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I don't see how anyone from that area could not know you are potentially in a flood zone. It's so low lying and you have some bays/canals as protection but for all intents and purposes you're right next to the Atlantic. That area has flooded plenty over the years. Where are you from?
After Sandy came barreling through, most of the area became a flood zone overnight because it had massive flooding. They're still rebuilding many houses years later. Hopefully it won't be like Katrina and Rita where 10 years later, the rebuild is still underway.
I don't see how anyone from that area could not know you are potentially in a flood zone. It's so low lying and you have some bays/canals as protection but for all intents and purposes you're right next to the Atlantic. That area has flooded plenty over the years. Where are you from?
Ridgewood, Queens.
Is taking away some commission from the realtor or the bank waiving fees or lowering our rate an option ?
Lou, this is not the house for you. You will end up paying more to insure this house against floods than you will for the house. (or it will seem like it anyway). There will be no end to how much they will screw with you.
Find a house in a Flood Zone X. Use this site that a couple people already provided and plug the address in, it will tell you the zone Flood Partners | FEMA Flood Zone Information
Do not depend on realtors. If it doesn't say Zone X, move on to the next property.
Start to research financing on your own and don't depend on your real estate agent to do it for you. Since this is your first time, go to your bank and talk to them. Also talk to a credit union. That will start your education, what are points, closing costs, etc.
So instead of the Property Condition Disclosure Statement you opted for the $500?
This would be your fault because you opted not to know in lieu of $500.
It's the norm in NYC. No home owner is filling it out.
ss20ts, I agree I should of but what are realtors for ?
jw2, I agree. I'm going to try and get out of this. I asked my agent about this hurting the value of the home and he said he doesn't think so. I know NYC is a crazy market but this will definitely hurt. You can buy a house 3-4 blocks away in zone X where flood insurance isn't mandatory and if you do decide to get it then its a lot cheaper. This puts our home at a disadvantage. I also dont like what I'm reading about FEMA's debt and them controlling the rates.
It's the norm in NYC. No home owner is filling it out.
ss20ts, I agree I should of but what are realtors for ?
jw2, I agree. I'm going to try and get out of this. I asked my agent about this hurting the value of the home and he said he doesn't think so. I know NYC is a crazy market but this will definitely hurt. You can buy a house 3-4 blocks away in zone X where flood insurance isn't mandatory and if you do decide to get it then its a lot cheaper. This puts our home at a disadvantage. I also dont like what I'm reading about FEMA's debt and them controlling the rates.
Realtors are there to show properties and guide you through the process. A GUIDE does NOT mean they do all the work nor does it mean that buyers do not have to do their own due diligence.
Even with the maps I find it confusing but maybe I'm just a little slow. For example Zone A is undetermined and not a designated flood zone. Does that mean a mortgage lender can still require you to have flood insurance in such a zone? Also, I am assuming the flood insurance is required to obtain a mortgage. If one pays cash for a house, does the government require you to have flood insurance or would it be up to the person buying the house to determine whether or not they wish to obtain it?
Even with the maps I find it confusing but maybe I'm just a little slow. For example Zone A is undetermined and not a designated flood zone. Does that mean a mortgage lender can still require you to have flood insurance in such a zone? Also, I am assuming the flood insurance is required to obtain a mortgage. If one pays cash for a house, does the government require you to have flood insurance or would it be up to the person buying the house to determine whether or not they wish to obtain it?
Flood insurance is required for mortgages. Thus, if you pay cash for a house, you're not required to have flood insurance. However, if you live in a flood zone, you'd be a fool not to have flood insurance. Some areas should never be rebuilt on. Until the government says enough we're not paying to rebuild, people keep on rebuilding. Think of many coastal areas....not just oceanic....Mississippi....that sucker has flooded countless times and people keep getting $$$$ to rebuild on the same spot.
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