Since flood risk can vary greatly over small geographic locations that is a tough question to answer without specifics, however you can enter the address of the property you are interested in at www.Floodsmart.gov to aid in determining the flood risk of a given location as well as a plethora of great information on flood insurance.
I hope this is of some assistance to you and if I can answer any other questions you may have do not hesitate to contact me.
Have a wonderful day!
A few quick comments:
I understand that BOA is one of the most difficult regarding short sales.
BOA countered your offer--not clear from your question what that was--at $290,000, and you countered that with $200,000? Odds would seem slim that BOA would accept a counter at $200,000 if they'd asked for $290,000--even though you may be offering close to what the house is worth.
How much longer will you have to wait? Impossible to say. That's totally up to them. It's even possible that a foreclosure will occur before you hear. That actually might be good for you. It'd probably come on the market again as an REO.
Question: While I admire your patience, why are you pursuing a short sale on a property worth $210,000 (appraisal) when you're willing to offer close to that value ($200,000)? Why not just find another property that appraises for about the same amount, and buy it? While I guess there's a slim chance BOA might accept, it still doesn't sound like you'd be getting much of a bargain--maybe 5% under appraised value.
Has your Realtor been in regular touch with the listing agent to find out what's going on? Now, the listing agent may not have much of an idea, either. But at least the process should be that your agent regularly contacts the listing agent for any updates.
Hope that helps.... more
On the average, a typical home doubles in value every 10 years. If your purposes are to stay in the apartment a while, it will most likely appreciate and be a great long-term investment, especially as home prices are so low right now. If you plan on staying there for a short period of time however, you might want to reconsider. The market and economy are in a state of uncertainty, so investing for short-term gains now, could prove to be risky.
That said, now is a great time to buy a long-term investment. Prices are very favorable and mortgage rates are at 40 year lows! It's as though there is a clearance sale on real estate and people who wait too long will kick themselves for not taking advantage of it while they could.
For more information on buying a home on LI, check out li-properties.com.
Best of luck!... more