All Forum Posts by: Rich Tirado

@Eli Ettinger: Are your units on a second floor? What is the flood zone A or AE? Have you ever done an elevation certificate?

@Eli Ettinger: Is the flood insurance paid by the HOA? If not there is a cheaper off market alternative The Flood Insurance Agency (TFIA) from Florida. Insurance is insurance, they all giver you a hard time if there is ever a claim made.

@Account Closed: Be careful with the flood insurance requirement. I know here in CT it makes a huge difference in price. Try to find Comps that have the flood insurance requirement so your not overestimating the ARV of the subject.

A great alternative to NFIP (FEMA) Flood Inusrance is the private market flood insurance. I know it saved me a lot of money.

The Flood Insurance Agency (TFIA) they are out of Florida. I can't post the contact info here because of the Forum rules but you can private message me if you want the info or simple do a google search

@ Deonte Smith they will probably assign it to an REO realtor or an asset management company. You can private message me and I can check with our CFHA contact. We had a few CFHA foreclosures

I have the same situation where I live. The city has not ask me to put a chain link fence. I would ask for the specific city regulation that requires this type of fence in a flood zone. If he cannot provide it then inform him that you will proceed with the wood fence. If he insists on the chain fence you might have to escalate it to his supervisor. Is the neighbors fence in a flood zone? Sometimes these city inspector make things up as they go. Good Luck

@Sofiya Cherni - I been in that situation. Your usually wasting your time trying to convince the HOA board to acquire the insurance as this might not affect all the unit owners the same way (Non mortgaged owner and/or lower mortgaged owners and the elevation of the specific unit's LAG in relation to the flood maps BFE). I would contact an engineer and get a elevation certificate and try to apply for a LOMC FEMA letter to remove the structure from the flood requirement.

As a Realtor in Central CT most of the my sales this year where multiple offer situations. If I am having trouble convincing the buyer to go higher I will usually do a quick BPO on the property to show them how the market is moving then try to get the most similar comp to try and convince the buyer to go higher. I have lost more deals then I have made but that is to be expected in a Hot market. Waterbury, Meriden and New Haven

Look I g forward to it

@ Dustin R Smith - I had a similar situation in 2008. In my case it was the property management and HOA Assoc agreeing not to participate in being FHA compliance because of the amount of FHA foreclosures in the complex during the financial crisis. They determine it was easier for long term management if they didn't have to deal with the FHA compliance. As a condo owner it made prices stagnate as this limits the buyer pool to conventional and cash transactions. With the flood insurance: what flood zone are you in? A or AE? It is unlikely that the HOA will get a master policy due to cost and the possibility that not everyone in the complex will be required to have it or might have lower premiums than owners with higher mortgages. (Or in your case not required because your a cash owner). You might have to get an explanation certificate to change the flood determination via a Letter Of Map Change (LOMC) to make your unit more sellable. Have your real estate agent pull a RealList report in the MLS to see where your unit is in the Flood Map before you start the challenging process. Owner finance makes sense if your looking for long term cash flow. Just make sure you have a lawyer and real estate agent that are familiar with this kind of arrangement and familiarize yourself with the eviction process.

@Scott Hollister - I'm a Real Estate agent in Wallingford, not sure what i could add to the meeting but looking forward to the meet up.