When Buying a Home, Information to Consider (Water Damage History!)

1/25/2022 (Permalink)

Welcome fellow readers!  Have you ever bought a home before?  Went thru the numerous steps, ups and downs until finally closing?  Though it takes much effort buying a home, the rewards can be for a lifetime- enjoying a beautiful home that you love every day!

Here are a few critical steps that not even every realtor knows that will save you time and potential headaches along the way!

Quick Tips –

Did you know?

• That water damage history goes with the house, not the owner, for 3-5 years! (It is true, ask your local insurance agent!)

• Though a ‘Transfer Disclosure Statement’ is typically signed by the homeowner, disclosing any pertinent information they are aware of for a certain period of time etc, they do not always think of little details such as if there was any water damage, vandalism, or other claims on the home thru out the recent years.

Ask if the property has any water claims or any other type of insurance claims on the home in advance.  This can save you time and effort upfront.  In some instances, a buyer has backed out of purchasing a home due to the water claims history. 

An insurance agent told me recently, one of his clients was trying to buy a house, but when they tried to receive a quote for insurance on it, the insurance company said NO because there was a $125,000 water claim on the home.  Sometimes there are multiple claims etc as well and that will also determine the outcome for the insurance company if it will approve or deny coverage.

Knowledge is power, and we hope these tips help curb some of the potential bumps on the road in your home buying process. We wish much success to all our readers!