Buyers waive contingencies and beat 6 buyers, but nobody warns them about the cost of risk insurance – East Bay Times

Q: According to our Buyer’s Agent, to purchase a home in multiple situations, we needed to waive all contingencies, making our serious financial deposit non-refundable. Beating six other buyers, and after three weeks into the guarantee process, we learn that the cost of risk insurance is $ 10,200 a year. We can afford $ 850 a month, but that’s not the point. No one mentioned this was a possibility, neither the agents nor the sellers. How much will the insurance cost when we sell, and how bad is that for the resale value?

Everyone was bidding on each other without knowing that risk insurance was close to $ 1,000 a month. We suspect homebuyers will be fighting over this home when we sell because we will have to reveal this hidden insurance cost. We disapprove of the cost of insurance and its ramifications. Our agent insists that leaving the deal now may not mean losing our deposit, but instead, sellers may, through litigation, force us to purchase the home at the premium price we offered to beat other buyers. What do other buyers do in such situations?

A: It is not known how many homebuyers find themselves in a bad deal, convinced of its completion by a buyer’s agent who practices law without a degree in law. Run, don’t walk, to a real estate attorney who practices a specific legal field in which fighting over a deposit and canceling sales is his prerogative. You will bring your file and all notes and schedules. I feel your attorney will drive pickup trucks through legal loopholes that the sellers and every agent have left wide open. Real estate attorneys teach us that commercial sellers use courts to force defaulting buyers to complete a sale. Conversely, backward residential buyers rarely complete a sale through litigation.

In the early 1990s, insurance companies suffered a series of billions of dollars in losses. This led to a chain of events regarding obtaining risk insurance for purchasing a home. It was such a problem, I suggested that we make it a stand-alone emergency in our local contracts. We needed to raise the importance of risk insurance to a level higher or higher than the standard ceiling, chimney, termite, and property inspections. Well, insurance companies are now in worse shape. We are in the midst of a crisis providing insurance to home buyers and homeowners. A fact that will help you out of your transaction. Regardless, before making another offer, please ask your insurance agent to manage the home through an online checklist to provide an estimate. In the city, near the fire station, risk insurance can be obtained easily and at low cost. If the home is on the outskirts of the city, with winding roads, and limited fire truck access, on a slope, your agent may not be able to secure it.

Self-help for prospective or current homeowners includes searching for an estimate on www.cfpnet.com, which declares, “The California Fair Access to Insurance Requirement (“ FAIR ”) scheme was created in July 1968 after the wildfires and riots of the 1960s. It was created to ensure that basic property insurance is available to people who own insurable property in California who are unable, outside of their control, to obtain insurance in the voluntary insurance market. “

Additionally, be sure to visit www.earthquakeauthority.com, which states, “The California Earthquake Authority (CEA) is one of the largest providers of residential earthquake insurance in the world, with more than a million families in California placing their trust in us. With the experience of 25 participating insurers and more than $ 18 billion in the ability to pay claims, CEA is earthquake robust and earthquake ready. ”

Questions? Real estate broker Pat Kabweech is a lifelong consumer advocate and certified real estate brokerage manager. 408-245-7700 [email protected] DRE # 00979413 www.SiliconValleyBroker.com YouTube.com/PatKapowich

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