Updated almost 8 years ago on . Most recent reply
Floodplain Property Required
We have found a potential investment property but it's in a floodplain. This property has not been updated much at all so there are no visual signs of flooding and the seller said that it hasn't ever flooded ( his parents owned the property since 1970 but was built in 1965). We want to buy the property but fear of, flood insurance being required if we have it financed through a lender even though the lender states that it's not in a flood plain when they checked. The insurance companies state, that it is. It taxed appraised at 120k but we can buy for 55k. (it is outdated and not designed great but in a good neighborhood and has other amenities) Any suggestions would be greatly appreciated.
Most Popular Reply
There are inherent risks associated with Real Estate. Floods are just one of the countless risks.
Floodplains are not a hard stop for me, but it's definitely something to put into your risk and cost analysis considerations.