Flood Zone
What are your thoughts on investing in a house thats in a hundred year flood zone? Do people look down on these houses as a risk? my realtor told me about the flood zone the day I was to make an offer. What are your thoughts. longer hold time?
Find out all info you can on when the last time this area flooded, talk with neighborsand then if it is still a good deal and you like it just show off the positives.
good luck
Try to buy flood insurance on the property.
Is the property buildable? What are the building restrictions? How elevated does the 1st floor have to be to qualify for flood insurance?
Mortgage companies rarely write a mortgage without flood insurance. How much will the insurance cost to cover a home of comparable value?
You can still be in a flood plain, the outer circle (I think its "C"
and not be required to have flood insurace with your mortgage. You may choose to obtain it though. More information on the designations and a particular address are avail at the FEMA website.
Keep in mind that even if you are able to get a mortgage without having flood insurance, when / if your mortgage is sold the new mortgage holder may then require flood insurance for being in the flood plain at all. [ Edited by happyhome on Date 01/30/2007 ]