Can't get house insurance

Canada
January 30, 2013 6:53pm CST
Every time I think everything is going good with the house purchase I get more bad news. The closing is tomorrow and I found out I can't close on the house now cause I was denied insurance on the house. They want me to buy and change the oil tank before the closing. Which I don't have time to do now and don't want to change it until I know for sure the house is mine. What if the seller backs out once I bought her a new oil tank. Getting so frustrated with this. Not sure what will happen now. Costs are adding up if it all falls through now I still owe inspector and lawyer. My apartment is all packed. Hope I didn't do this for nothing
4 people like this
11 responses
@lelin1123 (15647)
• Puerto Rico
31 Jan 13
Ok I don't understand why you have to replace the oil tank. When a inspection is done on a home its the seller who needs to fix the problems. Unless of course you made a deal with the seller and she took money off the purchase price of the house or gave you money under the table for the oil tank. If none of these things happened for you then you are being screwed by them.
2 people like this
• Canada
31 Jan 13
I got a cash back offer and get the money after the closing to change the oil tank
2 people like this
@lelin1123 (15647)
• Puerto Rico
1 Feb 13
Oh ok, good I didn't want you to get screwed.
@marie2052 (3697)
• United States
31 Jan 13
Hi not sure where you live, but here in Florida because of all the hurricane weather we have it is impossible to get homeowners insurance. so the state had to make up an insurance company as when you mortgage you have to have homeowners insurance. Of course the cost is double to triple what rates would be through a regular company. But with the way things go between the state and government seems nothing is sacred anymore. If it needs a new oil tank, its a shame you could not purchase the house "as is" then you could have gotten it at a cheaper price. usually if you have an inspector, things that need done if you are not getting the house as is, the seller has to get finished before the closing. Good Luck and hope everything turns out alright for you.
@911Ricki (13602)
• Canada
31 Jan 13
It's not up to you to do that unless it is disgusted. For example my brother bought his house, and it neeed a new roof, and furnace. Either the people who own the house did it before they sold it, or my brother got less on the house, and they replaced it. I would find another insurance company period, and a new house inspector by the sounds of it.
2 people like this
• United States
31 Jan 13
Can't you put into the contract, that you will put in the oil tank with the understanding that if the seller backs out, she will re-imburse you for the oil tank. I don't think she can just back out of this deal so easily without repercussions. Ask your lawyer about this, after all, you're paying him. And why isn't she paying for the oil tank before this all goes through? Are you going through a real estate office?
1 person likes this
@BarBaraPrz (14290)
• Hamilton, Ontario
31 Jan 13
That's a problem with short closings: not enought time to get everything figured out. When I bought my strata unit, I didn't have to prove I had insurance to get my mortgage, but maybe things have changed since then? If you can't get anywhere with ICBC, try LCBC?
1 person likes this
@WakeUpKitty (8717)
• Netherlands
31 Jan 13
Do you need an insurance? Can't you take one after it's yours? So you bought it? Can't the seller (present owner) give a statement that you will change the oil tank within... or if you change it... the house is yours? I wonder how come you have to change it and the seller isn't doing so. If you can't buy it in this state/get the insurance, other people will be able to?
1 person likes this
• United States
31 Jan 13
I think you really need to speak to the owner about this situation. the house is not yours yet. you should not be buying that tank.
1 person likes this
@natliegleb (5190)
• India
31 Jan 13
just have some good get credit and showcase your talent and impress them that you can pay and it can surely go a long way in showcasing to get a good insurance soon
1 person likes this
@savypat (20248)
• United States
31 Jan 13
Buy the tank for delivery after the closing. Payment to be refunded if no delivery or part down and rest upon delivery, call your insurance co. first to make sure they will agree with this and issue the policy. Tell them your problems and ask if they have any suggestions how to give them what they want and still get what you want. Call other insurance co. see if they will work with you. Just a few ideas. Hang in there, just keep pushing someone wants your insurance business and you can always change later.
@mariaperalta (19226)
• Mexico
31 Jan 13
can u try a few more insurance companies there.. maybe some will take a risk for you. Good luck...
@maximax8 (27056)
31 Jan 13
Your apartment is all packed up and you are ready to go. It is such a shame they won't give you house insurance unless you put in a new oil tank. Yes, you could put that in then your seller could back out. It is awful the lawyer and inspector will still have to be paid if all your intended house purchase falls through. I didn't have house insurance when I lived at my cottage. I owned that for 14 years. Luckily nothing bad ever happened there. Then I had a modern house for 5 years without house insurance. I do have house insurance now to satisfy my mortgage company. I have more than nine years left on my mortgage.