This week Dawn addresses the importance of checking insurability and cost of insurance during the option period to determine if it would affect Buyer approval.
I just saw your video about insurability. You stated "at some point in time, you waive that". Last year I had a seller who had reported multiple losses to the insurance company that were denied. The buyer stated their insurance company denied them insurance due to the number of claims. So when do you lose your right to opt out due to the issue of insurability (at a reasonable cost)? Is that after the time period specified on the TPFA? Just curious.
Unless this is an all cash deal, the buyer won't get their mortgage if they can't get insurance.
Great insight ! Thanks Dawn and to your team for their expertise and assistance.
Another great tip from Dawn to me, before it is a problem for my buyer!
Insurance is almost always the one piece of the deal that we buyers agents
forget to tell our buyers to nail down early in the contract.
May not be a bad idea for us to also ask our sellers when we list a home who their insurance co and what is their premium; might aid us to anticipate red flags on the sale of our listings