Insurance Issues

By
Services for Real Estate Pros

Working with many Realtors and Mortgage Brokers for the last five years have brought to my attention that many of people involved in their clients transactions, and even the clients themselves are neglecting one important item that many times prevents them from closing on time, which of course in chain reaction makes a lot of people upset and creates additional costs in some cases.

Homeowners Insurance can be obtain relatively quickly and possibly bound the same day.

More open minded and resourceful agents can do that because they eliminate the physical inspection of the property prior to issuing the policy, but in many cases your turn around time is at least 24-48 hours.

This time can be very well extended up to 30 days if your client is purchasing a commercial building or mixed use property.

Depending on type of roperty, those quotes need the underwriting approval not to mention to generate a binder and the agents hands are tied. Make sure to let your client know ahead of time, that they will need insurance prior to closing. Leaving things "hanging" till last minute may give everyone bad experience.

Don't let this happen to you on your next transaction!

If you have any questions regarding insurance, policies, binding whether home or auto, please let me know, and I will answer to all of you.

Hope to hear from you  soon!

 

Aggie

 

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Location:
Illinois
Tags:
insurance
transactions
closings
commercial
residential

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Rainer
13,320
Glenn Prieto-Commercial Real Estate Lender
Colonial Pacific Financial - Miami, FL

Hi Aggie,

Welcome to activerain.  Go to http://www.colonialpacificfinancial.com/ to see our commercial loan products.  Colonial Pacific is a direct commercial lender and lend in all 50 states.  Call me if you have any questions or want to run a scenario by me.  Thank you for your consideration.

Apr 21, 2008 04:49 AM #1
Rainmaker
903,560
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm
Apr 21, 2008 05:52 AM #2
Ambassador
327,005
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hey Aggie,

Great advice!

Thanks for sharing this with us!

Welcome to Active Rain! 

Apr 21, 2008 01:28 PM #3
Rainmaker
253,303
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

Welcome to Active Rain! For some tips on how to get started here, check out my blog entry at ActiveRain Fast-Start Tips for Quick and Easy Points

Happy blogging and good luck!

Apr 22, 2008 05:35 AM #4
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