Flood zone at house

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Member since 25 August 2017

JenmagMember27 August 2017 03:33:36

Hi,
My husband and I put an offer on a house in PR near Rincon.We found out it is in a flood zone.100 year.
Do banks loan money on houses there that are in the flood plain?

Fred Indonesia Expert

Member since 02 August 2009

A smile is the universal welcome.
Max Eastman

FredIndonesia Expert27 August 2017 04:31:53

28307

If it's in a flood zone skip buying because it's going to be a worthless mess sooner or later.

LarryJohnsonPR Active member

Member since 08 August 2017

LarryJohnsonPRActive member27 August 2017 05:12:49

Yes, banks do lend on them, however you will have to typically purchase an elevation certificate ($150) and have a flood insurance policy. The premiums can end up being high on occasion. There has been rezoning done of late so be sure to ask the bank if by chance the property can be "grandfathered" if it wasn't previously in a flood zone....this just saved one of my customers 2k / year on his premium.

Jenmag Member

Member since 25 August 2017

JenmagMember27 August 2017 10:43:52

Thanks so much for replying,the house is right on the edge of a 100 year zone and in 15 years never has flooded(the property). Its a shame as we wanted the house but knew if we bought it,might not ever be able to sell.

Sitka Serial expat

Member since 07 October 2015

SitkaSerial expat27 August 2017 11:14:28

953

LarryJohnsonPR wrote:
Yes, banks do lend on them, however you will have to typically purchase an elevation certificate ($150) and have a flood insurance policy. The premiums can end up being high on occasion. There has been rezoning done of late so be sure to ask the bank if by chance the property can be "grandfathered" if it wasn't previously in a flood zone....this just saved one of my customers 2k / year on his premium.

Larry, I live on the beach and have been trying to get flood insurance. The last agent I spoke to about it told me that I needed an elevation certificate but did not explain how to obtain it? How do I get the cert?

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