Home buying thread

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Joeboo

Joeboo

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HO4 is apartment/renters. HO6 is condo/owners. HO6 will have a "section A" with actual structure coverage, for whatever part of the structure you are responsible for in your condo association agreement (studs-in is common). HO4 is purely personal property & liability, no structure coverage at all.

That being said, ANY of those will auto-renew as long as you pay the bill when it is sent to you. It's possible that the bill is going to your mortgage company though. Do you have an ESCROW account where your mortgage company pays your personal property taxes on your behalf each year? If so, they're paying for your insurance too(more than likely). If you do not have an escrow account, you're paying your property taxes and insurance on your own.
 
Nester

Nester

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lendarios_sl said:
silly question guys

Lat year i refinanced my house, and chase required me to have an ho6 insurance as part of the refinacne deal. Now a year later, the insurance has expired. Do I have to renew it? Do i have to have a valid insurance during the life of the loan?
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You are only buying homeowners insurance because the bank is making you?
 
Brando

Asshat Brando

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HO-6 covers improvements made to the unit, if none have been made since it was built then in theory the master policy is all you need. With that said it's relatively cheap and better to be over insured than under and yes it is a lender requirement now per HUD rules.

The government only insures FHA loans. VA loans the VA guarantees 25% of the loan amount which is why no MI is required. Conventional loans are bought by Fannie and Freddie, this isn't insurance. Just Fannie and Freddie pay the banks or servicing companies to collect the payment for them.
 
wormie

Asshat wormie

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Brando_sl said:
HO-6 covers improvements made to the unit, if none have been made since it was built then in theory the master policy is all you need. With that said it's relatively cheap and better to be over insured than under and yes it is a lender requirement now per HUD rules.

The government only insures FHA loans. VA loans the VA guarantees 25% of the loan amount which is why no MI is required. Conventional loans are bought by Fannie and Freddie, this isn't insurance. Just Fannie and Freddie pay the banks or servicing companies to collect the payment for them.
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HO6 covers everything between the common elements (the "insides" of the walls in this case) inside the unit. Also includes personal injury. Its not just improvements, its everything inside the apartment plus personal injury.
 
Brando

Asshat Brando

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Right, but the HOA master policy covers the rebuild of the unit to it's original build is what I'm getting at. If the unit was never improved then all your getting is more insurance which is fine.
 
P

Picasso3

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So our realtor has apparently been trying to push up closing and acting like we're the ones pushing it even going so far as to telling the sellers realtor we're threatening to sue.
 
Khane

Khane

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Typical. My realtor got into a cat fight with the seller's realtor for the house I was purchasing on closing day over some china the sellers had left in a cabinet and said we were going to push closing back and reconsider right in front of me as if it was me making the decision.

I was dumbfounded, and of course said absolutely not we are closing today come hell or high water.
 
P

Picasso3

Silver Baronet of the Realm
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It's like the wall street position for retards. Provide no value, hinder progress, and extract far more than you're worth.
 
Gravel

Gravel

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Khane_sl said:
Typical. My realtor got into a cat fight with the seller's realtor for the house I was purchasing on closing day over some china the sellers had left in a cabinet and said we were going to push closing back and reconsider right in front of me as if it was me making the decision.

I was dumbfounded, and of course said absolutely not we are closing today come hell or high water.
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I could absolutely see mine doing that. She's this crotchety old woman. She's amazing to have on your side because she won't hesitate to bitch at someone, but it scares me a bit if she ends up crossing the line on something "on our behalf" without consulting us.

Anyway, we got our appraisal back this morning for the selling price, with no lender required repairs. Last week the seller fixed pretty much everything on our repair requests, which was unexpected but awesome. Went in on Saturday for a reinspection and it all looks good. Hoping that we can close by this weekend, as it'd be nice to have Memorial Day weekend to clean and shit.
 
K

Kedwyn

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She can bitch, moan and say whatever she wants, what governs the sale is what is in writing. She can't do a damn thing without your signature. Practically, having a battle axe is helpful because small things might get done that don't necessarily have to be done by the seller.

If its not in the contract then its not yours and if its not in the contract then it doesn't have to happen. Regardless of what anyone demands or complains about. If they get uppity remind them of Specific Performance and tell them to sit on their thumb and spin if its not in writing they can kiss your ass.
 
Gravel

Gravel

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That's why I was surprised the seller fixedeverything. The repair request as a "thing" seems pretty retarded to me since the seller can just ignore it. With no timeline on it either (*sidenote below) I was worried that it could just be sitting out there indefinitely.

* Is it customary for no time restriction to be placed on a repair request? I was pretty annoyed that everything else is incredibly structured with x days where someone has to take action. But then you get to the repair request and the seller can literally just sit on it indefinitely. The only thing compelling them to act (fix or deny) is their own desire to sell the house. But at that point, the seller isn't out any money on the process except for their monthly carrying costs. Whereas us as the buyer have already shelled out almost $1k in inspection/appraisal, plus our earnest money. I really felt like there should have been a 3-4 day response time, and then an additional maybe 5-7 days for repairs if the seller is taking action.
 
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