Ok... great update! We got the first quote from the insurance and we can get the house started now! $83k... insane seeing as when we bought the house we paid 92K. If we just take the cash we get 70k or else we would take the money and run. The neighborhood went WAY downhill a few months after we moved in and we want out BAD! at 70k we're about 10k from paying off the house and I have no idea how one would sell the house in the condition it's in. If we got the 83k it wouldn't even let Wendy weigh in, I would cash the check and get us out of their. Anyway...


So we were urged to use Virginia Building Services by the insurance company. It's one of their "preferred" contractors so that seemed like a bit of a conflict of interest to me. Well a few people Wendy has talked to has said good things about them as well so I think we're going to use them however...

This weekend is the Roanoke "Home and Garden show" so I talked Wendy into going and talking to a few other businesses and getting a few other opinions. We're getting up in 4 hours but I can't fall asleep because I'm all stressed out thinking about the house and everything again. Anyway, what do you guys think? Anyone here have any expertise they can give? I have the PDF of the insurance proposal showing what they are paying for if someone can help us.






---Would like to add, the house build thread will NOT be called "Bad House" lol

 

Insurance is paying an ACV "Actual Cash Value" of $70K the balance ($83K) is RCV "Replacement Cost Value".

Talk to other contractors, I recently saw a $10,xxx claim balloon to over $44,xxx because the contractor knew what they were doing.

As much as you like your insurance company and think they did you a favor by putting you in a nicer hotel with breakfast. Their motive is to pay as little as possible. They either have shareholders (public company) or it is a mutual (dividends are paid to the insured members). Keeping costs/claims down is in their best interest.

The Zillow price on your home is $119,xxx. As we all know what someone is willing to pay is the "real value" not what some nerd on a website states.


If you want to PM the Exactimate (insurance proposal) I'll take a look at it and see if there are any discrepancies.

Glad this is progressing.

 

For what you paid, does that not include the land value as well? Is the lot worth 10K that you might be able to sell it to a neighbor?

 

I dealt with insurance companies for a while when I an estimator for a body shop...same concept. Nothing wrong with using a preferred builder, it just means they do everything the way the insurance company likes it. The only time that is a bad thing is when the insurance company pushes hard for the builder to keep the cost down.

Using a preferred company will fast track any extra cost that they find during the repair because the insurance company trust the builder. Another builder will have to get an adjuster out there to agree with the additional costs.

Just my personal experience with insurance companies when working in the auto repair industry.

 

Exactly what twitch said...Plus there is usually no out of pocket for you. Preferred company deals with insurance company and not you. Insurance company cuts check straight to the contractor. At least thats the way it worked for us.

 

If you really want out: You do have the ability to negotiate the settlement amount with the Ins. Co. on the pay off offered. What does the tax appraiser have you down for ?? It could be to there advantage to just do a clean payoff to you (no surprises) & it's done. If you just took the 70K as you understand it now, Do you still own the lot & house ? If you do take the money & run, Let us know if the new neighborhood EXperiences the same rapid decline !!??

 

No, the 70K would have to go to the home loan but then yes we would own the house free and clear. If we left the neighborhood the values would drop insanely. The best 3 houses are mine and the 2 people beside us. One is 94 and his wife died last year and he just wants to die himself (he bought the house brand new back in the 60's) and the other is in his late 80's and his wife just died last year and has become the same way (also an original owner). If we leave and they both die there will be nobody on the block that owns (that I know of) living in their houses. The rest are owned by other family and being lived in or are rentals now.

 

Since you have an Ex, to tow with.. and a concern of the location's future.. you need a nice Camper to live in... and you can move at will..

Seriously, take a long hard look at what and WHERE your future may take you, before deciding what to do!! with the insurance.

 

What part of Florida do you live in?

 

Apoc, while it has been stressed to the moderating staff over the last decade or so to be strict with OT threads (off topic) in the tech forums, it's also understood that depending on the situation, they are allowed, like when you alerted us to your house being on fire.

A house rebuild thread however, like you have surmised based on your thread title, falls in the "strict" category.

I know you want your Excursion brothers to chime in and offer their advice and opinions tho, and obviously the best way for them to see this thread is to have it posted here, in the Ex forum, so it's a good thing that right now I don't have time to move the thread, and it will have to wait until later tonight before I can find time to move this over to GNAC.

Stewart

 

If you are looking to move you are always welcome in Florida! There are 3 or 4 houses for sale in my neighborhood alone that you could probably get for 80-100k depending on the sq footage and how well they have been updated. I would also love to not be the only Ex driver around. Good luck in whatever you choose, I have no experience dealing with insurance on something as big as a house payoff. My wife and I are just happy we paid off her Escape for Christmas and now the only thing we owe money on is our house.

 

Seriously, take a long hard look at what and WHERE your future may take you, before deciding what to do!! with the insurance.[/QUOTE]



^^^^^^^^^^^^^^^THIS^^^^^^^^^^^^^^^
That is where I was going because you stated your not happy with the current location. I'd weigh ALL my options & do some serious math BEFORE I decided what to do.. If you came up with a # that works for you to walk away & it's not miles from the Ins offer I'd hit them up with that possibility.

 

You know what part, you're one of my neighbors!

 

I don't know a lot about house insurance, payouts, etc.

The fact that you voiced your desire to get out speaks volumes to me however. Y'all want out, the fire provided you the means to do so and as such became a bit of a silver lining. I'd see about negotiating a full payoff and then move where you'd like to stay for life. Why fix something that y'all aren't super thrilled with? Isn't the backyard an absolute biatch as well with it being so ludicrously steep?

I'd be searching for a way to just GTFO.

 

Was just sitting around thinking How long is the Ins Co paying for the Hotel ?? The duration of the rebuild ?? If Yes that's a lot of jack you can roll over into a payoff #