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04-22-2010, 11:49 AM
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Location: Atlanta, GA
504 posts, read 1,484,127 times
Reputation: 186
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Yep, I live in Atlanta, GA and I'm sure you heard about all the flooding we had this year just West of Atlanta right? A lot of those houses weren't even listed as being in a flood plane, but they still flooded. A lot of those people lost everything in that flood and none of their loss was covered at all. Seriously, if it's in a flood plane, you have to realize that probably at some point it probably will flood. There is a reason that type of insurance is required for certain locations.
As for backing out of the contract, you would have to consult an attorney on it. I would guess it wouldn't be favorable for you though.
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04-22-2010, 11:51 AM
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Location: southern california
61,284 posts, read 84,165,350 times
Reputation: 55474
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get a lawyer asap. can you get flood insurance if you cant did seller disclose this fact?
questions for a lawyer.
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04-22-2010, 11:59 AM
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Location: Atlanta, GA
504 posts, read 1,484,127 times
Reputation: 186
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You should shop around for flood insurance anyway. It will vary by location, but just a very quick search already turns up offers for way less than the $500 you already mentioned.
A bottom right add on this site advertises flood insurance starting at $119.
Floodsmart.gov: Your premier resource for flood insurance information
You can probably get a lower rate also by having whatever company you have other insurance through give you coverage (car, home, etc.) |
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04-22-2010, 12:00 PM
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Location: Boise, ID
8,046 posts, read 27,462,350 times
Reputation: 9451
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In my area, the contract says it is the seller's choice whether to sue the buyer or just keep the earnest money as damages. In most cases, the seller just takes the earnest money and moves on.
However, I know that in some areas the contract says the seller can keep the earnest money AND sue.
Like everyone else says, it depends on what contingencies your contract has, and what penalties for default your contract has.
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04-22-2010, 12:09 PM
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Location: San Diego
494 posts, read 866,957 times
Reputation: 597
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Quote:
Originally Posted by tabiloveaholic
I recently signed a contract to buy a house and I have put down $1000 deposit. The closing day is not until May 28th,2010. I acknowlegded that the house was located in a flood zone before I signed the contract. That area has not had a flood in almost 30 years so I do no want to buy flood zone insurance. Because I am getting a mortage loan I am required to to buy flood zone insurance for $460+ a year. I am a family of 5 and I have to support my 3 children. I am still qualified for the mortage loan but I no longer want to buy that home. I have in fact found a different home to my liking. The attorney working with the home I signed the contract with me told me that I may be sued by the seller. Is there any way out without getting sued? And if I do get sued, how much could they possibly sue me for?
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Let me guess ... you are too cheap to pay $40/mo in flood insurance, but as soon as the inevitable flooding occurs you'll be first in line with your hand out for free money from the taxpayer, because of your completely unexpected "tragedy". |
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04-22-2010, 02:32 PM
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Location: Vancouver, WA
36 posts, read 199,817 times
Reputation: 19
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Do you have a neigborhood review contingency written in your contract?
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