Home Selling in Illinois>Question Details

Patti Trejgo, Home Seller in Aurora, IL

I am hoping that you can help me. I am tring to sell my town home (with no basement) which is in a flood zone

Asked by Patti Trejgo, Aurora, IL Sun Jan 11, 2009

... AE high risk flood zone. Built in 1982, It has never flooded to date. The homeowners association currently does not have a blanket coverage policy for any of our buildings. I don't know how this is legal, but it is. We currently have to insure both the inside and outside of our entire building because of our mortgage lender. Well, when we go to sell our unit, no one can get a loan because there is no blanket flood policy, i.e not FHA or VA approved loans. They are also responsible for buying their own flood insurance, which usually scares them away before they close the deal... Is there anything that I can do to make it a smoother process perhaps get blanket coverage quotes and bring them to our association or buy a prepaid policy for the future buyer? Just wondering if you can offer any suggestions. Thank you- Patti

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Hi Patti!

I hate to tell you this,but I think you answered your own question. That sounds like a HUGE issue for ALL of the townhome owners, so I would definitely approach/press the HOA Board. You might also obtain 2-3 quotes for individual coverage, have those available to prospective buyers, and then offer to pre-pay a policy for a year (similar to a home warranty plan). And, if you've not already done so, I would recommend discussing the problem with your Realtor and seeing if you can't come up with some alternative solutions.

Best of luck!

...randy
0 votes Thank Flag Link Sun Jan 11, 2009
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