Flood buyouts in Wayne/Lincoln Park (rent, insurance, mortgage)

[weesy68]

What do you know of the flood buyouts in these areas? Is Lincoln Park affected? If I was to buy a property in an area where buyouts have previously been offered does this make that property worthless?

[NJDevil]

I had to ask my mom this question - they live in the town next to Lincoln Park - this is what she said -
Yes, it has happened around here. We don't think that the property would be
worthless, but pretty close to it. It would be very difficult to sell
property where buy outs have occurred, hardly anyone wants to live in
an area that has bad flooding. That happened to someone we know. They lived on River Road (Montville) where there was bad flooding. The state
bought their house and the houses next to them and they had no choice
but to move. Wayne has quite a few areas that flood badly.

[marye711]

op are you still looking at River Rd? Because once you buy there you will never be able to resell unless you take a loss. I wouldnt go there if I were you. And the buy out right now is in Wayne ONLY Lincoln Park already had one (which we sold our rental) and teh money runs out so dont expect to purchase a home and get in the buy out cause thats not how it happens.

[wileynj]

Any home that comes with a boat instead of a lawn mower - stay away!

[marye711]

and op did you get a quote on flood insurance you can expect to pay well over $1000 a year.....considering thats a couple hundred a month you should think about useing that for a bigger mortgage elsewhere. Make sense?

[winter]

A flood buy out in Wayne not good-it would probably be in the Fayette ave area.The river rises every spring and the evacuations begin. I heard but I could be wrong that the state wanted to buy the houses there and take them down and preserve the area for wildlife.

[marye711]

actually the present buy out in wayne is Hoffman grove which is off 23 and the turnpike. The houses have already started to be demolished. The op keeps looking in flood areas and since I had lived in one for many year I warned her against it. She keeps picking houses in the flood :shrugs: To be honest I would rather rent than live in a flood zone again.

[weesy68]

Hi, Thanks for your advice all. We are not buying in Lincoln Park or Wayne any longer.

[sasamy]

We need information from someone who has been through a FEMA Flood Buy Out.
Our County is considering a buy out for 30 homes in our neighborhood that were destroyed in the June 7th flood.

The homeowners have many questions that the County either won't or can't answer.

Any one out there that can help us with information??

[cameragirl83]

on Ferri street - anyone know how bad that floods?