“Flood Waters are Definitely an Appraisal Issue”
Just wondering if the driveway being under 12" of flowing water impacts the appraisal of the property? We knew the property was within the 100 year flood plain, not the house, but seeing it first hand is something different. I'm thinking the FEMA mapping shows it can actually be another 1-2 feet higher for the 100 year storm event.
Yes, the appraisal will be impacted by flood waters. Once observed by the appraiser who then has an obligation to search out the information from the FEMA maps. The appraiser will also have to determine the value based on observation, flood maps and comparing it to other properties that most likely would not be in a flood zone.
If a property is in a flood zone, there is the yearly cost that comes into play. The cost, broken down monthly will need to be part of the mortgage payment.
Another important factor will be resale value if the property is actually purchased. A lot to consider for any prospective buyer.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
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Manchester, Ct. 06042
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