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Updated almost 10 years ago on . Most recent reply

User Stats

141
Posts
86
Votes
Jake Recz
  • Manville, NJ
86
Votes |
141
Posts

Problems with homeowners insurance for a REO needing work

Jake Recz
  • Manville, NJ
Posted
I'm in the process of buying a REO. I need to put in a kitchen, bathroom, floors etc. Sonit does need some work. Problem is I can't get regular homeowners insurance according to my agent. The ins company won't write a policy for the property in the condition it is in. What are my options? The agent mentioned an $800 six month special policy but is it really necessary? Regular homeowners insurance costs that much for a year! What are my options? Did you ever encounter a problem like that with one of your deals?

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