Property loss from fire, insurance pay out net positive
In a situation where a property is damaged or lost due to a fire, and there is an insurance claim payout that is above and beyond the mortgage principal… Curious to hear, what would be your strategy...
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@Rex Celle. You’d have to post numbers and costs to do this but for me, I’d probably demo it, sell the land for whatever it’s worth and walk away.
If you rebuild that property will always have a stigma being that it’s a fire property and that may hurt your resale value