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 No Tune in a Bucket
Posts: 2935
   
Location: Texas | This might be long. Sorry. We purchased some rural acreage and moved from Dallas in 1995. House has been paid for several years. My 2 sisters and I bought a house on property that connects to ours for my mother to live in 20 years ago. That property had also been paid off years ago. We lost Mother in June at age 93. Now we find that out that in 2012 the properties were reevaluated and determined to be in the flood plane. Mind you, neither house has ever flooded. There is a creek that runs in the back of our property and if we got a tremendous amount of rain it might be an issue, but that could happen anywhere. We never got any kind of notification of the change since there is no loan against the properties.
The problem arises because we probably will be unable to sell my mother's house. We got an appraisal hoping to sell but the flood insurance along on the house is $5700 a year. Who would want to add that to your house payment (which a mortgage company would require)? We would either have to find a buyer who could pay cash or owner finance. Who would want to buy a house that they would not be able to sell. My sisters and I feel like we are too old to owner finance because if something happened to one of us, it could open a real can of worms. Our only other option is to kick the can down the road and use the house as a rental property.
Only other option is to appeal the designation of the flood plane. Has anyone ever done this? Not sure what the process is but guess we will looking into it. |
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 Expert
Posts: 5290
| Same thing with me!! I had to appeal it... THe way you do that is to hire a surveyor ( Cost me 1200.00), they come out and re assess the flood risk precisely. The insurance companies and banks use this magic " System" that shows who is in a flood plane and who isint. Its a pain in the BUTT but thats what I had to do. |
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No Tune in a Bucket
Posts: 2935
Location: Texas | Thanks. These 2 houses have probably been here 35 years or more and never flooded. |
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  Semper Fi
Location: North Texas | Rent it until the flood plane issue is resolved. |
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 Off the Wall Wacky
Posts: 2981
Location: Louisiana | FLITASTIC - 2018-08-20 1:23 PM
Same thing with me!! I had to appeal it... THe way you do that is to hire a surveyor ( Cost me 1200.00), they come out and re assess the flood risk precisely. The insurance companies and banks use this magic " System" that shows who is in a flood plane and who isint. Its a pain in the BUTT but thats what I had to do.
This. Our property is in flood zone "x"...meaning no chance of flooding. While that is true FOR US, people who live less than a mile away have actually flooded in recent years and are included in our flood zone.
I would do like Flitastic suggested and have a surveyor come out. They can tell you exactly where the flood level is in relation to the house...if it's low enough that any water at that level wouldn't damage the home, you should be ok. |
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No Tune in a Bucket
Posts: 2935
Location: Texas | We are not really wanting to rent but may have no other option for now. |
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No Tune in a Bucket
Posts: 2935
Location: Texas | dashnlotti - 2018-08-20 3:09 PM FLITASTIC - 2018-08-20 1:23 PM Same thing with me!! I had to appeal it... THe way you do that is to hire a surveyor ( Cost me 1200.00), they come out and re assess the flood risk precisely. The insurance companies and banks use this magic " System" that shows who is in a flood plane and who isint. Its a pain in the BUTT but thats what I had to do. This. Our property is in flood zone "x"...meaning no chance of flooding. While that is true FOR US, people who live less than a mile away have actually flooded in recent years and are included in our flood zone. I would do like Flitastic suggested and have a surveyor come out. They can tell you exactly where the flood level is in relation to the house...if it's low enough that any water at that level wouldn't damage the home, you should be ok.
Going to contact someone tomorrow for survey. I think it is something we have to do. Wish us luck. |
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | Have you talked to a Realtor about this issue, maybe they can help you out or at least give you some pointers on this subject.. |
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 That's White "Man" to You
Posts: 5515
| People buy houses all the time that are in floodzones. I'd list it and see what happens. |
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 Expert
Posts: 3782
Location: Gainesville, TX | PM me if you want. My husband deals with real estate issues all the time and his dad too. His dad has over 40 years experience as a realtor and appraiser. My husband is an attorney. I bet we can get you some help. |
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 Champ
Posts: 19623
Location: Peg-Leg Julia Grimm | I had a line of credit with a company. They sold it to another company and the new company wanted me to get flood insurance because they thought the house was at risk. I got a map from the county showing the flood plain and where the house was in relation to it. They backed off then. |
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No Tune in a Bucket
Posts: 2935
Location: Texas | OregonBR - 2018-08-22 2:58 PM I had a line of credit with a company. They sold it to another company and the new company wanted me to get flood insurance because they thought the house was at risk. I got a map from the county showing the flood plain and where the house was in relation to it. They backed off then.
This is exactly what happened to my house because I wanted to be able to do small remodel projects at a lower interest rate. When they told me I would have to get $3000 a year flood insurance, it wasn't worth it. Then when we lost my mom, we ran into the issue again when trying to sell her house.
At $3000 a year, that is an additional $250 a month added to your house payment. It would sure make me balk if I were the buyer. $45,000 over a 15 year loan.
I have contacted a surveyor to get an elevation certificate hoping that we will be able to apply for a FEMA LOMA (letter of map amendment). No idea how long that will take. Not looking forward to working a large government agency. |
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