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Title pretty much says it all. Was discussing with a friend (who took FEMA money for some damage to their house) and we did not know if a future buyer of their home could ever find out that FEMA had paid money due to Sandy-related damage (or what the extent of the damage was).
While I don't believe that FEMA payments are a matter of public record, if an insurance claim was filed, the CLUE report keeps the claims and payment information on file for five years (date, type of claim and amount paid). See link below.
Title pretty much says it all. Was discussing with a friend (who took FEMA money for some damage to their house) and we did not know if a future buyer of their home could ever find out that FEMA had paid money due to Sandy-related damage (or what the extent of the damage was).
Why? Is your friend planning to cheat some hapless buyer and lie about the home's history?
Nice. Let's hope he finds an idiot to buy his house who won't know any better.
While I don't believe that FEMA payments are a matter of public record, if an insurance claim was filed, the CLUE report keeps the claims and payment information on file for five years (date, type of claim and amount paid). See link below.
While I don't believe that FEMA payments are a matter of public record, if an insurance claim was filed, the CLUE report keeps the claims and payment information on file for five years (date, type of claim and amount paid). See link below.
Even without that, I find it hard to believe that most homebuyers in flood prone areas aren't going to be exceptionally vigilant, if they even bother to look at those areas in the first place.
Aside from CLUE there is another claims search vehicle (the name of which escapes me now) that can be accessed. This system has everything, access to it is strict but I bet a savvy homebuyer could get someone to find it.
Why? Is your friend planning to cheat some hapless buyer and lie about the home's history?
No - not at all.
First - my friend and I were talking about whether the slight damage done to his house (just some lost carpet and laminate flooring) would appear MORE than it really was, to a future buyer, as the (tax-free) money FEMA paid my friend was ridiculous IMHO. (I was assuming that there was some registry or way to look up to see FEMA payments on a property.)
Second - I might be buying a house in an area that was previously flooded and wanted to know if my assumption was correct/incorrect. Speaking personally, I would not rely on a seller being entirely forthcoming about such issues.
If you're talking about buying in another state, most other state's disclosure laws are very strict, as compared to NY (where they are pretty much non existant).
You might post this in the real estate forum with the location you are talking about - those guys in other states have some good info.
Good luck.
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