Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can
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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.
Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can I cancel it?The first guy is exactly right.
Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can I cancel it?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.
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