Storm damage on rental property we are about to close on!

[James W Saunoris]

Hi Everyone!

New Investors in Green Bay, WI here...We are about to purchase our second SFH rental property and we are scheduled to close this Monday, July 19th. We just received a text from our realtor that a tree fell on the (detached) garage from the storms last night. She said that the seller is filing an insurance claim and that the money for the repair will get to us at the time of closing. I'm not sure of the extent of the damage and plan on driving by this weekend to check it out but was wondering if there are any suggestions out there on if there is anything we should do or anything we need to be worried about?

Thank you in advance for any input you can offer!

Jim

[Karen Margrave]

I'd see about extending the closing if possible, until you get something from the insurance company showing it's going to be covered if it closes escrow. Another option is to get the seller to leave the amount of the repair in escrow and have the work done, then the contractor gets paid from the proceeds in escrow, and the seller gets reimbursed by the insurance company.