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Updated about 7 years ago,

User Stats

62
Posts
53
Votes
Brent Causey
  • Ruston, LA
53
Votes |
62
Posts

Contract Expired, Flood Zone, and Legal Issue

Brent Causey
  • Ruston, LA
Posted

I was under contract for a 3/2 that was going to be a fix and flip. 

Contract signed on 10/1 and seller wrote a close date of 10/15. We did not close on 10/15 but I continued working with bank and seller still expected me to purchase home. We intended to close first week of November but day before closing bank informs me house is in an "A" flood zone. I backed out of house due to an undisclosed detail (flood zone) and an expired contract. The seller is threatning me via text and told me I was buying "as is/where is" so it should not matter if it's in a flood zone. My argument is that he never disclosed the flood zone and that the contract is way past expired. What are your thoughts on this? 

Advice: ALWAYS double check flood zone, even if seller says it's not.