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I'd be worried about a few things; probable ever-increasing rates for flood insurance, chances that a redraw of the flood map would put it in a higher category of risk, i.e. higher rate or uninsurability and then the actual risk of flooding with water levels on a steady multi-decade rise. AE zone has about a 1 in 4 chance of flooding during the life of a 30 year mortgage. We had our 100 year flood in 2008 in Brevard County from a weak stalled tropical storm, Fay. I think we got over 36" of rain in less than 36 hours. The trend for all of Florida is for more flooding events.
This. The rest of the country is going to get tired of subsidizing people who buy and build houses in flood zones. It’s pretty easy to look in the crystal ball and predict that flood insurance will eventually be priced according to the true risk.
Yeah, that's what we are dealing with. All these offers of cash only, waived contingency, and 30k over an already inflated asking price is just brutal. Even worse, it's really taking a toll on my relationship, which makes me.feel even crappier..
Consider renting for a short while. It'll give you a better chance to look without the frenzy and time for the market to normalize.
This house hunt is brutal, and I feel like I keep finding homes that are close, but with a major hangup....
Yesterday we looked at a home, while on the small side, we really liked. Good location, great yard. Amazing school zone. The kind of thing we would want to start with. Problem is it is listed as zone AE(9)...
Reading this board, I see 6-7 year old posts about his insurance will eat you alive, but I really want to know the reality of that. The owner says they are only paying 1200, yet I see people talking about 5k+ quotes, and a 25% yearly hike..
We are trying to get the elevation certificate, as I need that for a quote, but have been told we can't get it unless the offer is accepted.
I am not rich, and this house is higher on the budget. We already made an offer (10k over), but I know we can retract it. I am just si conflicted. Is insurance going to crush us?
Aside from the bill, the question is long terms risk.. am I going to have a home I can't sell, one that will drown me in costs, or one that will be washed away. I have been here through a few good storms, but non in a flood zone, so...
Ask for his Flood Elevation Certificate. I looked online here, but none is on file with Pinellas. But plug in address and you can see one nearby. It's not good. BFE is 9 and house is at 6 to 8. Doesn't mean yours is as bad, but if it's in the same area, it may be. https://www.pinellascounty.org/flooding/elevation.htm
Aside from the bill, the question is long terms risk.. am I going to have a home I can't sell, one that will drown me in costs, or one that will be washed away. I have been here through a few good storms, but non in a flood zone, so...
You'll have to decide how much risk you can sleep nights with. People's risk tolerance varies. Are the features of this house so unique you can't find them in any other house in a lower flood zone? Really? Are you sure?
Well, I'm definitely in hot water with the girlfriend who loved the house, but the offer has been canceled. I feel even more awful as she had actually met the seller (who told her about the home), and was keeping in touch with us. While taking offers from many people, she was lookingnfor the home to go to someone who would love it.
Frankly, I feel like a complete ass. I should have just stuck with my gut and never seen the house. Now everyone is let down
Don't worry about the seller, I'm sure someone will buy.
Explain why it wasn't a good choice. Remember to end your arguments with it was really too small, and had no garage to boot. Too small is a tangible idea that she has seen for herself.
Man.. I don't get how people manage this home buying stress. This market is soul crushing.
Hearing everyone flat out say no just yet again, takes the wind out of my sails. I really do wo Der how so many homes here work if flood insurance is this big a problem though... half the county is listed as AE...
I already can't best every single offer being in cash as it is... I just want to give up
No stress at all, as I said, I live in AE, have zero thoughts about it. Only time it comes up is on this forum on threads like this.
Flood insurance is not a big problem, that is how people make it work.
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