Home Buying in El Paso>Question Details

Jason Brown, Home Buyer in Newport, RI

Is it important to make an offer contingent on professional flood determination? I am looking to buy in El

Asked by Jason Brown, Newport, RI Fri Apr 4, 2008

Paso and although I have looked at the flood maps they can be confusing. I do not want to end up buying a house that will force me to pay for flood insurance.

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Contingencies are just that, a wonderful way to protect you from unknown elements. So by all means take advantage. As the old adage goes, "better safe than sorry".

A good source to determine if infact your prospective purchase lies in a flood zone, is the City of El Paso planning department, my recent conversation with them reveled they do posses curent maps of designated flood zone areas. Yet another good source of information is http://www.msc.fema.gov.

If you need more information please let me know.
Web Reference: http://colwellbankerep.com
2 votes Thank Flag Link Wed May 14, 2008
Absolutely! Actually, anything that is a major concern to you should be a contingency. With the recent and unusual flooding in El Paso, the flood maps are changing and are indeed confusing.
0 votes Thank Flag Link Wed Apr 23, 2008
with great speed, intensity, vigor, impact, or success
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0 votes Thank Flag Link Tue Apr 8, 2008
Your right Rick. El Paso is not bad. Just hearsay I suppose? After a few more questions I did discover many other factors. I'm not a fan of doom and gloom either. :-) I will surely take you up on that offer on a quality management company referral soon. :-) Since I'm learning new things on this post, can you school me on the term "gangbusters" and its application here? When I went to Wikipedia it I got this?
0 votes Thank Flag Link Mon Apr 7, 2008
In regards to the comment from Mr Perez in Austin. The El Paso rental market is gangbusters. I don't know anything about the property your investor friend purchased but there are many factors to consider when analyzing why it hasn't rented. Let's not go spreading doom and gloom about the market in El Paso from your vantage point in Austin. Perhaps a referral to a quality management company can help. See the link below. Have a great week.
0 votes Thank Flag Link Mon Apr 7, 2008
Hey El Paso buyer, please tell me that you are not buying a rental! I have an investor who went out there to buy a 4-plex and is having a hard time getting it leased, let alone, having it professionally managed! Either way, I believe what you are looking for is in the link below. Just type in the address that you want to check out and poof! Technology at its finest! Happy Hunting!
0 votes Thank Flag Link Mon Apr 7, 2008
It should be disclosed, but you have a number of options. One is write it contingent to this fact. Another is to check with your insurance agent before making the offer. It isn't normally part of the pre-purchase inspection by a TREC licensed inspector.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Fri Apr 4, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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If being in a flood plain is a deal breaker then an offer with a contigency is the way to go.
0 votes Thank Flag Link Fri Apr 4, 2008
Yes always till you have your full inspections and etc. done on the property. Make sure you are represented by a realtor that can assist in all of your concerns. Never purchase a property without a real estate agent representing you that whether is from a home builder or direct from a seller
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Apr 4, 2008
Hi Jason. If you want to make certain that the home that you are interested in is not in a floord plain, then you should make your offer contingent on this. I have had other clients with the same concerns in the past and that is what we have done with no problems. Let me know if you have any other questions.
0 votes Thank Flag Link Fri Apr 4, 2008
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