My husband raised a question with me that I couldn’t answer, so here goes!
He was asking me about the process to follow if someone defaults on a wrap and they have to leave. What happens if they trash the house before leaving?
Now, I know that under landlord’s insurance I’d be covered, but usually with a wrap house you would only have normal house insurance, right?
So who would pay for the damage?Keep smiling
Felicity
Edited by – [email protected] on 19/06/2002 9:10:17 PM
Felicity,
This is a vaid question, but to date I have never had anyone trash a property.
Sure, they have abandoned a house and left trash everywhere… but this is a matter of getting a cleaner in rather than a builder [
]Hopefully your pre-qualifing procedure and continual monitoring on your client would mean that they would have no reason to trash the place.
But if they did, then I would imagine that you would foot the bill to fix it up and seek the get the money back of them.
If they had left for good, then pay for it out of the profits you have already earned and then re-wrap it and keep going.
Bye
Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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