Buying a HOUSE IN MIAMI? 
If roof inspections indicate “deficiencies” (ie. leaks!) insurance will be tough to get (until the problem is corrected).
I was working with home-buyers who fell in love with a great Coral Gables house, and were devastated when inspections uncovered a couple of minor roof leaks … The leaks were actually only on the EXTERIOR OF THE HOUSE … caused by clogged rain gutters which allowed rain water to spill over the back edge.
The leaks were evident (once pointed out during the home inspection), running along the soffit and fascia in two areas. And they caused concern as to whether the property would be immediately insurable… or not.
Most Florida insurance carriers require that any “roof deficiencies” (leaks) be repaired prior to closing…. as a requisite for insurance coverage. A sale that’s “AS IS WITH RIGHT TO INSPECT” (which means many of the home sales in Miami!) means there could be a major catch 22!
The seller MAY be willing to take care of roof repairs… or the seller MAY ALLOW the buyer to do the work prior to closing (assuming that the buyer will even contemplate repairing property he/she doesn’t own) … Regardless, there’s always a hurdle to cross.
The legal ramifications (with all the possible “what ifs?”) are numerous. More than just going in with fingers crossed, what can you do … if you are the buyer, or the seller? Have a competent Realtor and Real Estate Attorney represent you!
My buyer-clients did close on that house… repairs completed… and insurance in place. Would it have happened without the help of an experienced Realtor and a competent Real Estate Attorney? Highly unlikely!
If you’re looking to buy or sell property in Miami or elsewhere, please give us a call at 305 793-1365 – Alexandra and Vicki Restivo. We work together as a mother-daughter real estate team, and can assist you with your any of property needs. You are welcome to contact us here . The Restivo Team – EWM Realtors, International.
