Reply
Contributor
rysmom
Posts: 25
Registered: ‎01-16-2010
0

buying in a flood zone

hi guys,

would you ever buy in a flood zone?  how would it affect your negotiation and/ or offer price?

thanks wise Redfinners.

 

Gold Regular Contributor
sheriff
Posts: 2,320
Registered: ‎06-01-2012
0

Re: buying in a flood zone

Many areas are listed as flood zones but they never flood.  Talk to some of your prospective neighbors and see if there is a history of flooding in the area.

Gold Contributor
mediaguru
Posts: 1,885
Registered: ‎03-03-2011
0

Re: buying in a flood zone

Regardless of whether it has ever (or likely will ever) flood, it always put a damper on things when I saw houses in flood zones, because I knew I would have to pay for flood insurance and it ISN'T cheap. (I think it was something like an additional $100-200/month, which would triple my annual property insurance)

Gold Regular Contributor
sheriff
Posts: 2,320
Registered: ‎06-01-2012
0

Re: buying in a flood zone


mediaguru wrote:

Regardless of whether it has ever (or likely will ever) flood, it always put a damper on things when I saw houses in flood zones, because I knew I would have to pay for flood insurance and it ISN'T cheap. (I think it was something like an additional $100-200/month, which would triple my annual property insurance)


I don't ever remember being forced to buy flood insurance, even if i purchased in a hundred year flood zone.

Silver Regular Contributor
Fishmarty
Posts: 681
Registered: ‎08-25-2012
0

Re: buying in a flood zone

Many properties can be 'in' a 'flood' zone. Houses next to a ditch is listed as in flood zone, you know.

 

I would go visit the USGS site to pull out their flood map and find out the flood code of your house. And the most accurate way is to call a flood insurance agent (you can find out from your realtor or a home insurance agent) and ask him to give you a code.

 

Last time I called a flood agent, he got the address and immediately told me I don't have to buy flood insurance (meaning my lender doesn't require it) based on the flood code (500 years a floor vs 50 years, that kind of thing).

 

Now lots of New Yorkers will find out they are required to buy flood insurance:smileysurprised:

Contributor
rysmom
Posts: 25
Registered: ‎01-16-2010
0

Re: buying in a flood zone

hi @Fishmarty, thanks for your help!  I'm having trouble accessing the USGS map; I used this instead:

http://myhazards.calema.ca.gov/

If you have the link that you use to plug in the address, I'd be most grateful.

Silver Trusted Contributor
SamShuehRealtor
Posts: 915
Registered: ‎10-27-2008
0

Re: buying in a flood zone

I suggest you call a couple of insurance companies given them the APN. They will tell you what is mandatory and what is recommended.

 

Sam Shueh

Keller Williams Realty

Super Contributor
Acre
Posts: 215
Registered: ‎06-14-2012
0

Re: buying in a flood zone

The house I owned in Niles, up above the river on Canyon heights, was at least 100 ft. above the water. The only way it would ever flood is if the Del Val dam broke. It was listed as being in a flood zone. I never bought flood insurance; nor did my lender or insurer request it. I did buy quake for about $800 a year. Pretty close to the Hayward fault and on an older mudsill foundation.

Platinum Trusted Contributor
elt1
Posts: 4,961
Registered: ‎01-04-2010
0

Re: buying in a flood zone

Floods are rare in the BA..."flood zones" have been expanded due to FEMA bureaucratic overkill. Check with your insurance company and then a surveyor...a "flood zone" doesn't mean there will be a flood.

 

BTW, if you are looking at sliding homes on hills and potential flood zones you may want to recalibrate your search criteria...just because a house is cheap, doesn't mean its a good deal:smileywink:

Contributor
wealthywithlove
Posts: 17
Registered: ‎11-04-2012
0

Re: buying in a flood zone

[ Edited ]

If you're planning on purchasing a property on a flood area, might as well investigate thoroughly of the flooding frequency that happens on it. Usually, some places are tagged as flood area but hasn't really experienced flooding for half a century. If you think the price is right for you and you could tolerate the frequency, or the property you're buying is a high rise condo with of course a higher parking area, then it could be ok.
If you're planning on buying and then selling a flood zone property then it's another story. 

 

__________________________
"Robert Woodruff Investing"