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Buyers, Get Your Insurance Quote During the Inspection Period!

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Real Estate Agent with Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 141871

Buyers, Get Your Insurance Quote During the Inspection Period!

 

My Buyers waited until they were ready to close to get their insurance quote even though they were advised to get the quote during their inspection period.

 

Underwriting told them they needed to increase their coverage by $3000.00 which increased their premium by $500.  They were already at  the upper limit of debt to income ratio and this put them over the mark.  They no longer qualified for their loan. 

 

They quickly started calling around to other insurance agents to get additional quotes and found one that worked.  Now their file has to go through another step in underwriting with these changes but it looks like they will get their home! 

 

There is a reason that your Oklahoma Real Estate Purchase Contract lists "get an insurance quote" as a suggested item to check out during your inspection period! 

 

 

Comments (3)

Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Insurability is one of our contingencies. It's important to know in advance about any potential problems with getting insurance. 

Mar 03, 2016 12:30 PM
1~Judi Barrett

In our contracts it's not but financing is and they have to have insurance to finance.  

Mar 03, 2016 09:20 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Checking on insurability is a key step in the due diligence period and a contingency. You don't want to find out at the 11th hour that there is a problem

Mar 03, 2016 02:42 PM
DEANNA C. SMITH CERTIFIED MOBILE NOTARY
Certified Mobile Notary Signing Agent - Smith Mountain Lake, VA
Highest Ranked Certified Mobile Notary in Virginia

The more a buyer can do up front, the less problems they will have closing their loan Judi K Barrett .   It's that simple.

I give my buyers a check off list from the start and every time we talk, I ask how they are doing, what they are doing and when they will finish doing it; until it's done.   That way there are less likely to be delays at crunch time.

Mar 06, 2016 02:08 PM