BUYERS DOA NUMBER
When Ted got a phone call from the couple who was buying his home on a land contract telling him they were moving out of State and were not going to complete the purchase, little did he know that his problems were just beginning. Upon inspecting the home, he discovered significant damages due the couple's neglect. Without a doubt it was going to cost thousands, maybe tens of thousands of dollars to repair the damage.
NOWHERE TO TURN
At first it appeared that Ted may have nowhere to turn for reimbursement. Recovery from the buyers seemed to be a lost cause, especially given that they were moving out of State. Ted then thought of submitting a claim to his homeowner's insurance company. Presumably a long shot, he gave it a try anyway.
It turned out to be a happy ending for Ted. The insurance company’s adjuster did a complete inspection of the home. Although some of the damages weren't covered, most of the expensive items were. Replacement of the drywall caused by leaking pipes and an overflowing toilet was probably the single biggest cost, and the insurance company stepped up to the plate and paid for it. The lesson here is not to forget about the possibility of insurance coverage when faced with a sudden expense. You never know unless you ask