Skip to content
×
PRO
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
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
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 6 years ago,

User Stats

12
Posts
5
Votes
Larry Rhodes
  • Flipper/Rehabber
5
Votes |
12
Posts

Properties placed in a flood zone in NJ

Larry Rhodes
  • Flipper/Rehabber
Posted

Hello all, not sure if this is the right forum to post this so feel free to move if needed. I bought a primary residential property in September of 2004. At the time the property was not in a flood zone. After hurricane Irene and Sandy FEMA redid the flood zones and placed the property in a flood zone. The flood zone was deemed to touch the corner of the property thus including it in the flood zone. The flood zone was caused by a storm sewer runoff from the townships storm sewer that ran through my property. I was furious when they placed the property in a flood zone knowing that it would severely effect the value of the property. Being a real estate agent for over 20 years I knew that placing a property in a flood zone could effect the value of the property by as much as 50% and make it unsaleable to a good portion of the buying public. I knew this was going to cost me over 200K in lost value. Does anyone here know of what action I can take against the town or against FEMA to recoup my losses ? When I sold the property I nearly gave it away at a loss well over 200K. I just cant see how FEMA can do this to homeowners. I would have never bought a property in a flood zone if I knew they were going to screw me. If anyone has any thoughts or experiences in something like this, please help me. I lost my life savings at the cost of this and want them to reimburse me for my losses. Any help form any attorneys, surveyors, agents etc would be much appreciated. Thanks in advance for your help and input in this.

Loading replies...