uninsurable home

[pumpinironmd]

I have come across a problem i have yet to encounter.I go to closing on a property tommorow I had  problems with title and a realtor i trusted on many deals tried to screw me a couple of times on this deal just to cover her own rear.Now the problem is every insurance company i have ever worked with and some i have not will not insure this property they say because its in a bad part of town or its looks to run down.With out insurance i can not secure my financing.Thus leading to no closing.I am over this whole deal what penalties would occur in this situation if i cant close and just walk from the whole deal.Thanks for any help TonyD

[reoconsultants]

This is a tricky question!! What state are you in? what does the contract say? How much Earnest money is involved(if any)?
I know in most states if the appraisal, or inspection fails that is a easy out!
Are you really getting that great of a deal on the property? is this a fix and flip?
There are some of the questions to look at and I'm sure if I was to sit here I could come up with more... Personaly I would contact a real estate attorney!
I know this was not the answer you were looking for but I hope this helps

[Jeff Adam]

Hi PuminironMD:
Why dont you put a 'Forced' Fire Insurance Policy on it?  This same thing happened to me and I contacted a lender I worked with and they forced a Fire Insurance Policy on it for me so I could close.....



Best Riches,
Jeff Adam