Which of the following information would you not likely find on an mls listing?
Insurance adjusters work for the insurance company and are responsible for preparing an estimate of the cost of repair or replacement of the insured’s property loss. Not all adjusters are bad; however, following a major loss event like a major earthquake or wildfire, they may be over-stretched or just plain in over their head. This problem is exacerbated by the need to bring outside adjusters into an area to meet the extraordinary quantity of claims. Generally, for a major event, adjusters may be hired on a contract basis, and even though they are there on behalf of the carrier, they may not be totally up to speed on the insurance companies’ client relationship philosophies and may not deal with you exactly like the seasoned but gentle actor playing the role on the TV commercial. Show
These “hired guns” are not brought in by the carriers for their reputation for handing out money, but for their ability to manage the risk for the carrier. They are “professional” claims adjusters and do what they do on a daily basis. They are motivated to close the file and move on. They are not paid to spend an extraordinary amount of time making sure you get all you are entitled to get. The following information is provided to help “level the playing field” and help you understand a little more about their world and to help you look out for your interests. Make sure to read United Policyholders Basic Claim Tips and Dwelling Claim Tips. DOCUMENTING COSTSProving up cost is not as easy as simply re-building your home and turning in the receipts. Many homeowners want to build back a different home than the one they had, and the insurance adjuster will probably have a different image than you do of the home that you had previously. Also, a contractor is not likely to give you a proposal to build back exactly what you had, especially if you are not intending to build back that exact house. You have a right, though, to be paid the cost to replace your home to its pre-loss condition, subject to fine print in your policy. DOCUMENTING YOUR HOME’S PRE-LOSS CONDITIONOne of the biggest hurdles to getting an accurate estimate of the cost to replace or repair a home is getting adequate information regarding the pre-loss condition. Generally, every home is different, and the size of the home and level of interior finishes significantly drive the cost to replace it. After the loss, the adjuster will interview the insured, and ask questions in order to develop a “scope of loss.” The adjuster is in a hurry to move on the next meeting, and the insured’s head is swimming trying to deal with all that they are trying to cope with, along with trying to remember every detail of their previous dwelling. Absence of information tends to result in lower estimates. It might sound simple, but it is important to remember: If the item is not listed in the estimate, the cost for it will not be in the final estimate total. SOURCES OF PROOFThere are sources of information out there that will help you recreate your home on paper.
All of these sources will help you establish the scope of work which is the foundation and basis of any estimate of the cost to repair or replace. You are not required to provide documentation for all of the features of your home in order to have those items included in your claim, but you will have a much more comprehensive scope of repair or replacement if you do your homework and search out every possible source of information available. You simply will not remember all the features of your home and work that you have done to your home over the years. The estimate and therefore, the cost to replace will be driven by what you recall and what you make sure is covered in the cost estimate. XACTIMATE 101The estimating program most commonly used by adjusters is Xactimate. Most likely, the estimate that your adjuster presents you with will be an Xactimate estimate. There are a few key aspects that you need to understand in order to be able to respond better to the estimate that you are presented with:
Don’t be afraid to challenge the adjuster and don’t be afraid to ask dumb questions. No one expects you to be a professional estimator. The outline above is presented in an effort to “level the playing field” and aid uninitiated homeowners by providing at least some level of understanding of the “game” and language used within the process. You can always hire your own “hired gun,” and arm yourself with your own cost estimate. There are consulting firms out there that can be hired to prepare a detailed scope of work and cost estimate. Some people will pay a contractor for a cost estimate, but I would caution that a contractor will have a tendency to put a number in the estimate simply because he feels good about that number. There is nothing wrong with that if the contractor is going to be the only one that will be affected by a bad number. However, if the battle turns litigious, you would be better served by having an independent consultant that knows how to produce a well backed up and credible estimate that can withstand the challenge of opposing experts. EMPOWER YOURSELF TO STRENGTHEN YOUR NEGOTIATING POSITIONIf you’re handling the negotiations over competing repair/rebuild estimates with your insurance company on your own, we recommend that you spend time at the United Policyholders’ website reviewing some of the many articles that relate to this topic. You’ll find them in the Claim Tips section of the website. HIRE QUALIFIED HELP WHEN YOU NEED ITIf you decide to hire professional help, please read United Policyholders’ tips on Hiring Professional Help and visit the “Find Help” section of our website to locate businesses that support our work. In summary: Educate yourself, be prepared and check over everything until you are satisfied that you have received a proper estimate. United Policyholders thanks Ted Bumgardner of the Xpera Group for preparing this article for our readers’ use, and William Hedden, of Consolidated Adjusting, Inc. for editing assistance. What are the three most common types of listings?In Commercial Real Estate, there are three types of real estate listings used to secure a buyer for a property. An Exclusive Right to Sell, an Exclusive Agency Listing, and an Open Listing.
What is the common disposition of a listing?A traditional sale or “real estate disposition” is the most common option. In it, a property is listed for a fee simple sale. The property value/asking price is agreed upon between the property owner and the brokerage acting as their representative in the transaction.
Which statement is true of a listing agreement quizlet?Which statement is TRUE of a listing agreement? The answer is it is an employment contract for the professional services of the broker. The listing is the broker's contract of employment by the seller.
What is the difference between an open listing and an exclusive agency listing?Home sellers may have the option of offering a real estate agent an exclusive listing or an open listing. An open listing allows other local real estate agents to compete to find a buyer for the property. An exclusive listing gives the sole agent an incentive to work hard for the sale.
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