Posted on: 29th May, 2009 06:56 pm
Can someone advise. My investment home is up for short sale and offers has been made. I lost a significant amount of money on this property and now I will be hit with a 1099 for $150,000 or more...
While the property was up for sale there was some water damage to the property. The offer that I received will accept the property in "as is" condition. The insurance has already settled the claim and made a partial payment check with my name and the contractors name on it.
I have decided not to move forward with the repairs, as the new buyer is accepting the home as is. What claims (if any) do I have to the insurance proceeds for the damage?? Please advise.
Thank you.
While the property was up for sale there was some water damage to the property. The offer that I received will accept the property in "as is" condition. The insurance has already settled the claim and made a partial payment check with my name and the contractors name on it.
I have decided not to move forward with the repairs, as the new buyer is accepting the home as is. What claims (if any) do I have to the insurance proceeds for the damage?? Please advise.
Thank you.
If the check is in your name, there is no worries. The insurance compmnay sent you the check to make the repairs, but the part which si in the contracts name, you may need to work with him to make soem adjustments.
But it can be considered a insurance fraud.
But it can be considered a insurance fraud.