FEMA - Huge Issue! You could be inaccurately in a flood zone!

Recently FEMA updated their flood maps for the Lake Sunapee Region. Unfortunately some of these new maps show properties in flood zones when they really are not in a true flood zone. This is having a major impact on possible real estate sales in our region. Recently I dealt with this on a house that I sold in Sutton NH.

Why is this import? Well if your house is for sale and the buyer is getting financing, the bank is going to require the buyer to get flood insurance. If you have not had an "Elevation Certificate" done that details where your house really is and what the true flood risk is, then the buyers will be charged the maximum amount of flood insurance. This number can be well over $5,000 and is due in full prior to closing! This typically becomes a deal killer for most buyers.

The Solution-

Hire an engineering company to complete a full elevation certificate and LOMA (Letter of Map Amendment). This can cost anywhere from $500 to over $3,000! A reason for the potential high cost is if the engineering company does not have a "benchmark" elevation near your house. Engineering companies do not share "benchmark" elevations with each other so you need to call around.

Please feel free to click over to my site where I have detailed this experience in more detail plus have provided some useful links for determining whether or not you are in a flood zone.

http://www.SunapeeRegionProperty.com/FEMA-Flood-Maps

Best,
Dan

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