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Updated almost 9 years ago,
Insurance claim during a sale
I have a rental house I've been trying to sell off and on for many years. There was issues with the roof (shingles blowing off) so I filed an insurance claim. It's been over a month but they finally got back to me saying they would replace it but the estimate wasn't enough to fix it because they calculated we could use shingles that aren't available in this area. So I'm currently working with them to get the amount increased-who knows when they'll do that since they're working so slow.
They will pay 1/3 of the price to start and the remainder upon completion.
Today I got a cash offer on the home with a 14 day close-no contingencies. I've been trying to sell this place for years off and on and would love to just have it gone-I don't want the insurance issue to prevent a sale.
Does anyone know how that will work with the insurance claim?
A) can I sell it, not fix the roof and just take the 1/3 down and pocket the money?
B) can I get complete the insurance transaction and get it fixed after its sold?
I'm afraid to ask the insurance company because I don't want to mess up the claim. And I'm not sure who to ask!
Any advice would be appreciated!