Question: I am having trouble selling 2 of my homes.
Erik L Pittsfield MA
I’m selling both of my rental houses in town so I can invest out of state. Both are in a flood area so I need extra insurance and home buyers run away once they hear that. In both situations what can I do to help the buyer not freak out and actually want to acquire the property?
Answer: Flood Nerd
I idea on selling a property in a flood zone is to either offer to pay the premium for two years so you take that off the table or you can get an elevation certificate and see if you can get what is called a LOMA (Letter of Map Amendment) that will remove the property from the requirement (by lenders) to purchase flood insurance.
You can also see if the property that will require flood insurance can get cheaper flood insurance by searching on the private flood market Google “lloyds of London flood insurance” or “private flood insurance” to see if you can get a much more affordable policy. Note the private market do not usually take a property that has had a flood loss before. But some do. So worth a try. Your flood nerd Robert