Saturday, April 5, 2014

Your roof may have hail damage!

We have experienced WICKED weather in St. Louis over the last week: sizable hail, lightening, and inches of rain.  It has been enough to cause every local homeowner alarm.

I spotted this during a showing in Clayton yesterday...
Evidence of mineral deposits at the base of a property's downspouts after a hail storm is a RED FLAG.

When hail impacts a roof, it degrades the shingles and loosens the granules.  If your property boasts standard asphalt shingles, you'll want to check around the downspouts for excessive granule buildup. 

If evident, there is a strong possibility of roof damage from the storm and further investigation by an insurance professional or roofing contractor is needed ASAP.

If you are in the middle of a Real Estate Transaction and a big storm hits: 

Both parties:  The Seller needs to make the Buyer aware of the damage ASAP.  The Buyer needs to re inspect the property immediately.  The Seller's Disclosure requires revision with new signatures by both parties ASAP.   An Amendment to the Contract will need to be drafted by your Realtors immediately, as dictated by the Title Companies and Buyer's Lender (who will need to review the Seller's insurance claim first)!   The document will likely address the timeframe of the repairs,  the terms of material/color selection, and the selection of the contractors who will actually complete the work.   All of these important factors of renovation must be mutually agreed upon by both Seller and Buyer. 

Buyers:  If you have a house under contract and a storm hits mid process:  immediately re inspect the property with your Realtor, verify with your Realtor that the Homeowner has filed an appropriate claim with their insurance company, and ask for an updated Seller's Disclosure ASAP.  Upon completion of the work, the Seller will submit all receipts to your Realtor, who will then submit them to you, your lender, your title company, and you insurance company for review and underwriting.  Upon completion of the work, you will also need to re inspect the property as part of your Final Walkthrough, to ensure that the work was completed as agreed.   

Sellers:  If you currently have a property listed, inform your Realtor of the damage ASAP.  Arrange a time for your Buyer to view the damage.  File the appropriate insurance claim ASAP and make a Seller's Disclosure revision immediately with guidance from your Realtor.  All terms of the repairs will need to be mutually agreed upon via an Amendment to the Contract- do NO WORK on the property until that is initiated!   Upon completion of the work, you must submit your receipts to your insurance company and your Realtor, who will pass it along to the Buyer's Realtor and your Title Company

NOTE:  Sellers, if you do not act quickly, the closing of your property could be severely delayed and/or compromised!  You risk your Buyer growing uneasy and negatively affecting their insurance and/or borrowing eligibility for your property!