WF-File closed over hazard Insurance?
Need a little help here. Got a WF deal working and the first finally got everything they wanted and said "OH, BTW, we need the owner to re-up the hazard insurance before we go any further. Of course my guy has nothing nor a window to throw it out of.
I explained this to the negoiator and she was very adamant. I then called customer service and a upper level exec who did not return my call and the next day the file was closed.
The foreclosure date is next Mondya the 26th, I have been working this file since mid Febuary and in constant contact with WF.
Any thoughts?
Replies to This Discussion
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Permalink Reply by Kent Dills on
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How much would it cost to re-up the hazard insurance?
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Permalink Reply by Bill Edelen on
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Several Grand
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Permalink Reply by Alan Remigio on
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Bill.
I don't know what state you're in, nor the value of the property, but, generally, if the homeowner is living in the property, minimum coverage and fire insurance covering the loan value should not cost that much. Replacement cost value, on the other hand may be up there. If the property is vacant, your coverage is going to cost. Do you have a buyer ready to step in? You have options in getting this paid. You just need to know if closing the sale is more important than making the amount of monies you originally expected as commission. If you do choose to close the sale, the insurance may revert to a short pay scenario and you may recover the portion of premium for the time period unused. You have time, work your numbers. More to it, but, you need to know if your numbers work for you in order to make the right decision.
Wells will work with a negotiator up until the day of sheriff's sale and still cancel the sale. However, like you, they need to see progress on a condition they ask the agent to meet. There aren't a lot of options here. -
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Alan we do have it sold and woudl like to push to close, so you are saying get a policy in place and send it up, asumingteh numbers work. Yes?
Alan Remigio said:Bill.
I don't know what state you're in, nor the value of the property, but, generally, if the homeowner is living in the property, minimum coverage and fire insurance covering the loan value should not cost that much. Replacement cost value, on the other hand may be up there. If the property is vacant, your coverage is going to cost. Do you have a buyer ready to step in? You have options in getting this paid. You just need to know if closing the sale is more important than making the amount of monies you originally expected as commission. If you do choose to close the sale, the insurance may revert to a short pay scenario and you may recover the portion of premium for the time period unused. You have time, work your numbers. More to it, but, you need to know if your numbers work for you in order to make the right decision.
Wells will work with a negotiator up until the day of sheriff's sale and still cancel the sale. However, like you, they need to see progress on a condition they ask the agent to meet. There aren't a lot of options here. -
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Right. Lender is actually doing you a favor by insisting on coverage, as it protects both ways if a fire occurs. I am assuming you have a catastrophic occurrence provision in your sales agreement. If you have an insurance broker you work with, you may also just put a down for the binder, close the deal, stop the process of insuring AFTER the deal closes and maybe ask the buyer to use your broker friend for the year since he did a favor for you.
Contact the negotiator and reopen the deal, subject to the binder being sent. They normally do it and send you a deadline for the event to occur (sending the binder). Good luck!! -
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