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Selling a house - roof question
Posted on 7/20/20 at 8:15 pm
Posted on 7/20/20 at 8:15 pm
I am selling a second home that is no longer needed. My insurance company is sending me a check for roofing damage. Do I need to repair the roof or can I just sell the house AS IS? The amount of the check will now cover the cost of a new roof and I do not want to put any money into the house. Will the insurance company make me return the money or could I just give the money to a potential buyer to help cover the cost of a new roof?
3
Posted on 7/20/20 at 8:18 pm to BHS78
The check that was sent to you was sent as a deprecated amount. Most the time, though not all the time, there is recoverable deprecation that you get back when the roof is replaced. If you don’t replace the roof, you pass on that withheld money.
Second depending on the amount of damage to the roof, the inspector might notice it and the buyer would request the roof replaced prior to purchase
Second depending on the amount of damage to the roof, the inspector might notice it and the buyer would request the roof replaced prior to purchase
Posted on 7/20/20 at 8:21 pm to wickowick
I doubt that they will send any more money as the roof is 15-20 years old. I am selling the house as a fixer upper, so I won't be doing any repairs.
Posted on 7/20/20 at 8:28 pm to BHS78
What does your estimate from insurance say? Do you see the words RC and ACV?
Posted on 7/20/20 at 8:46 pm to wickowick
quote:
Second depending on the amount of damage to the roof, the inspector might notice it and the buyer would request the roof replaced prior to purchase
This would be my concern. Isn't FHA that requires a 'good' roof before loaning out money?
Posted on 7/20/20 at 10:37 pm to BHS78
That money is yours, you will never have to return it.
Posted on 7/21/20 at 6:23 am to fightin tigers
quote:
This would be my concern. Isn't FHA that requires a 'good' roof before loaning out money?
If the buyer has FHA financing and FHA submits a list of required repairs (roof is one of the most common) then they must be completed or they will not fund the loan. This list will follow the house for 6 months and apply to not just that buyer but if it falls they any future FHA funded buyers. Depending on price of house, FHA is very common.
Posted on 7/21/20 at 11:28 am to BHS78
You can list the house "As Is" but the roof may become a point of negotiation if the buyer or his inspector notices it. You also have to consider capital gains tax implications. For instance, if you keep the insurance check but lower the price of the house enough to pay for a new roof then you are realizing less capital gains. Talk to your accountant about that.
Posted on 7/21/20 at 1:13 pm to BHS78
quote:
I doubt that they will send any more money as the roof is 15-20 years old. I am selling the house as a fixer upper, so I won't be doing any repairs.
I just replaced a damaged roof that was about 15 years old and got the depreciation money after it was finished.
ETA: A new roof will help sell it faster too.
This post was edited on 7/21/20 at 1:14 pm
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