Comments on: Who pays for the home insurance when you are owner financing it? Also in the state of Texas what insurance c?

By: Tiffiny Shandro

Tiffiny Shandro — Fri, 23 Jul 2010 22:47:21 +0000

Book marked your web blog. Appreciation for discussing. Absolutely well worth time away from our research.

By: Kelli Okey

Kelli Okey — Mon, 12 Jul 2010 16:08:42 +0000

Keep your boss’s boss off your boss’s back.

By: mbrcatz

mbrcatz — Mon, 08 Feb 2010 03:48:59 +0000

Who’s name is on the title, at the registrar of deeds? Until the title is passed to the buyer, the house is just a RENTAL, and needs to be insured that way. If this is a land contract, the SELLER should keep the policy to 1. make sure it gets paid and 2. make sure they have coverage in place, should the contract revert to rental. The buyer should THEN carry a renters insurance policy.

If the deed is being transferred immediately, then the BUYER gets the policy. Then the seller just has to hope that the policy gets paid.

Most of the time, owner financing is more hassle than it’s worth. If the person isn’t credit worthy enough to secure a mortgage on their own, they’re most likely going to default on YOUR mortgage, also. Then, depending on the condition of the property, you’re left with something basically unsellable.

For mobile home insurance, find an agent that represents Foremost INsurance – http://www.foremost.com. If the home is more than 20 years old, it’s uninsurable. After 20 years, they depreciate to nothing.
References :

By: src50

src50 — Mon, 08 Feb 2010 03:33:59 +0000

Whoever holds title to the home.
References :

By: Glenn S

Glenn S — Mon, 08 Feb 2010 02:50:59 +0000

The buyer pays to insure the property. Make sure that you as the beneficiary is also named as "additional insured" (lien holder-first mortgagee) on the policy. Also make sure that the coverage is at least high enough to cover the amount that is owed you in case of a total loss. What worries me is that by you asking this question if you are prepared to carry the financing. I'm assuming that you are carrying the 1st trust deed. If you are carrying a 2nd TD, I would just say be extremely careful.
References :