It is owned by a bank (repossession )
the house is on the market as a repossession. I live in ne Arkansas where flooding is going on because a levee has broken.
Related posts:
If a house floods while im looking to buy it, what happens?
Categories
-
Recent Posts
- How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today’s Market
- Latest House Repossession News
- The Best Ways to Find Repo Homes
- Matt’s Foreclosure Home Buying Secrets: How to Find, Research and Buy Choice Foreclosure Properties at Bargain Basement Prices! Reviews
- Foreclosed Americans find way back to homeownership
Depends on why it floods. If there’s a serious issue, you walk the hell away, fast.
just because a house may flood, it doesnt mean its owned by a bank or has been foreclosed on.
However, if the house floods while you are under contract to buy it you CAN get out of the contract or renegotiate the purchase of the house.
Not buy the house who wants the hassle and mess of a flooded house. No telling when the levee will be fixed or if th house would flood again. If you purchased the home you would need to buy flood insurance while flood insurance is good to have, it is just a another expense. Do look for another house in a no flood zone.
A) If you are under contract and gave a deposit the worst that could happen is that you lose your deposit. But…..
B) It first has to pass inspection before you fully agree to purchase, even if you gave a deposit. So flooding is a good reason to cancel the offer.
C) Make the realtor aware of the flooding so he/ she can cancel, or extend the inspection date.
D) A bank won’t lend the money unless it passes inspection. So call the bank if it already approved.
Good luck.