Home Buying in Bellmawr>Question Details

Alan Smith, Home Buyer in 08043

Can I get my $1000.00 escrow back if the sellers disclosure says the house is not in a fllod zone and it is in

Asked by Alan Smith, 08043 Tue Sep 1, 2009

a flood zone and FHA will not issue me a loan unless I buy flood insurance.The seller has not signed the escrow release and has the house on the market again.

Help the community by answering this question:


You should be able to get it back if there was false information given to you by the owner or agent. Do you have an attorney? Do you have proof it is in a flood zone?

This is why I always tell my customers they are bettered serviced by having an attorney and well worth the money a attorney would charge to represent you with any problem you may have in purchasing a home.
Buying a home is probably the most money you will ever spend you need to protect yourself always.
Do you need an real estate attorney's name get in touch with me I would be happy to refer you to three different attorneys and you can choose the one you want to work with.

Good luck,

Joyce Begg
1 vote Thank Flag Link Tue Sep 1, 2009
Joyce gave a good answer. I'm wondering:
Was the disclosure form itself attached to the contract by reference or otherwise?

If I was the buyer in this situation and it being in a flood zone (of any level requiring insurance) was a deal killer I would hold the seller to the statement. I would not matter to me if the seller just did not know. If they answer the question they answer it as of the date they make the statement. I would tell my attorney to help me take action against the seller if they didn't release the escrow and I would go for damages. Of course my attorney might tell me that I'm dreaming but I'd go for aggravating the seller as much as possible anyway.

Of course I might take an in between route instead by telling the seller I would continue with the deal if they agreed to pay my flood insurance for x number of years.

If you ask an attorney about this (and you will not know the answer till you do) I'd be interested in knowing if you can be forced to agree to pay for flood insurance. If you refuse your loan likely will be denied and the mortgage contingency will kick in. Just some thoughts to run by a real estate attorney. I hope you have one.

Where is your agent in all this and did the house show as in a flood zone on the flood maps in TREND?

Paul Howard, Broker
http://www.NJHomeBuyer.com Realty (an exclusive buyer's office) (EBO)
Cherry Hill NJ 08002
Web Reference: http://www.NJHomeBuyer.com
0 votes Thank Flag Link Thu Sep 3, 2009
James is right on the money with his answer. A seller may disclose not in a flood zone however that may be because he was not in a flood zone or determined he was in the flood zone when they bought. Most people would not know if they were in a flood zone unless they were told. IMHO, holding that to a seller is difficult. Flood plain maps change and did so in this area in last 10 years.

Also the time you are into the contract is especially important too.

Without actually giving you legal advise I would think you may be obligated to go through with the contract. But you should seek an attorney for a legal opinion if you must get out of this one. That way you know for sure. Well worth the $100 bucks if you feel that strongly about it.

Larry Sarlo
Weichert Realtors Turnersville
Web Reference: http://www.NJHomeHunter.com
0 votes Thank Flag Link Tue Sep 1, 2009
It depends on a few factors. Have you exceeded the 17 days or so on contract for disclosures, Iinvestigation of property etc. That's the big one. If not cancel the escrow if you want and the money should go BACK TO YOU. In some areaa the flood zones have been redefined, and that is probably the case.
0 votes Thank Flag Link Tue Sep 1, 2009
If it is in the offer as a contingency, you should be entitled to the deposit back. The thing is, the seller HAS to to sign a deposit release for the person holding the money to release it. My experience is that they will release it and sign eventually...
0 votes Thank Flag Link Tue Sep 1, 2009
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