Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
When we talked to them before submitting an offer, they said they would get back to us by today, so we made our expiration today.. they still have time, but...
This brings up a couple of issues related to Florida if you're from outside the area:
1.) Florida's auto insurance is a "no fault" system, meaning everyone pretty much shares the costs. It's hovering around the 10th highest state for car insurance. You can't avoid the costs, the basic liability and PIP is pretty much the same no matter what the vehicle. The variables are the additional coverages like collision and comprehensive.
But most likely not for much longer. The Republican majority Florida House voted 99-11 to repeal it and the Republican majority Senate passed it by an overwhelming margin of 38-1. So unless the Republican governor vetoes the Republican-endorsed legislation, Florida's no fault law will disappear as of January 1st.
And it wasn't a true no fault system to begin with as it only pertained to personal injuries, not property damage. And even with regard to personal injuries, it was only "no fault" up to a certain amount. If your medical bills exceeded that, then you sue the other driver for compensation just like you do in "normal" states where the at fault driver is responsible for paying damages.
However, unlike most every other state, Florida does not require drivers to carry liability insurance, only Personal Injury Protection (PIP) to cover your own medical bills, not the medical bills of the people in the other car who are hurt in an accident you cause. So if you have suffered a serious injury as a result of the negligence of an idiot driver down here, there's a good chance that they don't have any insurance coverage to pay for your injuries. That's why you also need to have uninsured motorists coverage as well. That's one of the reasons why our auto insurance is so expensive down here.
The good news is that one of the provisions of the legislation that repeals our no fault law will now require drivers to carry a minimum of $25k/$50k liability coverage. It's not much, but it's better than nothing. Literally.
I see lots of posts giving advice, some even from professionals, that seem to be missing the mark.
What the current homeowner pays has NOTHING to do with the premium you may receive. Get your own quote BEFORE you move any further in the purchase process.
My mother has a house in a Flood Zone AE, family home, sentimental, else she wouldn't have taken on such a high risk. It's the risk of the land flooding, not risk of the dwelling flooding. (Proof: you can have a house on stilts, which water has never entered, but be built in flood zone AE). You should see if you can get a survey to see if the floor of the house is built above BFE (base flood elevation).
Depending on when the house was built, there is a chance it could have been built perfectly legally at the time, but before your state had a Uniform Floodplain Management Policy. (i.e. you could not build the same house at the same level today - it would have to be built higher).
Lastly, you need to make sure there are no building restrictions on your lot, since it is in Flood Zone AE. Such as being on a non-buildable (ahem, non RE-buildable) lot if a flood DOES cause a total loss.
I see lots of posts giving advice, some even from professionals, that seem to be missing the mark.
What the current homeowner pays has NOTHING to do with the premium you may receive. Get your own quote BEFORE you move any further in the purchase process.
My mother has a house in a Flood Zone AE, family home, sentimental, else she wouldn't have taken on such a high risk. It's the risk of the land flooding, not risk of the dwelling flooding. (Proof: you can have a house on stilts, which water has never entered, but be built in flood zone AE). You should see if you can get a survey to see if the floor of the house is built above BFE (base flood elevation).
Depending on when the house was built, there is a chance it could have been built perfectly legally at the time, but before your state had a Uniform Floodplain Management Policy. (i.e. you could not build the same house at the same level today - it would have to be built higher).
Lastly, you need to make sure there are no building restrictions on your lot, since it is in Flood Zone AE. Such as being on a non-buildable (ahem, non RE-buildable) lot if a flood DOES cause a total loss.
This is quite true. The property I just walked away from had a requirement that any dwelling built on it be 1 foot above BFE. There are numerous homes built in the area, mostly on crawl spaces that put the living space 2-3 feet above BFE. It is in a large subalpine meadow where snowmelt and monsoon rains drain into it and cover a very large area, but at a very low level.
There are setbacks from the floodways for placement of septic systems (advanced/mound systems) that were revised about 5-6 years ago which rendered the area in a two acre parcel where a septic could be placed to about 1/3 of an acre. That, coupled with heavy clay in the area that makes a perc test questionable, were the reasons why we walked. I would add that the seller mentioned that a previous potential buyer walked "because of clay."
Yet it continues to remain on the market.
However, we provided all of the proof of the latest changes to the seller as an attachment to our rejection, meaning that they are now aware of these issues and will be required to disclose them to future potential buyers. Sort of a karmic thing and a way for us to give those who come behind us the benefit of our discoveries.
So, while there is all the usual hurdles to jump, it looks like in the end, i may have made the right choice for two reasons.
First off... we won the offer on the home we were fighting for. This home is non evac, non flood, at 42feet ASL... only a tsunami would flood this place. Its 400sq feet bigger, and has a garage. And we got it for the same price! We had to waive the appraisal contingency, which is a first for me, and makes me nervous, but I also don't see a problem based on the comps we can see.
Second, the area was slammed with rain (my daughter was flying out last night, and was massively delayed), and the neighborhood were this home was saw ALOT of water. That alone confirmed my decision to not want it..
So, while there is all the usual hurdles to jump, it looks like in the end, i may have made the right choice for two reasons.
First off... we won the offer on the home we were fighting for. This home is non evac, non flood, at 42feet ASL... only a tsunami would flood this place. Its 400sq feet bigger, and has a garage. And we got it for the same price! We had to waive the appraisal contingency, which is a first for me, and makes me nervous, but I also don't see a problem based on the comps we can see.
Second, the area was slammed with rain (my daughter was flying out last night, and was massively delayed), and the neighborhood were this home was saw ALOT of water. That alone confirmed my decision to not want it..
Good news.
There are many areas, especially older ones, in both Pinellas and Hillsborough counties, that suffer from poor drainage when it comes to storm drains. South Tampa, an enclave for the wealthier folks as well as up and coming millennials, also has areas that consistently flood any time there are heavy rains, as well as along most of Kennedy Blvd. west of the downtown area and north of south Tampa.
There are areas in Pinellas with similar drainage issues, along with crumbling infrastructure due to age and lack of maintenance.
These are well known issues that have never been resolved, and may not be possible to resolve for all I know.
So, while there is all the usual hurdles to jump, it looks like in the end, i may have made the right choice for two reasons.
First off... we won the offer on the home we were fighting for. This home is non evac, non flood, at 42feet ASL... only a tsunami would flood this place. Its 400sq feet bigger, and has a garage. And we got it for the same price! We had to waive the appraisal contingency, which is a first for me, and makes me nervous, but I also don't see a problem based on the comps we can see.
Second, the area was slammed with rain (my daughter was flying out last night, and was massively delayed), and the neighborhood were this home was saw ALOT of water. That alone confirmed my decision to not want it..
Congrats on being picked. hopefully the next few weeks go well and you're able to easily close on the place.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
