R
ruby
Guest
It's too long to rewrite, so please read Contingent contract not going to happen/ Help with procedure. I need to take care of this ASAP and want to do it right. Thanks.
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R
ruby
Guest
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ruby:
It's too long to rewrite, so please read Contingent contract not going to happen/ Help with procedure. I need to take care of this ASAP and want to do it right. Thanks.<HR></BLOCKQUOTE>
IAAL or Home Guru can you help me out here?
Thanks.
It's too long to rewrite, so please read Contingent contract not going to happen/ Help with procedure. I need to take care of this ASAP and want to do it right. Thanks.<HR></BLOCKQUOTE>
IAAL or Home Guru can you help me out here?
Thanks.
R
ruby
Guest
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ruby:
It's too long to rewrite, so please read Contingent contract not going to happen/ Help with procedure. I need to take care of this ASAP and want to do it right. Thanks.<HR></BLOCKQUOTE>
IAAL or Home Guru can you help me out here?
Thanks.
It's too long to rewrite, so please read Contingent contract not going to happen/ Help with procedure. I need to take care of this ASAP and want to do it right. Thanks.<HR></BLOCKQUOTE>
IAAL or Home Guru can you help me out here?
Thanks.
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ruby:
It's too long to rewrite, so please read Contingent contract not going to happen/ Help with procedure. I need to take care of this ASAP and want to do it right. Thanks.<HR></BLOCKQUOTE>
I hope this answer is not too late. If the repair contract was subject to the insurance company approval as you state, then this would be considered your "out" and right to cancel the contract. Reason: because the money to pay the contractor is coming from the insurance company. A somewhat close analogy could be buying a home contingent on the lenders approval. The lender must approve ie. your creditworthiness, appraisal of property and title report etc. Since the money to buy the home is coming from the lender, the transaction must be cancelled if the lender does not approve. In your case the insurance company knows the repair/replacement cost of construction in your area, thus they already have figured out their limit of coverage value. It would appear that since you have a back up contractor ready to do the deal at the insurance companies price, the first contract was higher than it should have been.
It's too long to rewrite, so please read Contingent contract not going to happen/ Help with procedure. I need to take care of this ASAP and want to do it right. Thanks.<HR></BLOCKQUOTE>
I hope this answer is not too late. If the repair contract was subject to the insurance company approval as you state, then this would be considered your "out" and right to cancel the contract. Reason: because the money to pay the contractor is coming from the insurance company. A somewhat close analogy could be buying a home contingent on the lenders approval. The lender must approve ie. your creditworthiness, appraisal of property and title report etc. Since the money to buy the home is coming from the lender, the transaction must be cancelled if the lender does not approve. In your case the insurance company knows the repair/replacement cost of construction in your area, thus they already have figured out their limit of coverage value. It would appear that since you have a back up contractor ready to do the deal at the insurance companies price, the first contract was higher than it should have been.
R
ruby
Guest
Thank you for responding. That is what I thought, but I needed to verify that is how it worked. Do I have to prove to this contractor that insurance would not cover if they ask me to? It's not a problem but there are other items that were covered that are not really any of their business. When they talked to our insurance company I think they got the impression that the whole settlement was for items they were doing. Which is not the case.
If they write me a check for my deposit is that enough? Or should I get something else in writting saying that our contingent contract is cancelled? Our meeting was postponed until tomorrow. Thank you. <BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
I hope this answer is not too late. If the repair contract was subject to the insurance company approval as you state, then this would be considered your "out" and right to cancel the contract. Reason: because the money to pay the contractor is coming from the insurance company. A somewhat close analogy could be buying a home contingent on the lenders approval. The lender must approve ie. your creditworthiness, appraisal of property and title report etc. Since the money to buy the home is coming from the lender, the transaction must be cancelled if the lender does not approve. In your case the insurance company knows the repair/replacement cost of construction in your area, thus they already have figured out their limit of coverage value. It would appear that since you have a back up contractor ready to do the deal at the insurance companies price, the first contract was higher than it should have been. <HR></BLOCKQUOTE>
If they write me a check for my deposit is that enough? Or should I get something else in writting saying that our contingent contract is cancelled? Our meeting was postponed until tomorrow. Thank you. <BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
I hope this answer is not too late. If the repair contract was subject to the insurance company approval as you state, then this would be considered your "out" and right to cancel the contract. Reason: because the money to pay the contractor is coming from the insurance company. A somewhat close analogy could be buying a home contingent on the lenders approval. The lender must approve ie. your creditworthiness, appraisal of property and title report etc. Since the money to buy the home is coming from the lender, the transaction must be cancelled if the lender does not approve. In your case the insurance company knows the repair/replacement cost of construction in your area, thus they already have figured out their limit of coverage value. It would appear that since you have a back up contractor ready to do the deal at the insurance companies price, the first contract was higher than it should have been. <HR></BLOCKQUOTE>
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ruby:
Thank you for responding. That is what I thought, but I needed to verify that is how it worked. Do I have to prove to this contractor that insurance would not cover if they ask me to? It's not a problem but there are other items that were covered that are not really any of their business. When they talked to our insurance company I think they got the impression that the whole settlement was for items they were doing. Which is not the case.
If they write me a check for my deposit is that enough? Or should I get something else in writting saying that our contingent contract is cancelled? Our meeting was postponed until tomorrow. Thank you. <HR></BLOCKQUOTE>
*********************
You should get in writing from the insurance company a full and complete explanation stating that the first contract was unacceptable and the reasons. That way there should not be any argument, misinterpretation or misunderstanding on the part of the contractor. Provide whatever proof and documentation he needs as it may help him in pricing insurance jobs in the future.
Thank you for responding. That is what I thought, but I needed to verify that is how it worked. Do I have to prove to this contractor that insurance would not cover if they ask me to? It's not a problem but there are other items that were covered that are not really any of their business. When they talked to our insurance company I think they got the impression that the whole settlement was for items they were doing. Which is not the case.
If they write me a check for my deposit is that enough? Or should I get something else in writting saying that our contingent contract is cancelled? Our meeting was postponed until tomorrow. Thank you. <HR></BLOCKQUOTE>
*********************
You should get in writing from the insurance company a full and complete explanation stating that the first contract was unacceptable and the reasons. That way there should not be any argument, misinterpretation or misunderstanding on the part of the contractor. Provide whatever proof and documentation he needs as it may help him in pricing insurance jobs in the future.
R
ruby
Guest
I met with the contractor and he did not ask to see any proof about what the insurance was willilng to pay for. I am to pick up a check from the contractor's company for my deposit amount tomorrow when I drop off samples they furnished. I figured as long as they were refunding my money and verbally accepted that we no longer have a contract that would be acceptable. Am I foolish to think this way? Thanks for your continued support.
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
*********************
You should get in writing from the insurance company a full and complete explanation stating that the first contract was unacceptable and the reasons. That way there should not be any argument, misinterpretation or misunderstanding on the part of the contractor. Provide whatever proof and documentation he needs as it may help him in pricing insurance jobs in the future. <HR></BLOCKQUOTE>
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
*********************
You should get in writing from the insurance company a full and complete explanation stating that the first contract was unacceptable and the reasons. That way there should not be any argument, misinterpretation or misunderstanding on the part of the contractor. Provide whatever proof and documentation he needs as it may help him in pricing insurance jobs in the future. <HR></BLOCKQUOTE>
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