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Affordable Flood Zone provider

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vargasteve

Thread Starter
Junior Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
California
Been using Flood Insights for several years now. Any suggestions? How much $ :?:
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Try NDC data.Public record, plat maps, flood info,E&O Insurance, Hands down the best deal in CA
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
If you're looking for ONLY flood zone info, try floodmaps.com. Great price (only $20 a month for the entire state, unlimited # of searches), easy to use.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
You only want to provide the flood map number. DO NOT provide a flood determination. For that matter, put a comment in your report that the flood map information is just that, information, and that you are not giving them a flood determination. First, it's not your job- it's the lenders job by law. Second, if you make a flood determination, you have to be bonded to do so as you become liable for any error. And these can become very expensive, very quickly. So, something like Floodmaps.Com or some company that provides CDs with the flood data on it is fine. That's why we don't use Interflood or any other company that provides 'determinations'.
 

MARKETVALUE

Sophomore Member
Joined
Feb 11, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
Hey gang

Dont yell at me here, Im just stating what Ive always done and it works.

We NEVER provide flood info in our reports. Five years worth of reports have left my office citing Not Available please refer to lenders flood cert.

No one has ever questioned us or has asked us to provide.

My understanding all loans have a fee attached for a mandatory flood cert.

Any input if you see any liablility would be appreciated.

Thanks!

MRM
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
MRM,

I don't see any liability UNLESS the thing somehow closes and then floods, and the lender didn't get a cert, and the owner didn't get ins. and somehow your comps weren't in the zone but the subject was...

So you stated you don't provide Flood info Hmmm, this I gotta try for myself :twisted:

Is everyone in your office religious about at least checking for their own selves?!?!?! see example above 8O
 

MARKETVALUE

Sophomore Member
Joined
Feb 11, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
Lee Ann-

How about adding-

"Your appraiser is not licensed nor qualified to determine or provide opinion on the flood certification for the subject property. Please refer to lenders flood certification for this determination."

I know ignorance is no defense. But spelling it out seems to comfort.

To me the flood cert is kinda like the cost approach (99.9% of the time) except again i am under the impression the lender has to provide this service in order to close the loan......My opinion on the cost approach being its typically worthless except on complex or atypical situations. The market will bear what the market will bear, and I have a problem using Marshall and Swift as the bible and then throwing the rest of the value in the land. If the cost approach legitimizes itself the other 99.9% of the time then it needs to be about a page long (example being FHA new construction cost approach forms) not nearly enough room on the 1004 to spell out what you are trying to quantify under the three inch line beneath 'basement'.................acsys,appl,fp,deck,stp,etc......what is etc worth?? Anything you want it to be to bring the cost approach upto the indicated value by the sales comparison approach?

Just my two cents for the day

MRM
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
As a follow up on why I never give a flood determination and cite it only as information. House in North Dallas. Appraiser appraised property, stated rear portion was in flood zone, front portion was outside flood zone, did not identify exact area. Homeowner demolishes home, starts to build new $$$$$ custom home. Home footprint is larger and extends into the flood plain. City stops building, homeowner sues everyone, including the appraiser. Appraiser finally got out, but was a very expensive exercise of his E&O policy. If the appraiser had attached a flood determination or had made a determination on his own, it might have been worse.
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Like MRM I don't fill out the flood cert on an appraisal. The report has a standard statement about not being an expert ... etc... and then reference is made to the flood cert by the lender. This has work very well over the past few years and I could probably count on one hand the number of times a client calls looking for the information (then I ask for a copy of their flood cert and they usually get the point).
Have several clients like this as they have had problems with inaccurate information from other appraisers causing discrepencies.
 
B

Bemis Pownall

Guest
you should read your limitimg conditions regarding flood determination.
 
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