Question Details

findingmyhome, Home Buyer in Vicksburg, MS

Buying a house on a Zone A High Risk Flood Zone, is it worth the risk?

Asked by findingmyhome, Vicksburg, MS Mon Mar 12, 2012

I am very interested in a house, however it is in a Zone A high risk flood zone. According to the seller, the house was not in a flood zone before construction but with the new FEMA flood maps it now falls in the flood zone. It should be noted that recent flood maps may have used a new 100-year flood, however, they still used previous elevations. New elevations should be based on current earthwork (There was a small creek which meandered through the property lot, the creek was moved behind the property and fill was placed). Today's elevations do not seem to be an issue of flood since the creek is at a depth of about 12-15 feet behind the property. The seller says a land surveyor can provide an Elevation Certificate which should get the house out of the flood zone. Given the circumstances, I imagine flood insurance rates would be very high at first, and reselling the house in the future will be the same problem. Should it be worth the risk of a lowball offer?

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What is the history ? If you are comfortable enough, than being that this may be an issue for the current seller , you may be able to purchase the home at a discount. You should definitely get some insurance quotes to see how they are viewing it. And as you had mentioned if you are considering an eventual resale, that certainly will be more of a consideration.
0 votes Thank Flag Link Mon Mar 12, 2012
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