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Insurance issue before closing on a short sale

I am about 3 days away from closing on a short sale, and my home insurance company declined to insure the house citing some cosmetic issues. They cited some siding that is coming off, a missing hand rail, a broken basement window, etc etc etc. Obviously we were going to make the necessary repairs once closing was complete, since the seller doesnt have the means to repair anything at this point. Any advice on what to do next?
  • July 25 2014 - US
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Answers (1)

Find another insurance company who is willing to accept the property with its problems, or better yet, if your loan is solid and you feel comfortable, do the repairs yourself.  However, most lenders do not allow the buyer to do any repairs to the property before closing.
  • July 25 2014
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