Finding out something "big" after the offer.... what to do?

[BirdieBelle]

Originally Posted by FalconheadWest

Realtors are not insurance agents. Realtors are not going to answer questions like that with definitive answers outside their expertise. Your due diligence is to contact an insurance company and have them quote you.

Absolutely.

A flood plain designation doesn't have to be a terrible deal-killer, but if you are looking at a purchase from mostly a financial perspective then yes, it's not something for the "positive" column. And sometimes certain mortgage companies could require flood insurance even if it's not considered "mandatory."

Did you have an inspection contingency on your offer? You may have been able to use that to get your earnest money back. That's a very small earnest amount, so at least this wasn't an expensive lesson.

Now you know to take a hard look at surrounding "environmental" issues like this one, and while you're at it be sure to ask about any utility or drainage easements as well.

[CapitalBat]

If you do want to buy in a flood plain, as we did, or in an area that could be a future flood plain, look for certified elevated houses. Our flood insurance is $330/year compared with $2600/year at the house we looked at just before we bought - the only real difference was the latter had an unfinished basement and ours has no basement and very good elevation.

[arwenmark]

Originally Posted by Joe90

I pulled an offer after finding the house had no roof -the vendor had borrowed his brother's roof, to make the house more desirable.

How exactly did he borrow his brothers roof?

[Diana Holbrook]

Originally Posted by arwenmark

How exactly did he borrow his brothers roof?

Very good question!