Pipes burst over the winter

Thanatos0320Thanatos0320 Posts: 578 ✭✭✭
Long story short, the pipes in one of my houses burst over the winter. I got the utility company to admit that it was their fault and now their insurance company is sending a check for the damages.

I was planning on selling the house, but if I wanted to sell the house as is and keep the money, is there anything I should do so the insurance company can't come back and ask what I did with the money?

Comments

  • PatrickbrickPatrickbrick Lake Zurich IlPosts: 4,798 ✭✭✭✭✭
    Good luck with that, you will have to disclose to the buyer.
    "We make a living by what we get, but we make a life by what we give".  Winston Churchill.
    MOW badge received.
  • Thanatos0320Thanatos0320 Posts: 578 ✭✭✭
    For clarity, I was planning on selling the house before the pipes burst. Now that they have, I'm planning on using the insurance to repair the house and sell it on the market. Yesterday, someone said he'd buy my house as is (with the damages). The amount he offered + insurance money is roughly the same as what I'd get if I fixed the house and sold it. This would would make everything on me. I could get rid of the house in 2 weeks vs 2+ months (repairing + time to sell after repaired).
  • peter4jcpeter4jc Milwaukee, WIPosts: 5,952 ✭✭✭✭✭
    I don't think the insurance company cares what you did with the money.  On some items, say a lousy roof, they can deny coverage until repairs are made.  So you may or may not get grief from them in that regard.  Patrick is correct, the bigger issues will be during the sale.  I wouldn't see the benefit in selling it as is; the buyer will deduct the cost of fixing the plumbing from the asking price.  Your best bet IMO is to find a way to fix things for less than what the insurance company gave you and pocket the difference.
    "I could've had a Mi Querida!"   Nick Bardis
  • dirtdudedirtdude AZPosts: 4,895 ✭✭✭✭✭
    Sell it, as long as you have disclosed the issue with the buyer then you are good, not like you are pulling something over on  him.
    A little dirt never hurt
  • Thanatos0320Thanatos0320 Posts: 578 ✭✭✭
    I appreciate the answers. I've done the math and figured it's best selling it as is. The buyer has viewed all of the damages and still wants to pursue.
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