“Please, please just throw me a number, just an estimate, a ballpark number, pleeeeeeease!” NO ONE would quote you no one would be willing to put it in writing. This isn’t like an auto insurance policy where you could call your auto insurance provider to get an estimate. You need to contact an engineering/surveying company for a FEMA Flood Elevation Certificate in order to seek flood insurance coverage.Ī) The bank would mandate flood insurance.ī) You can’t get flood insurance by calling companies and getting quotes. If it’s “it depends on how much flood insurance costs”… If your honest answer is “none at all”, you should just move on and allow the Seller to find a new Buyer. If you’re a Buyer reading this, you need to decide if you have some tolerance for living in a flood zone, or none at all. What if the Bank pulls a flood certification and the property is now in a flood zone?! There is a difference between being aware and needing to pay for flood insurance.ģ. Why? Well, if this property was purchased with cash or if there was no standing mortgage on it, it would be in the owner’s discretion whether or not to have flood insurance. “Seller said no”, replied the Listing Agent.įYI, a better question should have been “Are the present owners aware if their property is in a flood zone?”. “Do the present owners pay for flood insurance”, I asked. I was unsure if the above result meant that the property was in a flood zone – the property technically is because the lot extends southwest, but the structure does not appear to be overlaid in blue? The Federal Emergency Management Agency (FEMA) has a page where you could simply key in an address and retrieve the result of its flood status. When the days get busy and showing requests turn up unexpectedly, you can bet many of us rely on what’s stated in the listing sheet without doing extra legwork before showings. I can guarantee you that many agents do not check this before showings. See, if you knew about it beforehand, it wouldn’t be sudden. I know, I said that this post would talk about sudden occurrences of flood classification, but one could ALWAYS check prior to viewing a property if the property is in – or near – a flood zone. Maybe first check if the property is in a flood zone? Or if you do, read carefully as to what I did so that you would live longer days.ġ. Suddenly was what brought above said trauma, that you, dear reader, would hopefully not find yourself in the same situation.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |