car hit building for sale

Last week I had a car hit a building I have for sale. There are cracked bricks on the side of the building. Of course, getting the drivers insurance to respond is a nightmare. I did confirm he has valid insurance.

Fast forward to yesterday. Someone inspected and made an "as is" offer on the building, which I accepted. So, my dilemma is do I contact him/her and say "hey, didn't you see the cracked bricks?" Or do I proceed with sale, collect insurance money and pocket it? Or do I turn over the insurance money and say..."Here, use this to fix the obvious defect you missed."

--68.107.xxx.x

car hit building for sale (by Mike45 [NV]) Posted on: Dec 12, 2017 12:16 PM
Message:

If the amount involved is significant, you need a Virginia attorney to advise you whether the claim for damage would be transferred to the Buyer under VA law, and how to protect yourself.

When did the Buyer first visit the property? Before or after the accident?

--71.38.xxx.xxx

car hit building for sale (by Barbara [VA]) Posted on: Dec 12, 2017 12:20 PM
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It was after the accident. --68.107.xxx.x

car hit building for sale (by allin [VA]) Posted on: Dec 12, 2017 12:39 PM
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How much money/damages? You can always get a foundation person out to look it over to see what really needs to be done. --174.226.xx.xxx

car hit building for sale (by cjl [NY]) Posted on: Dec 12, 2017 12:42 PM
Message:

Obviously selling the building yourself? So many questions ... so did the person that put in the offer KNOW or are they AWARE that the building was hit and there is an insurance claim on it?

If not - and you don't disclose - you could be in deep trouble... and they WILL find out because when they go to insure their insurance company will advise them about it.

Is this significant damage to the foundation? Did the person "deduct" for that damage (low ball)? I know you stated they offered it "as is" but I would highly suggest you get an attorney in on this.

Or what the heck - take the money and run. FAR AWAY lol. --69.201.xx.xxx

car hit building for sale (by Barbara [VA]) Posted on: Dec 12, 2017 12:47 PM
Message:

Allin, I don't know how much damage yet, or cost. I have had 2 jokers out. They aren't prepared to give estimate until I know what insurance is willing to pay. My rough estimate is $5k in damages. But that's just me putting a value on someone else's work and time. About a 6×8 section of brick needs replaced and maybe a few interior support beams in wall resecured. I am suspecting that 2 were knocked in an inch at base, but not actually busted. --68.107.xxx.x

car hit building for sale (by Barbara [VA]) Posted on: Dec 12, 2017 12:54 PM
Message:

Cjl, I actually am using an agent. She is aware it was hit, still showed the place and the buyer submitted an offer. I know the agent is looking out for herself and not me. So I come here to help get my brain focused on these issues. --68.107.xxx.x

car hit building for sale (by Ken [NY]) Posted on: Dec 12, 2017 1:06 PM
Message:

Tell the guys the bid for repairs has nothing to do with how much you get for insurance or just go find someone who understands that and isn't trying to get the whole insurance check to do the job.Agent doesn't know what to do,you need an attorney,have the buyer acknowledge that he understands there was damage from a vehicle and he will buy it with the damage and get the insurance money --72.231.xxx.xxx

car hit building for sale (by NE [PA]) Posted on: Dec 12, 2017 1:11 PM
Message:

He inspected after the accident and offered as-is. Done deal.

What's the question?

If it falls through, contact your insurance. --50.107.xxx.xxx

car hit building for sale (by Landlord ofthe Flies [TX]) Posted on: Dec 12, 2017 2:05 PM
Message:

Don't fix it just yet. By law, you're required to disclose to the seller every known defect with the property. So, give them the seller's disclosure and let them decide how to proceed. Give them an option to have a clean exit with all monies refunded.

If they were not aware of the damage, then offer to make the repairs with the insurance money, or maybe they discounted the offer accounting for the damage. You won't know until you receive their communications. They also have other inspections they'll want to do at the time. It's not like you're going to hide it and it's not like it didn't just happen.

Don't worry, your agent will handle the disclosure. She's just as liable as you are if it's not disclosed. --108.69.xxx.xxx

car hit building for sale (by cjo'h [CT]) Posted on: Dec 12, 2017 2:08 PM
Message:

Barbara, like Ken says it's none of their G.. D..... Business what the insurance company pays.It's up to them to give you an estimate,so get another couple of jokers in there with a well sharpened pencil to do their figureing.then you give the job to whoever is the best priced and is still qualified to do the work.the difference between their price and the insurance money,you may or may not get,is for your pain and suffering.charlie...........................................make sure you get his insurance to pay you first,before you get any work done............................... --174.199.xx.xx

car hit building for sale (by #22 [MO]) Posted on: Dec 12, 2017 4:08 PM
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Max out what the auto insurance is and keep it for yourself. Consider the building discounted. Insurance pays about 3x actual real costs for claim work, so you could be looking at a decent check. Good luck. Get yourself paid! --70.195.xx.xxx

car hit building for sale (by Vee [OH]) Posted on: Dec 12, 2017 5:39 PM
Message:

Contact someone in the glass block window trade - they normally do this work 4 days or more a week but are slow now cause nobody wants dust on the furniture or anywhere else. --76.188.xxx.xx

car hit building for sale (by moby [IN]) Posted on: Dec 12, 2017 8:12 PM
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The insurance settlement is to reimburse you for loss. In theory you would have gotten more for the building without the damage. --68.60.xxx.xx

car hit building for sale (by BRAD 20,000 [IN]) Posted on: Dec 13, 2017 9:59 AM
Message:

The AGENT needs protection. Locally the Purchase Agreement form used by realtors reminds the buyer to make all inspections prior to purchase.

For your own protection make certain this wording is in place and signed by the buyer.

BRAD

--68.51.xx.xxx

car hit building for sale (by Landlord ofthe Flies [TX]) Posted on: Dec 13, 2017 1:12 PM
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To what Brad said, instead of reminding the buyer to make all inspections, updating your seller's disclosure statement about the damage is your best defense. You disclose it and everybody signs the statement. No one can say they didn't know. --108.69.xxx.xxx

car hit building for sale (by allin [VA]) Posted on: Dec 13, 2017 5:25 PM
Message:

I our state you can disclose or disclaim on the property condition. Which did you do? Does the buyer have an inspection contingency as part of his bid? I agree with the others about getting a bid for repairs. I would not tell anybody what insurance is paying. --174.226.xx.xx

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