So the other day I was having a conversation with another agent and he was saying that he just found out that his E & O insurance does not cover him on short sales, cash for key etc...
I have my E & O through the company that I work for so I got to thinking I wonder if our coverage works on those kinds of transactions. Then I started thinking about the deductible you know all the things you don't think about until you need it.
I do a lot of short sale and distressed properties so I started googling around the internet to see what the different companies have and on the ones that I found they all asked the same question do you or anyone that would be covered do cash for keys, foreclosures etc.. So now on Monday I will be checking with our company to find out if this covers me or whether I need to get other coverage.
Just a word of advice with all the distressed properties that seem to be a part of our everyday life we should probably all be checking.