MyFloodStatus Report Helps Buyer
MyFloodStatus Report Helps Local Buyer Identify Flood Risk
After a snowy February followed by heavy rain, many rivers are flooding across Minnesota. Some rivers are at or near record levels. Check out the dilemma one NorthstarMLS agent was in with his client before using a MyFloodStatus report to determine the property's true flood status.
A buyer was interested in purchasing property adjacent to a property he already owned and lived in. The property seller had owned the home for a long time, no longer had a mortgage, and said her late husband had told her that only the back corner of the property was in a flood zone. She didn’t have any documentation to prove the exact current flood status of the property.
The buyer’s real estate agent used our structure-based flood report to confirm the true flood status of the property.
A MyFloodStatus report confirmed that in fact a large portion of the house was in a Special Flood Hazard Area, or SFHA, and would require flood insurance with a mortgage. The FEMA map had changed and been updated in 2015, but the seller did not become aware because there was no mortgage on the home at the time. With the MyFloodStatus structure-based flood determination, the buyer was able to make an educated decision on how to move forward based on confirmed flood status.
“Running your report saved a lot of time, money and frustration. Best money I’ve spent.”
– Michael H. Real Estate Agent, NorthstarMLS
MyFloodStatus Flood Reports can be ordered through NorthstarMLS at discounted pricing ($25 per report). Go to the “External Links” section and click on MyFloodStatus.