Flood plain house
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Flood plain house (by Micah [OK]) Feb 8, 2018 11:14 AM
       Flood plain house (by razorback_tim [AR]) Feb 8, 2018 11:43 AM
       Flood plain house (by Julie [KS]) Feb 8, 2018 12:08 PM
       Flood plain house (by Micah [OK]) Feb 8, 2018 12:51 PM
       Flood plain house (by NE [PA]) Feb 8, 2018 1:13 PM
       Flood plain house (by Micah [OK]) Feb 8, 2018 1:22 PM
       Flood plain house (by WMH [NC]) Feb 8, 2018 1:24 PM
       Flood plain house (by NE [PA]) Feb 8, 2018 1:28 PM
       Flood plain house (by NE [PA]) Feb 8, 2018 1:30 PM
       Flood plain house (by Robert J [CA]) Feb 8, 2018 1:36 PM
       Flood plain house (by Richard [MI]) Feb 8, 2018 1:37 PM
       Flood plain house (by Micah [OK]) Feb 8, 2018 1:37 PM
       Flood plain house (by AllyM [NJ]) Feb 8, 2018 1:58 PM
       Flood plain house (by Pmh [TX]) Feb 8, 2018 1:59 PM
       Flood plain house (by Vee [OH]) Feb 8, 2018 2:02 PM
       Flood plain house (by WMH [NC]) Feb 8, 2018 2:57 PM
       Flood plain house (by Pmh [TX]) Feb 8, 2018 3:02 PM
       Flood plain house (by NE [PA]) Feb 8, 2018 3:45 PM
       Flood plain house (by Micah [OK]) Feb 8, 2018 4:00 PM
       Flood plain house (by WMH [NC]) Feb 8, 2018 4:03 PM
       Flood plain house (by NE [PA]) Feb 8, 2018 4:14 PM
       Flood plain house (by Oregon Woodsmoke [ID]) Feb 8, 2018 4:28 PM
       Flood plain house (by RR78 [VA]) Feb 8, 2018 4:36 PM
       Flood plain house (by NE [PA]) Feb 8, 2018 4:47 PM
       Flood plain house (by Micah [OK]) Feb 8, 2018 4:52 PM
       Flood plain house (by Pmh [TX]) Feb 8, 2018 5:11 PM
       Flood plain house (by Mike SWMO [MO]) Feb 9, 2018 7:13 AM
       Flood plain house (by Skunk [KY]) Feb 9, 2018 3:09 PM
       Flood plain house (by Micah [OK]) Feb 9, 2018 5:12 PM
       Flood plain house (by Ray-N-Pa [PA]) Feb 10, 2018 3:31 PM
       Flood plain house (by Lynda [TX]) Feb 12, 2018 1:16 PM


Flood plain house (by Micah [OK]) Posted on: Feb 8, 2018 11:14 AM
Message:

How much do you think a house in an AE designated flood plain would be discounted versus a comparable home not in a flood plain? It has a 1%chance of flooding every 100 years. Would it be something like 10- 30% or reduced by the amount of flood insurance? Thanks. --172.56.xx.xx




Flood plain house (by razorback_tim [AR]) Posted on: Feb 8, 2018 11:43 AM
Message:

From what I’ve seen in my area the discount is zero to negligible. --107.77.xx.xx




Flood plain house (by Julie [KS]) Posted on: Feb 8, 2018 12:08 PM
Message:

There is no discount in my area either.

--104.128.xx.xxx




Flood plain house (by Micah [OK]) Posted on: Feb 8, 2018 12:51 PM
Message:

Really? The house I'm looking at isn't discounted either. I would have thought people would be scared of it plus the extra insurance expense. --172.56.xx.xx




Flood plain house (by NE [PA]) Posted on: Feb 8, 2018 1:13 PM
Message:

What do you mean by discounted? --50.107.xxx.xxx




Flood plain house (by Micah [OK]) Posted on: Feb 8, 2018 1:22 PM
Message:

I would have thought it would have a lower value compared to other similar houses not in a flood plain. --172.56.xx.xx




Flood plain house (by WMH [NC]) Posted on: Feb 8, 2018 1:24 PM
Message:

25% of the houses that flooded in Harvey weren't in a flood plane at all.

