Question Details

Rob Graham R…, Real Estate Pro in Seattle, WA

How do you value a flood damaged home?

Asked by Rob Graham Real Estate, Seattle, WA Wed Mar 5, 2008

I was recently approached by a home owner, who suffered a flood this winter. He asked me to determine how much a buyer would discount the home, given the fact that the seller's disclosure would now need to indicate the home had experienced a flood. I did come up with an answer taking a lot of different factors into consideration. I thought I would throw out the question to see if any of you had any thoughts I didn't consider. Thanks in advance.

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Answers

1
Rob,

Pull a CLUE, and see what the history looks like ...

Comprehensive Loss Underwriting Exchange report ....

realestate.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=realestate&cdn=money&tm=160&f=00&t


it provides dates of claims, insurance company(ies) involved, the type of policy, whether loss was related to a named catastrophe (hurricane, etc.), location of the loss (on or off property), the amount paid and cause of the loss.

Keep in mind, he might have received a check for $55,000 from the insurance claim ... but only spent $25,000 with Uncle Bruno who almost knew what he was doing ..l.o.l...


;^)
0 votes Thank Flag Link Thu Mar 6, 2008
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