FEMA Zone Ae

[EddieB]

I have an assignment here that I struggling with.

The assignment is a FHA Short Sale, Preforeclosure 2055. Subject is a manufactured home, site is 15 acres (wooded view).

From the FEMA maps and county maps, it "appears" the entire site is located in FEMA zone AE, including manuf home.

First off, I realize that FHA should not have loaned for this property but I am on the back end valuation.

Usually when flood zones are a factor, only a portion of the site is affected and then positive attributes are associated with this area such as view or use. And generally I find similar sales although maybe dated.

But not this time. I am currently using manuf sales on small lots and adding for a small contributory value for the additional site use. And making a prorated flood insurance adjustment.

Does anyone have other methods and what other factors should I consider? Thanks

 

[EddieB]

Any suggestions/thoughts appreciated. Leaving for the inspection this afternoon

Thanks

 

[Peter LeQuire]

Take a look at the thread/discussion about flood insurance immediately above.

 

[RSW]

Is the manufactured home in the flood way or the fringe?

 

[EddieB]

Possibly on the fringe, if so, just enough for the dw. Doesn't look like any setbacks from property line. Really would need a survey to verify both tho. How they got an FHA loan is beyond me. Drove to the property this afternoon. Small creek, good size garden and very wooded. Great hunting spot.

 

[Deleted member 128537]

I do lots of waterfront property. I have had entire properties show up on flood maps in a flood plain only to find out there is a flood certificate that takes it out of the flood plain. This happens when they are able to raise the house out of the flood plain by doing site fill. I would check with the lender if they don't have a flood certificate.

 

[incognito]

Are you certain an LOMR has not been issued?

 

[EddieB]

Are you certain an LOMR has not been issued?

This county does not provide FEMA stats online so I'm not sure if one has been issued or not. That is a good point. With the orders' SOW, I am completing with an EA for setback and BFE for structure.

I am still struggling with comp selection. Not able to bracket site attributes for this one

I did find one vacant land sale with a major portion in floodplain and am trying to extrapolate value for the wetland.

Still agonizing over the fact that ~99.8% of site is AE. How will the market react? Am I over thinking this?

 

[RSW]

There was a vacant house site here in the Knoxville area that was up for sell several years ago where the rear 1/3 of the lot was in the AE zone. The property was on the market for a very long time and the owner never could get a buyer for it. It was in an area where homes were very large and it would have taken a lot of the site to build a comparable house. It couldn't be done and the property has never sold.

 

[rbrienza]

go to FEMA.gov and look it up. Most LOMR are on the FEMA website. At the very least you can note it in your report as far as what you attempted to do.