Lee SW IL
Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
Im appraising a home for a re-fi, in an area that is flood prone. Some homes have been bought out by Illinois Emergency Managment Agency (IEMA). Property is not in a flood zone, per FEMA map from 1979. But, I have been told a new map, by IEMA & FEMA is coming out, and the property will be in a flood zone. I have a call into FEMA for the new zone code. (Since the old map of 1979, an Interstate has been constructed and probably contributes to the flooding). Per the person I talked with at IEMA, the homes that were bought out, were not being flooded as bad as they thought. He stated that other routes could have been taken, and maybe taken to prevent future flooding. But, stated with what they now know a buyout probably would not happen.
The property I am appraising is not being bought out, (I have no knowledge if an offer was made on the property), but properties all around the subject are being torn down, some will remain, about 6-10 homes will remain, (my guess). City will not give me details. The city is responsible for maintaining the land, past history of this city, is that they will not maintain the area. Sale history on other homes are exempt from reporting.
I can't go out of this market for comps. But no comps with a similar situation in this market. This market is very different than the rest of the region.
Suggestions? ?
Thanks
The property I am appraising is not being bought out, (I have no knowledge if an offer was made on the property), but properties all around the subject are being torn down, some will remain, about 6-10 homes will remain, (my guess). City will not give me details. The city is responsible for maintaining the land, past history of this city, is that they will not maintain the area. Sale history on other homes are exempt from reporting.
I can't go out of this market for comps. But no comps with a similar situation in this market. This market is very different than the rest of the region.
Suggestions? ?
Thanks