A kitchen fire in James's Saginaw home caused significant smoke and fire damage throughout the main floor. The home was unlivable and James was staying with relatives. His homeowner's insurance covered $38,000 of repair costs, but the full repair estimate was $58,000. James didn't want to manage a complex construction project while displaced.
James had an open insurance claim with $38,000 already approved. He could assign this benefit to a buyer or collect it himself and use it in the sale price negotiation. The property in fire-damaged condition had limited buyer appeal. James needed resolution quickly.
7 Lakes Properties offered $72,000 for the property in fire-damaged as-is condition. We structured the deal to allow James to collect his $38,000 insurance claim (net to him), with the remaining $34,000 paid at closing by 7 Lakes Properties. Total to James: $72,000. We handled all fire remediation and reconstruction after closing.
James received his insurance proceeds ($38,000) plus closing proceeds ($34,000) within 16 days of our offer. He used the funds to lease a new apartment and establish himself in a new neighborhood. 7 Lakes Properties completed full fire damage remediation and renovation within 4 months.
"I didn't know how to deal with the insurance AND the sale at the same time. 7 Lakes Properties handled both situations and made it simple."— James P., Saginaw MI
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