House is under contract - moving to a rental help
MagdalenaLee
7 years ago
Featured Answer
Sort by:Oldest
Comments (23)
blfenton
7 years agomaddielee
7 years agoRelated Discussions
House we are under contract to buy is in a high-risk flood zone
Comments (19)I've done a lot of research on this because of the impact of the Biggert-Waters Act next month. First, flood insurance is handled through various insurance companies but is all (mostly) under the National Flood Insurance Program (NFIP). FEMA manages NFIP. The maximum coverage is $250K for the residence and $100K for contents. As with most insurance, you can raise your deductible to lower your premium. New policies in flood zones will all require an Elevation Certificate (EC) by a surveyor to determine your BFE and level of your home (explained later). The Flood Insurance Rate Map (FIRM) determines if you are in a flood zone and the amount of risk. The FIRM maps are always being re-drawn, so you might be out of a flood zone one year and in the next. The result after FIRM is that building codes change to reflect the zones, so in "new" flood zones we have older, pre-FIRM homes built lower than newer post-FIRM homes. As you've figured out, you do not have to be anywhere near the water to be in a flood zone, and you can be right on the water and not be in one. (Really - a good friend has a waterfront home on Tampa Bay but is X, although his pool is VE). The amount you will pay is based on two main things - Base Flood Elevation (BFE) which is how high someone has determined your spot will flood. Mine is 11 feet. The variable is how high the top of your bottom floor is. Example: My house is a one-story pre-FIRM slab, so my tile floor is the top of the bottom floor at 8 feet. The raised, post-FIRM houses are only garages and rec rooms on ground level (no liveable space), and their "top of bottom floor" is at least 8' up. My "minus 3" from my EC is what determines my rate. Obviously, a "zero" or better (+) is going to have the lowest rate. The biggest question is where the BFE comes from. My neighbors are all upset because it has never flooded here in 40 years since it was built, even a little bit, through many, many tropical storms. Remember that is what most of the Sandy victims said, too, only many of them were there even longer. Also, keep in mind that 30% of claims every year are NOT in designated flood zones. I seriously doubt that all the homes being inundated in Colorado right now are in flood zones. I won't get into the impact that the Biggert-Waters Act will have on many homes unless someone asks, but the bottom line is that it's going to affect many of the communities that are still recovering from the BP Oil Spill and the recession in general. People just started going back to the gulf beaches this past summer and now all those businesses that were built before the FIRM maps were in place are going to get hit with a big insurance bill that could put them under and will stall our recovery. Hope this helps you understand a bit about flood insurance. It can be pretty scary, but it's managable for the most part....See MoreContigency offer...their house is under contract
Comments (12)your situation is that the buyer's home is already under contract and is scheduled to close in weeks. that is a lot better situation for you compared to buyer simply placing their home on the market. They already have a buyer. Now it is just a matter of the sale going through. what are the chances that the deal falls through...maybe 35% chance it falls through? I normally don't like a contingnecy. However, in your situation, it is only 6 weeks away and there is already a contract on the home in question. I would go with it if i was in your shoes. You can schedule closing for your place for the day after closing for the buyers's home. Worse case, the buyers sale falls through. This could occur in a week or in 6 weeks. But there is better than 50% chance that the buyers sale does NOT fall through. Also keep in mind if you decide to reject this offer, then any future buyers might have issues that cause your sale to fall through, even if there is no home sale contingency. In your case, I would go with the bird in the hand and take the risk and plan your closing 6 weeks out. the only reason I suggest this is because they already have a buyer and a scheduled closing date. This is HUGE....See MoreHelp - buying house, in contract, backyard overgrown and has snakes
Comments (24)I think it would actually be rude to ask the sellers to clean the place. I can't believe that anyone would think otherwise. Every man and his dog knows that the way to get the best price for your house is to have everything clean, sparkling and stripped of anything remotely verging on natural. Straight, clean lines. Not a blade of grass doing anything other than standing up straight. The world has gone mad in my opinion. When someone has 'neglected' their garden and it contains life, many would-be buyers run for the hills. Only more or less normal people are left to make an offer. Be glad that you got the place for the price you did. I don't have a problem with asking for something as a rule, but it has to be reasonable....See MoreHelp with furniture placement and decor in new rental home Melbourne
Comments (2)Photos...See MoreMagdalenaLee
7 years agolast modified: 7 years agoUser
7 years agoMtnRdRedux
7 years agoMagdalenaLee
7 years agoMtnRdRedux
7 years ago3katz4me
7 years agotinam61
7 years agoKippy
7 years agograywings123
7 years agolast modified: 7 years agomaddielee
7 years agoDLM2000-GW
7 years agoDLM2000-GW
7 years agomissymoo12
7 years agoczarinalex
7 years agoDYH
7 years agoMagdalenaLee
7 years agomaddielee
7 years agoOutsidePlaying
7 years agobusybee3
7 years agoK Sissy
7 years ago
Related Stories
MOVINGRelocating Help: 8 Tips for a Happier Long-Distance Move
Trash bags, houseplants and a good cry all have their role when it comes to this major life change
Full StoryCONTRACTOR TIPSWhat to Look for in a Contractor's Contract
10 basic ingredients for a contract will help pave the way to remodel happiness
Full StoryDECLUTTERINGDownsizing Help: Choosing What Furniture to Leave Behind
What to take, what to buy, how to make your favorite furniture fit ... get some answers from a homeowner who scaled way down
Full StoryLIFE7 Things to Do Before You Move Into a New House
Get life in a new house off to a great start with fresh paint and switch plates, new locks, a deep cleaning — and something on those windows
Full StoryDECLUTTERINGDownsizing Help: How to Edit Your Belongings
Learn what to take and what to toss if you're moving to a smaller home
Full StorySELLING YOUR HOUSEHelp for Selling Your Home Faster — and Maybe for More
Prep your home properly before you put it on the market. Learn what tasks are worth the money and the best pros for the jobs
Full StorySELLING YOUR HOUSE5 Savvy Fixes to Help Your Home Sell
Get the maximum return on your spruce-up dollars by putting your money in the areas buyers care most about
Full StoryLIFEThe Moving-Day Survival Kit: Lifesaving Items and Niceties
Gather these must-haves in advance for a smooth move and more comfortable first days in your new home
Full StoryBUDGETING YOUR PROJECTConstruction Contracts: What Are General Conditions?
Here’s what you should know about these behind-the-scenes costs and why your contractor bills for them
Full StoryREMODELING GUIDESShould You Remodel or Just Move?
If you're waffling whether 'tis better to work with what you've got or start fresh somewhere else, this architect's insight can help
Full Story
aok27502