All Forum Posts by: Pavel Quinane

Thank you everyone!!! We're looking at either builder's risk insurance or an insurer who can provide coverage between closing, repairs and completing repairs!

Help! Minnesota home purchase at a standstill. 

I have signed a purchase agreement and the electrician's inspection showed that the knob and tube wiring requires $10-$13k in repairs to bring to an insurable condition. Sellers are in their 80s and don't want to oversee the repair prior to closing due to pandemic. They must be grandfathered in with their insurance as if they tried to insure the house in its condition today, they would have to do the repairs first. Is there a way forward with the purchase, where the buyer takes on the repair? The problem I've found is that I won't be able to close on the house without home insurance and noone will insure it in its current condition, given the electricals? Help please!