All Forum Posts by: Kevin S.

This will be my first...What do you suggest?  Thanks.

Hi members,

What is the preferred way to hold investment properties?  My attorney(estate planning attorney) suggested two options.

1. LLC or...

2. My JRT (joint revocable trust) that I already have and buy umbrella policy.  

On BP forum it's usually mention of LLC or personal name with umbrella policy, don't remember mention of JRT.

What would you recommend and why?  Thanks in advance!

 Seem about similar to contract here but worded differently.  I will ask for re-inspection but if seller refuse and allow only walk through on day of closing I am no expert to know anything about the roof.  So even though contract states what it states, how to go about it is the challenge.  Thanks for your response, Corby.

@Corby Goade

Thanks Corby.

There is no wording in the contract about re-inspection.  Only mention the property has to be delivered in the condition it was during inspection.  I don't know if I have "right" to re-inspection if I am out of inspection period.  My guess is the seller will have no incentive to allow re-inspection.  And if there is wind(roof) damage then a whole lot of question arises.  Hoping some one here have had experience/knowledge of such event.  

@Andrew Syrios

Thanks for your input, Andrew.  You are right, I am out of inspection period.  I don't live in the city where it's located and don't think it burnt to the ground.  I am concerned about the roof mainly.  Trying to determine if I have the right to re-inspect, what to do if there is (roof) wind damage?  Will the seller be willing to file a claim if under contract?  How will this affect closing?

@Kelly Boulton

Thanks for taking the time to write your response.  I am willing to bear the cost of re-inspection in order to move it forward.  I haven't heard back from insurance company yet whether they need a re-inspection before they insure the property.

Would you rely on inspector or a roofer/roofing company to tell me if there is roof damage?  On one hand roofer will know more than an inspector if there is roof damage but at the same time a roofer has an incentive to replace the roof.  What's your suggestion?

BTW, which part Florida do you represent?  

@Theresa Harris

I agree.  I have been advised to do just that, to make sure the property still exists, as strange as it sounded to me initially.  

What do you do if there is damage either on day of walk thru or I find out with re-inspection? I am trying to have an answer before I find myself in that situation.  Hopefully not. Thank you and I appreciate your input. 

@Kelly Boulton

Thanks for your insights. 

If lender does the re-inspect, do they pay for it?  I am more concerned about roof damage since that is usually the biggest ticket item.  I don't mind paying for re-inspection.  I rather do that then find out roof damage after close.  

Any idea what extent of damage has to occur for the "Force Majeure" to apply?  I don't want to buy a house that need major roof work.   

@Lynn McGeein

Thank you Lynn.  I agree with you about the seller has to deliver property in same condition.  Hoping someone here has actually gone through such experience (had actual storm damage before closing) and how they navigated the process.  Appreciate your response. 

 Thank you Shawn.  All I have is a quote from ins. company for now.  They did not bind because they/we all had knowledge the storm was approaching.  They would only do after the storm passes.  I was told they would do an 'after storm' analysis and decide if it was within the affected area and if they would require another inspection.

My question is what if there is damage to the property?  Can I ask for reduction in price or walk away?  I don't see anything in the contract about any storm damage within inspection and closing.  The contract is the usual Florida realtor approved standard contract which you might be very familiar with being a Florida realtor. 

You did bring a good point about who will file claim?  My guess is the seller?