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Old 03-06-2013, 05:56 PM
1 posts, read 936 times
Reputation: 10


I made an offer on a house that was accepted. I then was shocked to learn that the house is in a "high risk" flood zone (the seller did not disclose this). I also learned that I will be required to buy flood insurance. The cheapest rate I have been quoted is $700/year with a $5000 deductable.

The contract has an "out" clause based on the new knowledge that the home is in a "high risk flood zone." However, if I decide to go through with this and negotiate a lower price for the home, what would be an appropriate percentage discount (off of the selling price of the home) to come back and ask the seller to give me (5%, 7%, 10%, etc.)?
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