coverage, etc. and I need to know where I can get some good leads.
Tags: Insurance, Leads, Liability Workers, Lot, Plumbers
Posted in Renting Real Estate | 5 Comments »
Saturday, October 17th, 2009
ttkauffman asked: I would like to know if we buy a house (we will have title insurance), does the title insurance protect us against FUTURE liens placed on the house. The situation is the builder is going through financial problems and we are aware of 2 homes with liens (from contractors that didnt get paid during construction). They waited until the house was sold, then placed their lien.
So the question is if a contractor puts a lien on my home for work done during construction after I close, will my title insurance protect me.
Thanks
I havent closed yet. I would imagine contractors wait /c they know the builder is going under and filing now may end up being put into bancruptcy in which case they would get nothing.
Tags: Bancruptcy, Buy A House, Buy House, Insurance, Title Insurance
Posted in Renting Real Estate | 4 Comments »
Saturday, October 10th, 2009
dpnkorea2001 asked: I bought a new construction home using my va home loan. before buying it, the company told me the house was in a flood zone and they had constructed it on a platform to avoid flood insurance. Turns out they were a few inches off and it still requires the flood insurance. I received a call today from my mortage company who advised VA will not fund the loan on the new construction because its in a flood zone. Any ideas on this ….please support with a link if possible.
I plan to move in at the end of the month.
Tags: Flood Insurance, Flood Zone, New Construction, Va Home Loan, Va Loan
Posted in Renting Real Estate | 2 Comments »