List of Foreclosed Properties Priorities - Checking out the Chinese Drywall- By: John Cutts
One of the problems of purchasing a home from a list of foreclosed properties is if it has damages from Chinese drywall. In Florida, a lot of property insurers have dropped or canceled coverage, but this is not the case for Citizens Property Insurance. The insurer continues to provide insurance coverage since the 2009 Chinese drywall disaster.
But like many other private insurers, citizen has decided to draw the line with regards to just how much they are willing to insure. Buyers interested in home foreclosures in Miami should not only be concerned about the cost of having extensive damage due to Chinese drywall repaired, but should also think about getting property insurance.
According to Citizens spokesperson Christine Ashburn, the insurer has not changed its stand on the Chinese drywall issue. In cases when the home has Chinese drywall, it does not mean that the coverage will be automatically canceled. But if the home is found to have corroded wires or pipes and the homeowner has no plans of fixing it, the property will no longer be eligible for coverage. In any case, the insurer realizes that the situation might be different with each property and is willing to review them individually.
Meanwhile, David Durkee, who is the official representative of 300 owners whose homes are made of Chinese drywall, stated that he will work hard to stop the private insurer from dropping any more policies, especially before it decides to do so in bulk.
Home buyers and investors using pre foreclosure listings as well as foreclosure listings in Florida should consider such news to be a major factor when choosing a home. A professional inspection is in order to make sure that the home from the list of foreclosed properties is free from any extensive damage resulting from presence of Chinese drywall.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.