First start with your attorney. Also, ask your agent to escalate this to his managing broker or principal broker. Many times contracts are terminated that should not be terminated.
Sheeran Sotheby's International Realty
901 Richmond Road
Williamsburg, VA 23185
I know personally that if I found out a house was in the 300 year flood plain I would not buy it. That is enough to stop the purchase. If it truly is in a flood zone and it was not disclosed I would think that material loss of disclosure would have protected the buyers. am I right?
( when they need money) and homes are put into a flood zone for one reason or another. And if your mortgage company missed it, then that would be why you are not paying (maybe). I had a listing once that this exact thing happend. Also, if the premium affects the buyers $$ qualifying ratios, that can make it so the lender won't lend, and ergo~ the buyer is no longer qualified. You may also want to have a new Survey done to make Sure of the Flood rating. I did that on a home we owned in Memphis, and the premium went down because the FEMA survey was off. Take Care. Laura C
Laura Chapman, Realtor William e Wood lIcensed in Virginia
Call the County to confirm the flood zone you are in and find out if it does or does not require additional insurance.
EXIT Realty Deierling & Assoc.
Williamsburg VA 23185
The flood zone of interest is the 100 year flood plain, meaning that flooding can happen in the kind of storm that is supposed to happen only once in 100 years (but, having seen 5 of them and being substantially short of 500 years old, I'm personally not so sure of their statistics). If you're in the 100 year flood plain, you need flood insurance. If you're outside it, it shouldn't be required by a lender of you or your buyers. If the insurance person or lender is saying that your property requires flood insurance, you might want to have a surveyor make sure that it's really the case, because these determinations are sometimes derived incorrectly from inaccurate maps.
Hopefully, you'll find this to be a simple education issue, and not buyers who no longer want to buy for other reasons.
Typically, the buyer's lender would have discovered if a property is in a flood zone *long* before one week before closing, but flood elevations can change while you reside in the proeprty.
But have you or your Realtor verified the information true, or are you completely relying on what the buyer, their lender, or their agent has told you? Are you represented by a Realtor, and was the offer written on a local standard real estate contract (REIN contract?). Are you using your own attorney to close your side of the deal? Although you provided a lot of detailed information about your situation, you left many important parts out.
Either way, I suggest that you hire a "real estate" attorney to see you through this, and Jones-Bleckman, Shaheen Law Group, or Lytle Law group are three law firms that I recommend.
Frank Biganski, Realtor
EZ-Vest Realty, Inc.
Newport News, VA 23602