My house is in an AE flood zone. No discount! --50.82.xxx.xx




Flood plain house (by NE [PA]) Posted on: Feb 8, 2018 1:28 PM
Message:

A lot of this remapping by FEMA happened in 2012. So the fall out as far as flood zones are concerned is still happening. If your buyer is wise, they may offer less to you if you're trying to sell one in a flood zone. I don't think the realtors are going to care. If you're buying one, when you know it's in the flood zone, offer less based on that. I have owned several properties in flood zones and haven't really seen any major issue as far as that's concerned. I wouldn't buy one in a flood way, that's for sure. --174.201.x.xxx




Flood plain house (by NE [PA]) Posted on: Feb 8, 2018 1:30 PM
Message:

The FEMA remapping happened in my area in 2012, your area may different. So don't quote me on that. You're not really that far west of me, as far as weather is concerned, so it may be the same mapping. --174.201.x.xxx




Flood plain house (by Robert J [CA]) Posted on: Feb 8, 2018 1:36 PM
Message:

I asked my insurance company to add flood damage to my policy. They declined this kind of coverage. I asked why. They said the risk! I told them that my property is rated that in a 100 year period, my property will get an inch of standing rain water while the water is draining down hill.

My property is elevated 24 inches from the grade with a barrier to protect water intrusion. They told me to find coverage else where. So I dropped my fire policy and when with a carrier that would give me Fire, Flood and Storm Damage.

I owned this property myself for 40 years and the only water damage was from a water heater dripping through the floor into the crawl space and causing a puddle of water on the dirt surface over a 4 foot area.... Nothing... --47.156.xx.xx




Flood plain house (by Richard [MI]) Posted on: Feb 8, 2018 1:37 PM
Message:

Just buy in a n area not in a floodplain!

Many former floodplain areas are being redrawn as it seems floods happen more frequently than anticipated.

As an example- 500 year floodplain! Really? 500 years ago this place was only inhabited by Indians.

Just keep away from the low spots. --96.94.xxx.xx




Flood plain house (by Micah [OK]) Posted on: Feb 8, 2018 1:37 PM
Message:

I'm looking to buy. It's an older home built in 1969. I don't think it has ever flooded. I'll need to verify that fact. I was hoping it would have a lower price. It never hurts to ask. --172.56.xx.xx




Flood plain house (by AllyM [NJ]) Posted on: Feb 8, 2018 1:58 PM
Message:

We are in a global warming cycle that happens every thousand years called the Dansgaard-Oeschger Event. Couple of Swedish guys dug up ice cores in Greenland and figured out that we are due for a big warmup. Lots more water in the air and it falls out as rain. More frequent and bigger storms etc. I just would not do that right now. --73.33.xxx.xxx




Flood plain house (by Pmh [TX]) Posted on: Feb 8, 2018 1:59 PM
Message:

I think 100 year flood is 1% chance happening in a year, not 1% happening in 100 years (?) --104.218.xxx.xx




Flood plain house (by Vee [OH]) Posted on: Feb 8, 2018 2:02 PM
Message:

I am glad PMH pointed that out, because it is easy math someone may have never thought the chance of occurance. --76.188.xxx.xx




Flood plain house (by WMH [NC]) Posted on: Feb 8, 2018 2:57 PM
Message:

1% per year, 25-30% chance over the life of a 30-year loan... --50.82.xxx.xx




Flood plain house (by Pmh [TX]) Posted on: Feb 8, 2018 3:02 PM
Message:

your math is not correct wmh. the risk of 1% is not accumalitive over the 30 years. the question remains though whether ins. cos have different rates depending upon flood plain risk.. --104.218.xxx.xx




Flood plain house (by NE [PA]) Posted on: Feb 8, 2018 3:45 PM
Message:

Flood insurance does have different costs based on what zone it is in. One thing to remember is that a lot of these FEMA maps were done by satellite imagery for the elevations and could be TOTALLY WRONG!!

You can get a flood elevation certificate to remove a property from a flood plain. Just keep in mind that sound so may take that same house from bad to worse.

Call a few of your local banks and get a flood determination letter. Those are what the banks use to determine if the property needs flood insurance.

(Little tip: you can get different zones from different banks)

--50.107.xxx.xxx




Flood plain house (by Micah [OK]) Posted on: Feb 8, 2018 4:00 PM
Message:

Thanks NE. I'll look into that. One would think all this trouble would decrease the number of buyers and thus reduced the price if the house. --172.56.xx.xx




Flood plain house (by WMH [NC]) Posted on: Feb 8, 2018 4:03 PM
Message:

I didn't do the math, a county official quoted that to me a few days ago at a flood plane mapping meeting. --50.82.xxx.xx




Flood plain house (by NE [PA]) Posted on: Feb 8, 2018 4:14 PM
Message:

Micah, offer low on every property regardless.

