Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

User Stats

17
Posts
1
Votes
Matt Judd
  • Apple Valley, MN
1
Votes |
17
Posts

To buy or not to buy...

Matt Judd
  • Apple Valley, MN
Posted

Greeting BP'ers,

I hope you are all enjoying spring, beautiful weather and great real estate deals!

I am facing an issue with a home purchase and I have to admit, I'm in over my head. Actually, I'm over or under the floodplain depending on how you look at it. 

My wife and I are currently trying to purchase a cabin on a lake. The original cabin was built in the 80's and was far enough back so that flooding was never an issue. However, an addition was added in 2004. The building site was properly surveyed and the new structure was deemed "above the flodoplain". Then Hurricane Katrina hit and FEMA recast the boundaries for a new floodplain. The owner of the home never applied for a LOMA from FEMA (love saying that).

With all the topographical subtleties, I understand why the new addition it considered in the floodplain. I also understand that the new addition is built above the flood plain. However, it is only slightly above the floodplain. There are certificates of elevation that state it is out of the floodplain. As I said earlier, it was never filed with FEMA.

At this point, we are a month out from closing. Floodplain insurance is over $5,000 per year and we would rather not pay that. If we cannot get the LOMA, this will kill the deal. 

I guess my questions are as follows:

Has anybody else ever had to deal with this?

Was acquiring the LOMA easy or difficult? (I have already applied for it online.)

Is it smart to buy close on the home hoping the LOMA will be awarded to the property? (I get reimbursed for the insurance money if it does. If it doesn't...)

Any advise you have on this would be HUGELY appreciated. Thank you so much for your time!

Cheers,

Matt

Most Popular Reply

User Stats

46
Posts
28
Votes
Dave Dagostino
  • Surveyor
  • Naples, FL
28
Votes |
46
Posts
Dave Dagostino
  • Surveyor
  • Naples, FL
Replied

@Chris T. thanks for the mention. @Matt Judd I do LOMAs all the time as a surveyor here in FL. If you would like I would be happy to look at your elevation certificate and give you a good idea if you will be successful with the LOMA. 

PM me and we can chat.

Loading replies...