whitehall
Diamond Member
Wife and I entered a purchase agreement on a home that was advertised as being in flood zone "B" - which means a) flood insurance not required by law b) flood insurance is cheap (less than $400 per year) c) risk of flood between 0.2% and 1% per year. Our cost for home inspection, termite inspection, and sewer inspection was $685. Then we find out the agent lied about the flood zone - really its flood zone "A" - which means a) flood insurance required by law b) flood insurance is at least $1200 per year c) flood risk is greater than 1% in a year.
We have email evidence that the agent knew the property was in flood zone A. So we were deliberately lied to, it wasn't just an honest mistake. Had we known the property was in A we would have not even placed a bid on it, let alone waste $685 and weeks of our time.
Should we sue to recover our losses?
There is a whole network of federal, state and county safeguards not to mention the insurance industry that requires honest disclosure in this case. The post is bull shit.