When looking to settle/progress your insurance claim make sure that your insurer provides you with all the options. This may include, repairing or rebuilding your home, building a home on another section, buying an existing home or receiving a cash settlement for your existing home with your home being demolished or finally, accepting a cash settlement and retaining your home or selling it. Some insurance companies require your home to meet a certain standard if you wish to occupy or sell it “as is”.
Essentially selling as is where is equates to cash settling both your EQC and insurance claims, retaining these funds and then selling your home on the open market without carrying out any significant repairs.
Whatever option you choose make sure that you receive the offer in writing from your insurer. This is important for your records and proof of your settlement (excluding settlement figures) may be needed when selling.
Before signing anything be sure to have your solicitor approve/peruse it prior to proceeding. A couple of words incorrect can have dire consequences and significantly jeopardize your future plans if left unchecked.
Once you accept a cash settlement from your insurer then the insurance is cancelled, just like if you receive cash settlement for a driveway etc, the cover is cancelled.
Need I say more than what the stats clearly state - as is auctions sell quicker and in most instances for better money. So far the Griff team has only had one that hasn’t sold under the hammer!
Due to retaining both EQC and insurance settlements you offer the home to the open market at an attractive price due to property being uninsured. This is normally well below current market value for an equivalent undamaged and fully insured home. The buying public generally perceive this to be an excellent opportunity to secure an affordable property.
You would be surprised. Investors and speculators, Mums and Dads helping the kids getting started, red zoners and EQ refugees. Even families buy them as an affordable family home option. There is a lot of cash around at the moment.
Valid question but you can rest assured that here at the Griff Team we know all the appropriate clauses to enter into the sale and purchase agreement. We also have your solicitor approve the contact prior to a sale, and we have gleaned and updated the clauses with feedback from solicitors and insures during our experience of selling many as is properties.
Yes essential, as it does two things – it addresses the question in the back of a buyer’s mind of “is this house safe” and secondly it forms the absolute baseline of representation. The reports we recommend are comprehensive and include scribed floor levels.
It is important that your home is represented with transparency to the open market with an engineer’s report that was completed prior to any improvements. We have found however, that the buying public generally respond more favourably to a home following cosmetic repairs due to the aesthetic appeal.
The Griff Team have now sold 81 of these properties at the last count
With close to 80 sales already under our belt and plenty more to come, we have a smoothly honed marketing template that we utilize. Sellers also benefit from online marketing of our 500+ database of contacts, and we simply have the experience to get the job done.
We are more than happy to meet with you with for a friendly chat without any strings attached – it's about empowering you with the right information to assist with your decision making.