Buying a property that FEMA wants to buy

[Ben Bakhshi]

A property I was looking at is designated for purchase by FEMA via New Jersey state.

It hasn't been sold yet because it is bank owned and vacant, and thus last on their list.

During this period, the bank has been marketing the property for sale and it is currently at auction.

Can anyone shed light on what rights a buyer of the property will have in regards to the FEMA buyout?

I heard from one person that FEMA buys at appraised market value, but, if the property was purchased after Sandy, then FEMA would only pay you back what you paid...

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The property has been bid on by an "owner-occupant" so I'm out of the running anyways. But it will be good to know for next time.