Be embarrassed by your offer. --50.107.xxx.xxx




Flood plain house (by Oregon Woodsmoke [ID]) Posted on: Feb 8, 2018 4:28 PM
Message:

Check with a couple of insurance agents to find out if they will insure and how high the cost.

Flood insurance has gotten expensive. Know what you are buying before you make an offer. --174.216.x.xx




Flood plain house (by RR78 [VA]) Posted on: Feb 8, 2018 4:36 PM
Message:

My tax assessor also did not agree it should be worth less.

It should be when a buyer can spend that extra 75.00 a month on a mortgage for a more expensive house not in a flood zone. --73.177.xxx.xx




Flood plain house (by NE [PA]) Posted on: Feb 8, 2018 4:47 PM
Message:

Micah, buy with numbers good enough to absorb the worst case scenario of flood insurance. Mapping can change also.

I bought one back in 12 that the bank told me I needed flood insurance on. I asked them why. They said that a corner of the basement of the BARN was in the flood zone. I told the loan officer to go outside and physically LOOK at the house. It was 1/2 a block from the bank and easy to see. The main house was higher than the 2nd floor of the bank. The house sat on a hill.

They let it go totally.

So you need to physically lay eyes on the property at times. Outbuildings can put a property in a flood zone.

I had one property triggered as an AE zone by a pole barn that wasn't even there anymore. I told the bank that its gone and that put it in a zone X which doesn't required flood insurance.

Bottom line: Flood mapping and insurance is a crap shoot disaster. Fight the good fight if the deal is worth it. --50.107.xxx.xxx




Flood plain house (by Micah [OK]) Posted on: Feb 8, 2018 4:52 PM
Message:

Ok NE, I will. It's a nice property but I have other options if the deal isn't a good one. --172.56.xx.xx




Flood plain house (by Pmh [TX]) Posted on: Feb 8, 2018 5:11 PM
Message:

wmh:the county official is wrong. You shouldn't believe everything an elected politician says to you..... --97.94.xxx.xx




Flood plain house (by Mike SWMO [MO]) Posted on: Feb 9, 2018 7:13 AM
Message:

You could get an elevation survey done. Sister had a house they (whoever “they” were) were saying was in a flood zone. She had surveyor do an elevation survey. House was .8 above the flood zone. --98.22.xx.xxx




Flood plain house (by Skunk [KY]) Posted on: Feb 9, 2018 3:09 PM
Message:

Micah - Get a quote on what flood insurance will cost for this property, if indeed it's found to be in a flood plain. Any competent insurance broker can give you a figure with a few questions and a couple days. I found it to be crazy expensive in my case....hopefully it's not the same for you. --74.139.xxx.xxx




Flood plain house (by Micah [OK]) Posted on: Feb 9, 2018 5:12 PM
Message:

Thanks for all the suggestions. I'll get some quotes before bidding. --98.168.xxx.xxx




Flood plain house (by Ray-N-Pa [PA]) Posted on: Feb 10, 2018 3:31 PM
Message:

I though you picked this up from the feds via your local agent.

My local agent said that if three or more people have water damage, then you are in a flood --24.101.xxx.xxx




Flood plain house (by Lynda [TX]) Posted on: Feb 12, 2018 1:16 PM
Message:

My husband bought my daughter a house in the flood plain in Houston. The flood insurance was so expensive that he chose the highest deductible to bring the cost of the ins down to affordability. So when Harvey hit and flooded the home, the repairs came to (new acctg) $102K,and he is out over $20,000 out of pocket. The ins denied all the furniture replacement because it was not his furniture it was my daughter's. They would have paid if she was a tenant, but there was no lease--she was just a relative he allowed to live in his "2nd home." So all they agreed to pay was to the existing cond of the property when he bought it--with appliances but empty.

I tried to tell him about so many of the things he was doing wrong and what could happen because of it. He would not listen to me and believed everyone else: 1)The bank who talked him into loaning under the house being a '2nd home' instead of a rental property,2)the seller who did not disclose everything, 3)the realtor who glossed over a lot, 4)the inspector who did a really poor job, 5)the title people who lost paperwork that had to be resubmitted sev times, 6) the insurance agent who wrote the exceptions into the ins contract and recommended high deductibles to secure the business. Husband told me to butt-out, so I did. Then everything went wrong that could go wrong.

--108.87.xx.xxx





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