Many people stuck with properties which they have been unable to sell. The initial problem was that many homeowners were struggling to receive compensation, either from their insurance company or from the local government, because there was a dispute as to who was responsible for that payment. While the insurers and the state battled it out between themselves, many homeowners were left with properties which could not be repaired, and could not be insured because they lacked necessary repair. Many years on from the earthquake, this issue is still causing heartache for some homeowners. Get the facts about Sell My House Fast Dallas
For many years, the homeowners struggled to manage their properties, often being forced to rent out another property while they tried to repair or sell their uninsured house. In the condition that these properties were in, it was very difficult to find buyers, and some homeowners had given up hope that they would ever receive any money for the property. Some homes have been demolished and the land sold, simply because the owners saw no other way out of their situation. Being forced to rent somewhere else and continue to pay the mortgage on the house left them nowhere to turn. While their properties were uninsurable, they were still faced with the issue of mounting debt, and a lack of financial security. For many people it is only recently that the tide started to turn and they have been able to find people willing to buy their uninsured home.
What has changed?
There are two reasons why people have started to change their mind about buying uninsured homes. The main cause of the recent changes is that development companies have started to become interested in these uninsured properties. Many of these homes can be fully repaired with just a little bit of investment, and buildings which were worth only a few thousand pounds could suddenly be saleable again, and would receive standard insurance. Development companies have chosen to invest in these properties, either restoring them to their former glory or demolishing the home and converting the land. Homeowners who have not been able to afford to make the changes themselves have seen a way to get these properties sold. It has finally been the opportunity they’ve looking for to get on with their lives without the burden of paying mortgage on an uninsured property.