How much does it cost to elevate a house

[Claudia Garay]

Hello -

I am looking to purchase a home that has been gutted after Superstorm Sandy on the east coast in a sleepy shore town with great access to major cities nearby. The home is listed by Fannie Mae as a Homepath property. Neither the listing agent nor Fannie Mae can tell me whether or not the home has to be raised or just need to be leveled, even though the home next door was supposedly condemned and will need to be knocked down. This home is on the edge of a huge redevelopment project that is slated to happen within the next five years that I assume will increase property values. My questions are the following:

The house is $60k, and being advertised as a house, not land. How much would it cost to elevate a 1,300 sq ft home 5-6 feet?

Who can tell me whether or not the house needs to be knocked down? Who determines that, FEMA?

Are there loans available that would finance the cost of knocking down and rebuilding?

Who is responsible to knock down the home? The town? The previous mortgager? I cannot get information from anyone -- it might be Wells Fargo but when I try their 877 # nothing rings - just silence. 

What is the best resource to determine the status of the redevelopment project? I've tried reaching out to the investor and town, but have yet to receive any information. 

Thanks in advance - kinda green on this. This town is ripe for a rediscovery and I want to be a part of that! 

Claudia