I bought some acreage with an old mobile. When I bought the place I asked if it was in the flood plain. They said no. Now I'm finding this place has been flooded. I bought this over a year ago. I did have an inspection, and he didn't mention anything about this. Do I have any recourse?
2006-12-18 08:31:35 · 5 answers · asked by kim 2 in Business & Finance ➔ Renting & Real Estate
previous answers are right. If it is a flood zone (FEMA recognized and registered through a flood certification), then they would have to disclose this or you would have to have the flood cert done on the land to know about it. If it is NOT a FEMA flood zone, and it floods, well, then its just bad luck, and no one is to blame.. UNLESS they knew about it and failed to disclose it to you. check with a real estate attorney for your options.
2006-12-18 08:49:18 · answer #1 · answered by abcdgoodall 4 · 0⤊ 0⤋
Am I correct in saying that you paid cash for this property? I believe it's law that you have to have a flood certification pulled for any loan that is put in place on a piece of land. Face it, any lender in their right mind wouldn't even think about putting a lien on a property without the knowledge that it won't get swept away in a flood. Did you have an appraisal done? Most appraisers will pull flood maps when then do your appraisal. Did you have disclosures in the PA regarding flood plains?
If it was all on hand shakes, any legal fight will be tough because it would become a he said/she said type situation. Consult a real estate attorney.
2006-12-18 16:47:17 · answer #2 · answered by saucerfulofbert 1 · 0⤊ 0⤋
There are afew things here.
1st, a place that has been flooded- was it a flood from rain/storm
or was it from say a busted water heater
2nd- located in a flood plain is different, this would be located on your survey, a flood certificate would be attached
3rd- did you receive a copy of the Seller's Disclosure?
Don't know what state you are in, but in most states it is required by law that the Seller must disclose any faults with the property if they are known, regardless of what type of loan or even if you pay cash.
Do you have any of this information in writing?
You need to contact any REALTORS invloved and your title company and the survey company.
2006-12-18 17:02:08 · answer #3 · answered by GiGi 2 · 0⤊ 0⤋
Flooding and being in a flood plain are two different things. Unless you got it in writing, there is not much you can do.
2006-12-18 16:35:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Tough tough question. Did your agent get any info from the feds regarding this issue? Sounds like they witheld info on the disclosure. Get a Real Estate lawyer.
2006-12-18 16:36:18 · answer #5 · answered by Anonymous · 1⤊ 0⤋