Discussion in 'The Hens' Nest' started by Scout, Dec 30, 2013.
Ahhhh yay congrats!
So, every estate agent has preferred solicitors for conveyancing and sent over a couple of quotes. We were leaning toward one, and the other one called me up today to 'get all set up'. Uhh no buddy. So I told him that my husband hadn't yet made his decision on who to go with. This is a handy trick to have up my sleeve.
Omggg that would basically be illegal in the US. Let me guess, a mediocre white guy?
I'm guessing, but it was over the phone so it's just a guess haha.
I did give the estate agent permission to get us quotes from solicitors, so that itself wasn't sketchy, it's just that the other guy calling and acting like it was a done deal was totally weird and offputting.
Do any of y’all have to pay for flood insurance? A couple of homes have come up that look so nice but flood insurance is required and I have no idea what that costs or if that should make me run.
It would be a no for me but I have a lot of climate anxiety
Since my city is full of canals and has two rivers running through it, there are a lot of places in a flood zone - including the two buildings next door to mine. If a flood took out those buildings, I for one would already be dead because that would mean the entire downtown was under water. Somehow I feel different about a house in a flood zone though.
We live on a barrier island and carry flood insurance, but we aren't actually required to. It costs us $400-500 per year, but my understanding is that it's usually a lot more expensive for properties where it's required because of the higher likelihood of flooding. But also, Florida may not be super comparable to other places because storm surge is such a concern here vs river flooding.
Thanks @Comet ! That’s helpful. For one of the two houses (the one I love of course) the seller is offering to pay the first year of flood insurance which makes me think it must be pretty steep.
@Canaligator which zone is it in?
It’s in AE. It’s right next to a river.
The other house is in flood zone X which sounds worse but I think is actually better
Can you ask the current owners what they pay for flood insurance?
Oh I would for sure! I just know rates can change so I’d love to have more data points.
My parents have always had flood insurance living near a river, in CA so no risk of hurricanes, and all I know is that at some point a few years ago some things were redrawn so that for them it switched from mandatory to optional and it got a lot cheaper. I don’t know how much it was in the first place but they’re a computer programmer for the state and a teacher so not super wealthy.
Thank you FN! I think I’m at least going to go look at the house (W is very reluctant about the flood stuff but he’s not doing any work on this anyway so too bad) and ask what the premiums are now. My friend who works for my city says the future for premiums is uncertain - they could revise the flood maps to include more property which would bring premiums down, or rates could sky rocket and you’d be locked in as long as you have a mortgage. Ugh why is this stuff so hard?
Also it is hard to think about giving up this view. Stupid smokers.
That’s awful that the neighbors have tainted your sense of home so much.
@Canaligator yes, X is better (0.2% chance of flooding each year). AE means you have a 1% chance of flooding each year. My educated guess is that the rate will be 2 to 3 times what you would pay in X - so likely $1,000 to $1,500 annually vs around $500 annually for X. But there are a lot of variables that affect the rate.
Rates are federally mandated so they are what they are.
p.s. I would ask the seller for a claims history so you can get an idea of whether this has been a regular occurrence (assuming they have owned it for awhile).
They have not owned it long at all. Which also makes me nervous. Probably this house is not a good idea.
Yeah, it is super weird they are offering to pay the flood insurance for a year.