I finally have a property under contract in Fayetteville, NC. I attempted to get insurance from a local insurance agent. When providing the quote, the insurance agent informed me there were recent water claims on the property. Is this something to worry about?
Any suggestions? Please help.
Need more details...
This area was hit very hard by Hurricane Mathew. It was not so much the hurricane but the flooding after the storm. NC in general had a lot of flooding and Fayetteville was one of the hardest hit areas. I would be very cautious of mold and any other water damage that may have not been mitigated properly.
Are you local to the area or investing from a distance? It would be worth going to the property to check it out. Feel free to reach out if needed
I would ask the seller for more details on the INS claims. Or see what details you can get from the INS company? Have you had the property inspected yet, and did your inspector find any signs of previous water damage?
I had water damage at 3 of my NC properties from the storms in October. Two were leaks through the roof, which in my opinion aren't too bad to take care of as long as you can find the source and you get it fixed quickly to prevent further water damage.
This house that you are under contract for, has it had recent remodeling? Any new flooring, paint, etc? Sometimes sellers will do quick floor and paint jobs to try and cover up an issue. I looked at a house in Fay this year that had poorly installed new carpet and all new paint throughout. My husband said it was raising a red flag for him.... and then we noticed a 1 foot moldy water spot on the ceiling that was coming through the fresh paint.
Thank you @Shaun Palmer for your help!
Thank you. We just ordered a property inspection.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.