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Home > Real Estate > Archives > 2006 > October > 02

Monday, October 2, 2006

More tales of deals killed by insurance premiums

By Jeff Ostrowski | Monday, October 2, 2006, 05:17 PM

My story in Sunday’s paper elicited more tales of deals being scotched by rising homeowners insurance.

Roger Selah of Two Points Realty says he had a buyer willing to pay $305,000 for a West Palm Beach home. But the contract included a caveat that the buyer’s insurance wouldn’t top $1,200 a year.

“As a Realtor for the seller, I didn’t like that contingency,” Selah says.

But, hey, buyers are hard to find these days. You can guess the rest: The buyer couldn’t find homeowners insurance for anywhere near $1,200. The cheapest quote was more than $4,000, and the deal fell through.

Interesting to see the buyer demanded a contingency. If he’d tried that a year ago, the seller would have laughed and moved on to the next offer.

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