Miami real estate news and information

WHAT YOU NEED TO KNOW ABOUT HURRICANE INSURANCE and ROOF REPAIRS in MIAMI

Buying a HOUSE IN MIAMI?   yellow-bucket-pic

If roof inspections indicate “deficiencies”  (ie. leaks!)  insurance will be tough to get (until the problem is corrected).  

I was working with  home-buyers who fell in love with a great Coral Gables house, and were devastated when inspections uncovered a couple of minor roof leaks … The leaks were actually only on the EXTERIOR OF THE HOUSE … caused by clogged rain gutters which  allowed  rain water  to spill over the back edge.

The leaks were  evident (once pointed out during the home inspection), running along the soffit and fascia in two areas. And they caused concern as to whether the property would  be immediately insurable… or not.

Most Florida  insurance  carriers require that any “roof deficiencies” (leaks)  be repaired prior to closing….  as a requisite for insurance coverage.  A sale  that’s  “AS IS WITH RIGHT TO INSPECT”  (which means many of the home sales  in Miami!)  means there could be a major  catch 22!    

The seller MAY be willing to take care of  roof repairs…  or the seller MAY ALLOW the buyer to do the work prior to closing   (assuming that  the buyer will even  contemplate repairing property he/she doesn’t own) … Regardless, there’s always a hurdle to cross. 

 The legal ramifications  (with all the possible “what ifs?”)  are numerous.  More than just going in with fingers crossed, what can you do … if you are the buyer, or the seller?   Have a competent Realtor and Real Estate Attorney represent you!

My buyer-clients did close on that house… repairs completed… and insurance in place.  Would it have happened without the help of an experienced Realtor and a competent Real Estate Attorney?  Highly unlikely!

If you’re looking to buy or sell property in Miami or elsewhere,  please give us a call at 305 793-1365 –  Alexandra and Vicki Restivo. We work together as a mother-daughter real estate team,  and can assist you with your any of property needs. You are welcome to contact us here  .   The Restivo Team  – EWM Realtors, International.

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