Just the other day I had a win win deal going with the sale of a home.The seller had his home on the market for 3 years with no buyer.It was not over priced just a unique property.The buyers had a forclosure last year with the housing market the way it is.The buyers have had excellent credit their entire lives.
The sellers offered to carry the financing on the home with only closing costs up front.We had all the details worked out , then I called for an estimated insurance quote. I was quoted $ 1236 a year for the premium. Sounds good so far. I then told my buyers to call and get a binder before closing. The buyers had a credit report in hand and were then told their premium would be $2840 because of the forclosure.
Just seems like another wayfor insurance companies to steal from the people they are supposed to be helping.The housing crisis as they call it is based on insurance, mortgage and other industries in the state that make up their own set of rules as they go.
If everyone would work together in this and forget personal greed the entire economy would flourish again alot sooner.