▲ 1 r/waymocodes
RICHARXYP5
5 uses left. Happy July 5th! 🥳🥳
u/Consistent-Pack-7940 — 19 hours ago
▲ 82 r/BayAreaRealEstate
Every week, we see old houses with active knob and tube selling for $1.6+ in SF. How are these buyers getting insurance?
We were about to bid on a house with knob and tube listed in the home inspection report. Farmers told us they won't even cover it for 30 days while we replace the K&T. They said they will not cover any house with knob and tube, period. So we backed out of bidding. From what I hear, no big insurer will cover a house with knob and tube. They used to, even last year, but not anymore. Basically, you can't get insurance from a well-known, reputable company if you buy a house with K&T. And if you can't get insurance, your loan will be denied. Our worst case scenario is to win a bidding war, get under contract, find out we can't get insurance from anyone, then our bank denies the loan, and we lose the house plus our earnest money deposit. So given all this, how are all these houses with K&T selling in SF with no problem week after week? They can't all be cash buyers.
u/Consistent-Pack-7940 — 2 months ago