Question Details

Rob Graham, Real Estate Pro in Seattle, WA

How do you value a flood damaged home?

Asked by Rob Graham, 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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Pull a CLUE, and see what the history looks like ...

Comprehensive Loss Underwriting Exchange report ....

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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