Floodplain Homes

[Jamie Parker]

I am a wholesaler the Nashville area and I have been watching this property for months and wondering why It has not sold. The house is in a floodplain area and I also found out today that because of the new floodplain numbers that will be updated in the near future, is this property a "just move on " property or is there a type of deal that could make this property a win for someone? 

[Mike Campbell]

Jamie.

I have limited experience with Floodplain and Floodway Homes.

Bought one knowing was able to have removed with a $300 survey

Know a builder bough some ground in town in floodway/plain, great deal. Had survey done went through red tape with FEMA as to what would be needed to bring homes out of said issues? He did what they said, built sold homes, 5 a year, doing great, then FEMA came back and changed the rules of the game and put half of the homes he built back into the floodway.

All those home lost half of their value. FEMA is not to be trusted.

The biggest problem is the flood insurance which is added onto the regular homeowners insurance, it's a big risk and expensive for homeowners to take, one flood and that’s it, the re sale value isn’t there.

……So…. What has my limited experience with this issue has taught me.

Run don’t walk to the nearest exit and don’t look back.