Damaged Floor – Considering Selling
We have owned a condo unit that has been rented out for several years. Recently, the Condominium Property Management contacted us, along with our condo property manager, to inform us that they replaced a window. However, they stated that water damage is the responsibility of the owner and even provided a quote for the repairs.
After reviewing the damage, our condo unit manager provided a quote that was 50% lower than what we received from the property management.
The insurance contractor has acknowledged the damage and submitted his findings, but I have yet to hear back from the insurance company.
In the meantime, our real estate agent is asking if we would consider lowering the price of the unit.
Is it possible for me to receive the insurance payout, reduce the asking price, and choose not to repair the condo?
Also, how long should I expect it to take for the insurance adjuster to respond?
It sounds like you’re in a bit of a tricky situation with your condo. Here’s a breakdown of your questions:
Insurance Money and Price Drop: In theory, if you receive a payout from your insurance for the damage, you can choose to drop the price of the condo without making repairs. However, it’s important to check your insurance policy for any specific stipulations regarding claims and repairs. Additionally, if you drop the price significantly, it may raise concerns with potential buyers regarding the condition of the condo.
Insurance Adjuster Timeline: The time it takes for an insurance adjuster to get back to you can vary widely based on several factors, such as the insurance company’s workload and the complexity of the claim. Typically, it can take anywhere from a few days to a few weeks. If you haven’t heard back in a reasonable amount of time, consider following up with them for an update.
It might be a good idea to consult with your real estate agent about how to present the situation to potential buyers, as transparency about the damage and the insurance claim could help build trust. Also, consider speaking with a lawyer or a real estate professional to get advice tailored to your specific circumstances.