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ElderberryExternal99 t1_itzsppr wrote

Was under the impression you would already have to tell home owners you lived in a flood zone? Maybe explaind why my next door neighbor over paid.

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beowulf92 t1_iu0lhc8 wrote

NJ has some of the worst standards in the country for flood disclosure during real estate sales.

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midnight_thunder t1_iu1ctyv wrote

Well you can’t get a mortgage without flood insurance if you’re in a flood zone. And the standard-form realtors contract contains a mortgage contingency provision (which no attorney would ever agree to remove). There are multiple barriers in the way of buying a home in a flood zone, unless you’re paying cash, which is not common.

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TheRealThordic t1_iu1e42n wrote

You're assuming the flood zone maps are up to date though, which they are not. Increased frequency of heavy rainfall added to continuous development leaving less open areas to absorb rainfall means flooding will only get worse and worse. There have been a number of significant flooding events in my town in recent years for houses that are not located within a flood zone.

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midnight_thunder t1_iu1l2kk wrote

Well you’re right about that. I think the flood maps are about to be updated soon. I believe they’re updated every 10 years.

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beowulf92 t1_iu1l6vl wrote

https://www.nrdc.org/flood-disclosure-map

There is no legal requirement in the state specifically for floods. I know a lawyer that has had homes go to the point of the buyer not knowing they'd need flood insurance until the mortgage lender comes back and tells them it'll be needed. Our flood data in the state is old and antiquated and that makes everything worse. Some things show up in the floodplain on the data, that actually aren't in it, and others show up outside it that really should be in it now. I can be as dodgy as I want about the severity of any flooding I've gotten in the past to make it seem not nearly bad enough for a prospective buyer to overlook the issue. I've seen it happen, and it's happened to my mom when she bought our house when I was younger.

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breadburn t1_iu67b13 wrote

Yep this happened to someone I know-- bought a house on a piece of property with a suuuper outdated FEMA map, found out the hard way. Apparently the neighbors knew it had flooded in the past but realtors asked them to stop telling that to prospective buyers. They were more or less misled, and that's terrible.

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Suspicious-Raccoon12 t1_iu2ubot wrote

No legal requirement for non professional sellers but wilful misrepresentation and omission is illegal in NJ under the consumer fraud act which covers real estate and the broker is liable. Bummer that this happened to your mom and not sure when it happened, but if it happened in NJ after 76 and she bought from a licensed broker she should have been protected. If you're buying from owners, all bets are off. So yes you can be dodgy but the broker can't

Also as someone who bought a home recently, nowhere near a flood zone or a source of water, a flood assessment was still required by the bank (even though the bank didn't require the appraisal and viewed it as a low risk mortgage). So today of you're buying through professionals and using a reputable mortgage lender, you should (extra emphasis on should) be covered

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TheOkGazoo t1_iu0xub4 wrote

I lived in a house in a flood zone. A realtor told a potential buyer it wasn't in a flood zone. I laughed and explained how the basement used to be a finished basement until the umpteenth flood. Didn't see those buyers again.

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beowulf92 t1_iu1jmzx wrote

That happened to my mom in the early 2000s, they told her oh yeah it barely floods, just get the insurance don't worry. Yeah, 200 ft from the Passaic River isn't, "barely floods" - we moved right before the March 2010 floods and my mom told the guy, don't put anything in the basement, a flood is coming. He said, yeah sure lady, whatever. And about 2 weeks later, water filled the basement and went up the the first floor for the first time. Irene the next year put I believe 7 ft of water on the street.

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Linenoise77 t1_iu0cs5x wrote

There are multiple flood\water related questions on the standard disclosure forms.

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Queasy_Turnover t1_iu1jzyf wrote

That's assuming the sellers answer honestly.

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Linenoise77 t1_iu1wqk0 wrote

correct, but that is something you can easily nail them on and prove so people generally don't mess around with it.

Also termites\pests. You think the 3 exterminators in your town protect your data? "Hi, this is 123 YourStreet. I just bought the house, I want to get a service....the previous folks said you did a great job, can you tell me what you want for the same service? Really, thats a good deal....when did they last have it done....ok....awesome, i'm new here so just need to call the other guys really quick....i'll get back to you today"

Tada. Now i can show you lied in court. "So about those concessions i was asking for......"

Flood is the same thing. Unless you bring that basement or wherever down to the masonry and scrub everything, there will be indications of a water line. if you are sloppy its something as simple as "hey this drywall is all strangely joined at 2' horizontal with the floor....and has vertical and horizontal seems" That shelf in the corner has indications of water damage on the base plywood.....etc.

Hell just googling the town during big storms might find you a picture of your seller wading to his front door.

Basically its one thing to say, "The furnace is about 10 years old, i think i had a chimney sweep out a couple of years ago...." its another to lie about something impossible to miss and easily proven.

Edit: And if you had a flood claim, your buyer will more than likely find out, when they call their agent for a quote on the address.

Don't lie on your disclosure, even if your realtor tells you too. Its expected that you may have a cloudy....or creative....memory and swear you remember getting a permit for that 25 year old deck....but that isn't substantially affecting the value of your home.

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