Investor · Midwest, USA · Member since 2012 · 204 posts · 33 votes
I am selling a house, it is pending for the second time. The first buyer had the roof inspected and reported hail damage which I turned into my insurance. Insurance co confirmed damage and wrote me a check to replace roof cover - which I have not yet done. Subsequently, that sale fell apart for another reason. House went back on market and is now pending again. New buyer performed inspections and did not report any issues with roof. I am sitting on this large check for a new roof, what is my responsibility to this buyer & my insurance company?
Insurance Agent · Atlanta, GA · Member since 2019 · 59 posts · 9 votes
6y
The lender must be notified when there is damage to the home as they have a financial interest. As there is no lender you control the options. 1- take then money and do nothing as the lender gave you the ACV of the roof. 2- assuming you have RC coverage you can get the roof replaced and the insurance will cut another check for the depreciated amount so you are out of pocket only your deductible.