Home Buying in 30345>Question Details

Pml, Home Buyer in 30345

We have a house we want to buy that we have been told by our lender is in a 100 yr floodplain. how do we disprove this?

Asked by Pml, 30345 Sun Feb 27, 2011

We have insurance reports and maps that indicate it is not in a floodplain - what should we do to prove this to our lender & more importantly to future buyers or this house? what should we ask the seller to provide? thanks.

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6
This sounds too simple but here goes. 100 year flood plain means it floods about every 100 years. Statistically it has a 63.4% chance of flooding in a 100 year period. Find out from the county the last time it flooded if it has, then do your calculations to see when it may potentially flood again. Provide this information to your lender and to your insurance company and see what happens. Other than that it may be a challenge to dispute.

If you like the home that much maybe the flood insurance is worth it , if not then look for another home. The older I get the more I sound like my Father who used to say "the insurance company is betting you won't have a claim and you are betting that you will". It boils down to how much risk is the insurance company taking to insure your home.

Tim V. Johnson - REALTOR
Windermere RE Puyallup, Inc.
tvjohnson@windermere.com
0 votes Thank Flag Link Fri Mar 4, 2011
Why fight the battle IF the lender states NO they mean NO refer your questions to the mortgage broker required doc's for review


Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Mar 4, 2011
Get a flood elevation certificate. A surveyor will shoot the home, shoot the elevation points and that can be used to contest the flood zone designation.

Flood zones and flood issues are the current flavor of the month.

Hank
Web Reference: http://www.hrmiller.com
0 votes Thank Flag Link Fri Mar 4, 2011
Hello PML:

Have you been able to resolve your flood plain issues? Are you moving forward with purchasing the home?

Living in 30345 I know there are lots of creeks, like in my back yard. I have a larger then average property due to the creek, of which the area around the creek is in the flood plain, however the home is not. It will depend on the lender if they require flood insurance even if the home may not be in the floor plain. Some do, some don't.

Yes, you can check out the FEMA web site noted before, however your lender should have ordered a floor certification for the property which is based on the most recent FEMA maps. Have they provided that to you yet?

You can also forward me the address and I can it look up since as an appraiser, every appraisal requires a flood zone stated on the report and I may be able to find it quicker for you as well as interpret the zones.

If the property is in a flood zone, however the home is not, some lenders may still require flood insurance. If so you can look for another lender who has different underwriting criteria since not all lenders will require floor insurance. I know, since my property is in a flood plain, however the lender does not require flood insurance for my home since the home is not in the flood plain.

Peace

Rob
VANNI & ASSOCIATES, INC
Residential Real Estate Consulting
GA Licensed Appraiser #5255 & Salesperson #249593. REALTOR.
An agent for KELLER WILLIAMS REALTY of BUCKHEAD
office 404-604-3800
mobile 404-248-0400
fax 404-248-0800
http://www.linkedin.com/in/robvanni
http://www.robvanni.homelog.com

A Third Generation Real Estate Appraiser,
"Telling the truth about real estate for the past 21 years."
0 votes Thank Flag Link Fri Mar 4, 2011
The floodmaps change and your lender may be using an old one. You can get a current floodzone map by going to FEMA's website and getting an updated map. I included the link below.

In GA it's up to the buyer to do their due diligence. I'm sure the seller has already provided a disclosure statement. The seller doesn't usually get involved in the buyer's loan issues. I would suggest providing a current FEMA floodmap to your lender. Best wishes!

Jen Bowman, Broker Associate
Keller Williams Realty Atlanta Partners
404-456-5024
http://www.JenBowman.com
0 votes Thank Flag Link Wed Mar 2, 2011
Ask your lender for a copy of the document(s) they are using to catagorize the property. You should also check The FEMA Map Service Center yourself at the link below.

Hope this helps :)
0 votes Thank Flag Link Mon Feb 28, 2011
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