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Old 09-15-2013, 10:44 AM
BBI
 
490 posts, read 936,386 times
Reputation: 370

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Quote:
Originally Posted by DUNNDFRNT View Post
So you are saying flood insurance in general is going to triple across the board?. I understood you had to be on an "A" or "V" zone to even qualify for subsidies that are being phased out. V would be a waterfront property and A in a special hazard zone, those properties get subsidized at varied rates those are the ones getting hit especially the investor owned. I have flood insurance I am in a B zone I dont get any subsidies so I dont see how I can be affected by the phasing out of said subsidies.
You are correct, you won't be affected by the subsidy phase-out. Of course, there's still political risk. As examples, the flood maps may be re-drawn to put you or me in high risk flood zones (flood maps are at least as much politics as science) or the NFIP may be disbanded in favor of private flood insurance.
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Old 10-23-2013, 08:59 PM
 
2 posts, read 2,896 times
Reputation: 11
FYI on Foreclosures: ... Beware of buying a Foreclosure that is owned by HUD. A company out of Atlanta named PEMCO has been contracted by HUD to sell HUD foreclosures. I recently bought one of their foreclosure homes in Indiana. What a nightmare. Unethical company (PEMCO) refused to pay (usual and customary) HUD's SELLER closing costs with "NO previous to closing day" DISCLOSURE, or notification, until we were at the closing table. Make sure you are not anxious to close. This is an Unethical company that I have reported to the Indiana Attorney General's office with this issue. Had I not had money for the unexpected costs and couldn't have closed that day? HUD would have fined me and my bank loan would have had to start anew. I feel sorry for the couples that don't/won't have the extra money for these unexpected costs. I know it was illegal, but I didn't want to pay more in the end for not closing. This was partly my "fraudulent" realtor's fault as well. Many buyers / sellers don't ask what their costs will be before time. I did and still wasn't protected. I am sure lots of fraud went on with HUD / PEMCO. Just be very careful who your realtor is and title company too. Make sure they give you enough disclosure time so you can dispute it before time. Get all the costs in writing way before time if you can. This is NATIONWIDE problem as HUD is a federal agency with foreclosures all over the USA. The homes they foreclosed on are the ones that had PMI insurance with low down payments. The same ones that builders sell to young couples that really are mislead about mortgage payments. The mortgage companies are in cahoots with the builders. Also, make sure you go to your own bank; one that you trust.
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Old 10-23-2013, 10:27 PM
 
Location: NJ
2,111 posts, read 7,933,250 times
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I've been looking at condos in New Port Richey east of 19. It seems that whole area is flood prone with a rating of AE. I'm thinking part of it is lack of drainage plus with the amount of streams and ponds in that area. On various areas it seem 1 out 4 condos are either short sales or forclosures. I'm sceptical about buying in Florida after my searches. Also the range in HOA fees is a joke.
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Old 10-24-2013, 09:33 AM
 
2,729 posts, read 5,176,334 times
Reputation: 2357
Quote:
Originally Posted by taurus430 View Post
I've been looking at condos in New Port Richey east of 19. It seems that whole area is flood prone with a rating of AE. I'm thinking part of it is lack of drainage plus with the amount of streams and ponds in that area. On various areas it seem 1 out 4 condos are either short sales or forclosures. I'm sceptical about buying in Florida after my searches. Also the range in HOA fees is a joke.
So, you searched in New Port Richey and from what you saw you are skeptical of buying in Florida?
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Old 10-24-2013, 09:58 AM
 
Location: NJ
2,111 posts, read 7,933,250 times
Reputation: 1024
Quote:
Originally Posted by MeInDenudinFL View Post
So, you searched in New Port Richey and from what you saw you are skeptical of buying in Florida?
What is your question? New Port Richey is in Florida, correct? I'm not looking for sarcasm, just feedback.

A lot of other areas I maybe couldn't afford. I do own a house here in NJ also. Being more specific with maybe some feedback......would be nice!
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Old 10-24-2013, 04:20 PM
 
Location: Native of Any Beach/FL
35,358 posts, read 20,722,137 times
Reputation: 14125
welcome to our area- that is a typical response. gotta look for sea levels and the flood zones I think you can get that from HUD? I- I think last night they say pretty much Pinnellas County n South Tampa are all flood areas. We are Swiss cheese from an aerial view-- water -everywhere and when it rains, it floods in a lot of areas/ but also in NPR-- please rem to ask about SINK HOLES... FL sits on lime rock or something and a lot of rain or no rain and it breaks away underneath the earth. Not everywhere-- just ask- before you buy. Whn you are counting pennies, do your homework. Hope you find something nice.
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Old 10-24-2013, 05:38 PM
 
Location: NJ
2,111 posts, read 7,933,250 times
Reputation: 1024
Quote:
Originally Posted by tinytrump View Post
welcome to our area- that is a typical response. gotta look for sea levels and the flood zones I think you can get that from HUD? I- I think last night they say pretty much Pinnellas County n South Tampa are all flood areas. We are Swiss cheese from an aerial view-- water -everywhere and when it rains, it floods in a lot of areas/ but also in NPR-- please rem to ask about SINK HOLES... FL sits on lime rock or something and a lot of rain or no rain and it breaks away underneath the earth. Not everywhere-- just ask- before you buy. Whn you are counting pennies, do your homework. Hope you find something nice.
Thanks so much for the feedback. My Dad at 98 lost his home to Sandy, with 2 1/2 ft of water on the first floor that sits on a 2 ft foundation here in NJ. That's the caution I have about flooding and nearby water. Among other issues some areas of Florida can have like the sink holes, crime areas and spotty areas of people who don't take care of their homes.
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Old 10-24-2013, 09:28 PM
 
Location: Native of Any Beach/FL
35,358 posts, read 20,722,137 times
Reputation: 14125
welll--- I don't like NPR- will go to Palm Harbor- Sarasota even Bradenton. My favorite is Clearwater and will do St Pete, lots of activity in St Pete- One thing to rem there is very little transportation for the elderly here. I am from Miami and to me, there is lack- in certain areas. My step mom is 93 still in Miami and they pick her up daily and take her to the civic center to do stuff for free. She loves it. I dont know what you are looking for- I just find everybody stays to themselves.
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Old 10-29-2013, 10:07 AM
 
Location: Riverview, FL....for now.
1,404 posts, read 5,680,593 times
Reputation: 479
Housing boom, then crash of the market. It's like this in all states. Sad and unfortunate but nothing we can do about it.
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Old 10-29-2013, 02:34 PM
 
Location: NJ
2,111 posts, read 7,933,250 times
Reputation: 1024
Quote:
Originally Posted by mquintana View Post
Housing boom, then crash of the market. It's like this in all states. Sad and unfortunate but nothing we can do about it.
Yes I heard of this but......with the boom, then crash, houses costing $3-400,000 is understandable as they're not worth as much as what the loan is for. The condos in NPR are a lot lower in cost. The situation should be different. Maybe someone can help me out, a foreclosure on a $75,000 condo, so many? It seems to me to be a different problem, maybe insurance rates going through the roof???? Flood or sink hole problems.
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