Repaired, renovated and then resold.
Repairs, re-repairs and then, of course, the uninsured As Is Where Is property sales that sneak back on the market as a renovated house for sale.
So, where does a buyer make a start to try to ensure the property they are interested in was not previously cash settled for high-value significant damage? The answer lies in careful Due Diligence, that is where Risknet comes in.
Risknet understands the big picture in regards to future insurance nightmares. Risknet is the only company to hold any substantive data in this area. It is therefore surprising how many experts in the property sector have posted comments that are clearly ignorant and misleading.
Fact versus Fiction.
On the subject of As Is Where Is (uninsured) properties and repaired properties, many hold opinions as below
- As Is Where Is (A.I.W.I) properties sell way below valuation (Untrue).
- A.I.W.I houses are on the fringe of the red zone (Geographically Untrue).
- Houses advertised as ‘fully renovated’ have been repaired to a high standard (Is partially true. In many cases Untrue with questionable assertions as to the level of repair).
Some properties have been renovated to a very high standard, others have not. Another critical factor is that ‘builders exemptions’ have been applied too liberally and this will likely create a nightmare for future insurance claims.
Renovated Properties in the media.
The media storm around these properties is indeed justified. The potential insurance risk to the vendor or prospective purchaser, now and in the immediate future is now only slowly coming to light. Too slowly in the writer’s opinion.
Risknet holds data the Insurers will not or cannot release.
Risknet holds data that will not appear on a Council LIM nor any other property related databases or search engines.