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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The utility bills are not going to be the normal amount. You go to the shut off points and you shut everything down. Turn the gas off, the electric off and the water off. (Except by the pool, you may need to run that to keep the pool clean!) Tell the Realtor that you turned them off at the shut off points and when ever she shows the house she will turn them on for a few minutes and then turn them off when she is done. My house was the same way and I think the Realtor who had their name in the water bill was charge like $5 for two months.
Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can I cancel it?I would NOT cancel your insurance. You might get lucky and have the house burn down. Your insurance company would then pay for you live somewhere else, and also rebuild the home.
You will own the home until it is closed on a sale, or you lose it to foreclosure. No one else will pay the insurance while you own the home.
You may not want to keep a "shortsale" property in pristine condition. Part of getting a shortsale approved is showing the bank that the home's market value is what you are selling it for. If a home is neglected, an appraiser hired by the bank, may also see this and report the value lower than a nicer home. This may get your sale approved.
You are not required to have the utilities turned on. However, if you don't use the utilities, then the costs may be minimal. A buyer will most likely want to inspect the heating, a/c, plumbing and electrical, and will need these turned on for their inspection. Also, who will look at your house in the dark without electricity??? You, or the buyer, may turn on the utilities for an inspection.
Every market is different, so what works in my Portland, OR may not work in your market for selling your home.
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