Where the value of the land is the same as the property has anyone approached the bank to waive the need to insure the house ?
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Originally posted by Sanya View PostBanks require house insurance as a condition of the loan. Are you planning on removing the house from the land and thus be left with bare land with no improvements?
So they agreed no insurance required.
Many of my properties the land is the bulk of the value
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Originally posted by Beano View PostThe bank was flexible with one property where I produced a valuation to support the property value was the same with or without the building .
So they agreed no insurance required.
Many of my properties the land is the bulk of the value
Can I ask what bank that was?
So the building had no value?
My experience has been where there is improved value (i.e. house, sheds, retaining walls) the bank wants to see insurance to protect "their" interest.
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Originally posted by Sanya View PostCan I ask what bank that was?
So the building had no value?
My experience has been where there is improved value (i.e. house, sheds, retaining walls) the bank wants to see insurance to protect "their" interest.
The valuation was done by a panel valuer
The income with be from yard rental
The buildings did not add value to the site
It's really a developer siteLast edited by Beano; 30-03-2020, 01:13 AM.
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