Home Buying in 97062>Question Details

Laurie, Home Owner in Beaverton, OR

I discovered the home I put an offer on is in a new 100-year flood zone (A). Should I decrease my offer? Water will likely impact the garage and yard

Asked by Laurie, Beaverton, OR Tue Apr 30, 2013

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There are many other things that you need to tell someone in order to make that decision. Your offer if accepted should have been contingent on insurance, loan and so forth - in that process you would be able to find out this information and find out whether or not that will affect your loan or what you have to pay for insurance or if you have to pay for flood insurance which would then affect everything.

So really, I cant give you an answer without knowing much more about the siutation.
1 vote Thank Flag Link Tue Apr 30, 2013
Great answer.
Flag Wed May 1, 2013
I made a cash offer. It was only through performing due diligence that this issue surfaced, as FEMA has re-written the Flood Maps, which haven't yet been widely circulated. I received my information through the city's engineering dept. I believe I can deal with the flooding since I am forewarned, but it will impact the offer. I'm just not sure how much less to offer.
Flag Tue Apr 30, 2013
Do you have an accepted offer? Have you processed specifically what these implications are for obtaining and maintaining home insurance? Do you have a clear appreciation for exactly what a "100-year flood zone" is? How does your agent weigh in on this?

There are so many questions that should be considered......
0 votes Thank Flag Link Tue Apr 30, 2013
Hello, thanks for the questions. Yes, there is an accepted offer. Flood water will at least impact the home's crawl space, yard, and garage areas. I have called an agent for an insurance quote. I take a 100-year flood zone to mean once in 100 years. My agent suggests that the main issue is the cost of the insurance. I have lived in a flood plain, and so appreciate the power of nature and the resulting damage, even if it isn't in the house, per se.
Flag Tue Apr 30, 2013
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