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nancebar33 | Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can I cancel it? |
I'm negotiating a short sale with the bank. Do I still have to keep home insurance on my house (payment included in the mortgage) or can I cancel my insurance and get reimbursed for the remaining premium. Won't the bank have to carry the insurance if the short sale is accepted? Also the realtor I am working with is asking me to hire a pool service and lawn care service company to up keep the house since we are leaving it vacant and for curb appeal for the house to get sold. I can't afford to pay this extra money. Do I have to hire these services or simply tell the realtor I can't afford it. Also, I can't afford to carry utility bills on two houses right now can I just cancel the utilites on the house being short saled and have the potential buyers have the utilities turned on for inspection or am I required to keep the utilities on? Is the debt forgiveness forgiven completely or do I still have to request a satisfaction and wil a VA loan also fall under the new forgiveness act?
Additional Details
My realtor is stating that if the bank assumes a short sale then I don't necessaily have to keep the insurance they have to automatically insure it themselves, is this correct? Also we care moving out of state and won't be having any jobs it will be hard for us to hire a lawn & pool service to care for the vacant property like our realtor wants us to hire. We are also temporarily shutting off the water and power so we won't have a bill while searching for jobs in the new state. Our realtor already has the short sale price set at $98,000 more than what we owe the bank and is being listed as is. So people lookin at the property will know it's vacant and short sale will they still expect the house to be ut grass and sparkling pool. They will be getting a below market value home already and that is minor stuff the house is imaculate structure wise and needs nothing done to it just freshly painted in and out and kitchen remodeled so will it not sell if grass and pool are not up kept. |
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wizbangs
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The bank will only forgive your debt on the Short Sale if it actually sells. So, not keeping the house up will turn off prospective buyers. Then, the house doesn't sell, the bank forecloses and your credit is tanked. So many people believe that if the bank is willing to Short Sale, you can just wipe your hands clean and walk away. You are incorrect. A Short Sale is a cooperative undertaking between you and your bank to make the best of a bad situation. If you don't hold up your share of the bargain, why should they hold up theirs?
I am shopping short sales right now and I refuse to even look at a place that is neglected. It tells me the leach of a seller is taking advantage of the bank and will probably take advantage of me by raping the place before I move in. That is the kind of message your are conveying to potential buyers. Bear in mind there are Short Sales every where and only so many buyers. So, if you don't want to lure in a real buyer prospect, you're going to go down the tubes with that mortgage.
It's your call. Oh, and regarding the insurance, the bank will not allow you to cancel the policy and leave it uninsured. That would be a default and result in forclosure too. |
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goz1111
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Few things:
The fact that the bank is willing to do a short sale, does not mean they take responsibility for the home, you are still on the hook until you find a buyer and close on the property, so you must keep the insurance, since you are still liable until the closing
Next: short sale only means you have a agreed upon price the bank is willing to take, you still must find a buyer, if you think your place is going to show well in this down market, with a green pool, bad lawn care and no electricity to see around, you are fooling yourself
do the things you are thinking about and you will go from a short sale to a foreclosure |
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Roger N
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I would NOT cancel your insurance. You might get lucky and have the house burn down. Your insurance company would then pay for you live somewhere else, and also rebuild the home.
You will own the home until it is closed on a sale, or you lose it to foreclosure. No one else will pay the insurance while you own the home.
You may not want to keep a "shortsale" property in pristine condition. Part of getting a shortsale approved is showing the bank that the home's market value is what you are selling it for. If a home is neglected, an appraiser hired by the bank, may also see this and report the value lower than a nicer home. This may get your sale approved.
You are not required to have the utilities turned on. However, if you don't use the utilities, then the costs may be minimal. A buyer will most likely want to inspect the heating, a/c, plumbing and electrical, and will need these turned on for their inspection. Also, who will look at your house in the dark without electricity??? You, or the buyer, may turn on the utilities for an inspection.
Every market is different, so what works in my Portland, OR may not work in your market for selling your home. |
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src50
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You'd better keep it insured. If it burns down, its your loss. |
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♥ Mary ♥
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The utility bills are not going to be the normal amount. You go to the shut off points and you shut everything down. Turn the gas off, the electric off and the water off. (Except by the pool, you may need to run that to keep the pool clean!) Tell the Realtor that you turned them off at the shut off points and when ever she shows the house she will turn them on for a few minutes and then turn them off when she is done. My house was the same way and I think the Realtor who had their name in the water bill was charge like $5 for two months. |
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Alterfemego
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When you cut corners you end up paying more. Your Realtor is correct, if you expect to get enough to pay off that mortgage, it better look it's best, empty or not. This is a not a game, this is real life. If you need to work a second job for awhile to keep up these payments, then I strongly suggest you do. Look, if you set the thermostat to 62, the house should be fine. Have it winterized so the water can't be used. It should be minimal payments for these items. As for the lawn care, maybe you could find a teenager in the neighborhood who would do this for you and pay him/her $100 a month to keep it up. That isn't much.
Also, if you default, or the short sale doesn't provide enough funds to clear your debt, it impacts your credit history and score or years. Don't go down this route. You'll want to buy something else again and this could impede your ability to do so. My best advise is to do the very best you can to get this place sold quickly and for enough to pay off the mortgage and expenses of selling. But do not cut corners or do things on the cheap, it will come back to bite you in the *** later. |
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menasha_rabinowitz
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Remeber what Forrest Gump said? "S*it Happens"! How would you feel if you cancelled your insurance and the home was destroyed before you could complete the transaction? Do Not Cancel the Insurance. |
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curtisports2
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The first guy is exactly right. |
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Expert Realtor
 |
You have several problems:
1. Insurance companies won't insure a vacant house. In the event of a loss, if they find out it was empty (and the total absence of furniture is a dead giveaway), they will deny your claim.
The reason they deny it is because the potential for damage is sky high when no one is residing in the property.
2. Cutting off the air/heat will cause a smell to develop in your home, toilets won't flush, etc. It will stink to high heavens because of the trapped air.
3. No buyer is going to PAY to have utilities turned on in their name for an inspection...the house isn't theirs and you aren't going to find someone willing to do that. That is your job as a seller.
4. The bank will never carry the insurance.
5. The Realtor is 100% correct about keeping up the maintenance...and you can get fined by the city/HOA for tall grass, etc.
6. If you are just walking away from the home b/c you want to move out of state, they WILL NOT approve your short-sale. That is a choice.
7. Get a new Realtor...yours clearly is not familiar with the terms of a short-sale and you need someone WHO IS. |
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