Buying Homes In Flood Zones
I am looking at buying a VA foreclosed home in Minot, ND. Its in a great location and the numbers are good. However the home flooded 7 years ago and I will have to put in 5k in repairs. Our flood insurance maps will be updated in the next 18 months with a rezoning which the house will be in. Flood insurance as of now would be $750 a year with the possibility of increasing all the way up to 18% per year. Does anyone gamble with flooded homes.