![]() Please indicate the location in the thread title, for example:, ,, ,, ,, or similar. Redditors sharing home ownership knowledge, real estate market knowledge, mortgage/lending and property investment expertise. Best Rates & Free Advice.Filter: Financing | First Time Homebuyer | Buying | Selling | Investor | Landlord | Rental Visit our Coastal Insurance Video Libraryto find even more helpful video’s explaining everything from, how to save money on Homeowners Insurance to an easy explanation of Flood Insurance. Call today ( 63) to speak with one of our underwriting experts. Decisions can take up to 60 days.īelow is a video to share with your first time home buyers on Home Insurance Tips. If you think that the home shouldn’t be categorized as high risk, then you can instruct your client to appeal through FEMA in order to remove the designation. Sure, it’s a time consuming and costly process, but if they’re having a hard time selling the property, this method can be well worth it. In case the property is just a few inches outside of a flood zone, then your client may want to elevate the property outside the floodplain. If the area hasn’t been flooded for a year and the sellers never had to pay a claim for flooding, be sure to request a report from the CLUE and show it to potential buyers. Prove to the buyers the risk is minimal.Doing so can convince them to purchase the property and help prepare them for next year’s flood insurance premium bill. You can show good faith to potential buyers by offering them a discounted insurance cost for a year from the buying price. Methods for Selling a Property in a Flood ZoneĮven though there are many challenges associated with selling property in a high risk flood zone, that doesn’t mean you cannot sell yours.īelow are the top 4 methods you can use to help your client sell his property, while putting the buyers at ease. This is very important if you want to make your client’s property competitive with other properties that aren’t located in a high risk flood zone. It is highly important that your client’s listing price reflects the extra costs that purchasing flood insurance for the property will create. To check the floodplain maps in your area, all you need to do is go to. This information can also be found on the internet and it’s regularly updated. The Responsibilities of Sellers for Flood Zone Property Salesįull disclosure is the main responsibility for sellers who want to sell their property. Legislation to bring back subsidies to cushion the cost of premiums has been stalled in Congress, making it very difficult for sellers to estimate how much potential buyers may end up paying for their insurance premium. What this means is that in the next few years the cost of flood insurance premiums may end up being up to four times higher. Subsidies for the NFIP were reduced in 2012 while insurance rates have increased by up to twenty five percent. Many banks require buyers to purchase comprehensive flood insurance, which is not only a lot more costly, but also harder to find. This can end up costing them 1000s of dollars per annum, meaning that the cost of owning the property will significantly increase over the years. If you want to sell your property that’s located in a high risk flooding area, the buyers need to consider buying extra flood insurance. Challenges to Selling a Property in a Flood Zone Here are some of the most common challenges you and your customers will most likely face when it comes to selling a property in a high risk flooding zone. ![]() As a seller’s agent, buyers need to be fully aware of the specific challenges involved in flood zone houses so they can effectively keep every party involved in the process moving towards the closing table. ![]() Add to that, the extra costs typically involved in buying a home and purchasing property located in high-risk areas can feel unattainable and overwhelming. Depending on where the property is located, there are cases when finding affordable flood insurance is just not possible. What this means for the buyer is that they’re going to have to pay extra for flood insurance which is generally a bit more costly compared to the standard homeowners insurance policy. Help Your Client Sell Their Home in a Flood Zone
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