Eric P. Feichthaler

Dear Mr. Feichthaler:

I received a text from someone this week offering to purchase my home for $300,000. We experienced some damage on our home, which was built in 2013. Prior to the hurricane, similar houses were selling for the high $400s. I am tired of dealing with the insurance claims, and our damage to our home was over $50,000. Thinking of just selling and moving on, with the buyer taking over the claim. Is this a good idea?

— Aaron M.

Dear Aaron,

Many of my clients have been receiving similar unsolicited texts, emails and phone calls to purchase homes and vacant land. I have also received a text to buy my home. There are only two reasons you would receive an unsolicited offer like this, and both of them aren’t beneficial to you: Either they plan to purchase your home at an artificially low price and resell it quickly for a nice profit, or they intend to assign their rights under the contract to another buyer and receive a large assignment fee. In the latter case, all they need to do is get an owner to sign a contract, and they walk away with money that should be yours.

The pending insurance claim can be handled a few ways – either the buyer assumes the claim, or the owner/seller continues with their claim, even after selling. The contract should be clear relating to the rights and obligations of each party. If you retain the rights on the claim, you will want to have the buyer agree, in writing, to allow for inspections and to cooperate with the claim. In your situation, where you want to be done with the house and move on, you could assign the rights on the claim to the buyer. However, you will want to raise the price in that situation to account for them getting this additional benefit.

From my perspective, home prices have not gone down significantly since the hurricane. My perception is that prices have held, and even gone up in certain areas. This is likely, in part, due to the reduction in the number of houses available that were badly damages or destroyed in Lee County. Your overall facts as presented indicate the “texter” is offering you too little, and that you should negotiate for a significantly higher price. This is especially true if you assign them rights to your insurance claim. Due to the large amount of money involved, I would encourage you to seek the advice of an attorney and/or a Realtor to get a good estimate on the value of your home and insurance claim. Remember, once you sign a contract, there is no right of recission period in Florida.

I wish you and all of our friends and neighbors a happy and healthy 2023!

Eric P. Feichthaler has lived in Cape Coral for over 35 years and graduated from Mariner High School in Cape Coral. After completing law school at Georgetown University in Washington, D.C., he returned to Southwest Florida to practice law and raise a family. He served as mayor of Cape Coral from 2005-2008, and continues his service to the community through the Cape Coral Caring Center, Cape Coral Museum of History, and Cape Coral Kiwanis. He has been married to his wife, Mary, for over 20 years, and they have four children together. He earned his board certification in Real Estate Law from the Florida Bar. He is AV Preeminent rated by Martindale-Hubbell for professional ethics and legal ability, and is a Supreme Court Certified Circuit Civil Mediator. He can be reached at eric@capecoralattorney.com, or 239-542-4733.

This article is general in nature and not intended as legal advice to anyone. Individuals should seek legal counsel before acting on any matter of legal rights and obligations.