floodzone advice offer

[Danny Stern]

I am purchasing my first house, and had an accepted offer on a property. offered 260k and appraisal came back at 263k. now the owners said originally the house was not in a flood zone anymore. turns out they lied and that its been put back into the floodzone  and has been there since 2009. they have been paying 2,000 a year for floodzone insurance since that date. I'm very worried about low resale value down the road since right now its an extremely hot market. they said they would take money off the purchase price. my issue is I'm going to need a lot of money off my purchase to make it worth the risk. what do you guys recommend in this situation? I'm thinking 220k and call it a day. or maybe I need to go even lower? this house is probably a 5-10 year house for me so resale is important.   

[Danny Stern]

Hi Guys,

Just an update I decided to pull the offer from the property. just too much added expense and risk for me to feel comfortable.