The National Weather Service has issued flood watches this weekend for numerous counties in Central Pennsylvania (and beyond).
There are specific disclosure requirements for properties that endure flooding in any amount.
Click here for advice for buyers and sellers of flood prone properties and here for additional information regarding the seller's disclosure.
Showing posts with label floods. Show all posts
Showing posts with label floods. Show all posts
Sunday, March 6, 2011
Wednesday, July 14, 2010
July Flooding in Central Pennsylvania; Real Estate Property Disclosure
Recent rains have brought minor flooding to parts of Pennsylvania from Bedford to various points to the east.
Property damage is minor and lives have not been in danger. But this flooding still should be disclosed if you are selling a property that suffered from any flooding.
Sales are very slow now, but new homeowners are this week seeing their first heavy rains in the properties that they just purchased this Spring as the tax credit incentive expired. Some of those new homeowners are undoubtedly pulling their Sellers' Disclosure form out of their packets and reviewing the part that should have disclosed flooding. Some of them might even be calling their Realtors (or lawyers) to inquire about the possibility of pursuing their sellers for not disclosing that the property floods during heavy rain.
If you are selling property now, keep this scenario in the back of your head as you fill out the disclosure. The more you disclose, the less justification the buyer will have for suing you later on.
If you are a buyer, look closely at your prospective properties today (or at some point when the heavy rain is falling). Sales are slow and sellers are desperate. Sellers will lie and conceal in order to move a property and get out from under a mortgage that they can no longer afford.
Property damage is minor and lives have not been in danger. But this flooding still should be disclosed if you are selling a property that suffered from any flooding.
Sales are very slow now, but new homeowners are this week seeing their first heavy rains in the properties that they just purchased this Spring as the tax credit incentive expired. Some of those new homeowners are undoubtedly pulling their Sellers' Disclosure form out of their packets and reviewing the part that should have disclosed flooding. Some of them might even be calling their Realtors (or lawyers) to inquire about the possibility of pursuing their sellers for not disclosing that the property floods during heavy rain.
If you are selling property now, keep this scenario in the back of your head as you fill out the disclosure. The more you disclose, the less justification the buyer will have for suing you later on.
If you are a buyer, look closely at your prospective properties today (or at some point when the heavy rain is falling). Sales are slow and sellers are desperate. Sellers will lie and conceal in order to move a property and get out from under a mortgage that they can no longer afford.
Wednesday, March 17, 2010
Harrisburg Flood Plains
Harrisburg City has posted a map of the 100 year and 500 year flood plains.
Harrisburg appears to have escaped this year's flood season (and will probably not face another 100 year flood for many years), but this information is worth knowing for real estate investors. The existence of these plains helps determine insurance requirements and rates.
Harrisburg appears to have escaped this year's flood season (and will probably not face another 100 year flood for many years), but this information is worth knowing for real estate investors. The existence of these plains helps determine insurance requirements and rates.
Tuesday, March 9, 2010
Flood potential for Juniata, Conemaugh and Youghiogheny river basins; nondisclosure issues
Last month I commented on the potential for spring flooding following the heavy snow experienced by Pennsylvanians this winter, especially in Western Pennsylvania. I presented this issue in the context of the real estate issues that arise as a result of flooding, especially disclosure issues.
While it appears that the worst case scenario will not happen, NOAA has now forecast a potential hazard for later in the week near smaller waterways in Western and Central Pennsylvania:
This news will most likely affect the average person, if at all, only in purchasing low-lying real estate near those rivers (and the creeks that feed them). Any flood damage will likely be limited to standing water closer than normal to structures (or possibly basement seepage).
Such damage will probably no longer be visible in a week or so, but the disclosure of such an event will be important for any future transactions. If you think you might purchase affected property at any time in the future, visit these areas this weekend and note the general water levels. Ask specifically about this event when the time comes to purchase any such property. Compare the answers with your own observations from this coming weekend.
Juniata River and tributaries (from Wikimedia)
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Update - 3-14-10 Click here for the story of the actual minor flood events in Cumberland, Perry and Franklin Counties.
While it appears that the worst case scenario will not happen, NOAA has now forecast a potential hazard for later in the week near smaller waterways in Western and Central Pennsylvania:
RAINFALL TOTALS OF UP TO 2 INCHES ARE POSSIBLE OVER A 48 TO 72 HOUR PERIOD FROM LATE THURSDAY THROUGH SATURDAY. THE COMBINED SNOWMELT AND RAINFALL COULD CAUSE SOME STREAMS AND CREEKS TO RISETO NEAR BANK FULL...ESPECIALLY THOSE RUNNING THROUGH THE JUNIATA...CONEMAUGH...AND YOUGHIOGHENY RIVER BASINS OF SOUTHCENTRAL AND SOUTHWESTERN PENNSYLVANIA. WATER EQUIVALENTS OF 2 TO 3 INCHES STILL EXIST IN THE DENSE SNOW PACK ACROSS THEWATERSHED AREAS OF THESE RIVERS.
This news will most likely affect the average person, if at all, only in purchasing low-lying real estate near those rivers (and the creeks that feed them). Any flood damage will likely be limited to standing water closer than normal to structures (or possibly basement seepage).
Such damage will probably no longer be visible in a week or so, but the disclosure of such an event will be important for any future transactions. If you think you might purchase affected property at any time in the future, visit these areas this weekend and note the general water levels. Ask specifically about this event when the time comes to purchase any such property. Compare the answers with your own observations from this coming weekend.
Juniata River and tributaries (from Wikimedia)--------------------------------------------------------
Update - 3-14-10 Click here for the story of the actual minor flood events in Cumberland, Perry and Franklin Counties.
Thursday, February 25, 2010
Flood potential - March 2010; Pittsburgh; real estate implications; St. Patrick's Day Flood
No discussion of real estate would be complete without a warning about the potential for flooding at the end of a winter that has already brought near record snowfall. The Pittsburgh Post-Gazette warns of the potential for March flooding near Pittsburgh if predicted additional snowstorms arrive. Such an outcome, while far from certain, would have implications continuing far longer than the immediate damage and danger. Local economies, disclosures, misrepresentations, insurance coverage, income streams, appraisals and numerous other aspects would be forever altered by such a cataclysmic event.
If you are buying real estate in the next few weeks, pay particular attention to whether the property is in a flood plain. If you are uncertain about the possibility of flooding, buy flood insurance if you can. Most importantly, make sure the seller disclosure is as clearly and fully completed as possible. Sellers tend to be vague if there is something to hide (especially in the current fraud-prone market conditions). Pay particular attention to all explanations under section 16 (b) of the PAR disclosure form.
Buyers should ask their settlement attorneys now what options they will have if their newly purchased basements take on water during the March/April thaw. Sellers should know that the more they disclose now (before settlement), the fewer remedies the buyers will have in court later on.
According to the Post-Gazette, the worst flood to hit Pittsburgh in the last 100 years occurred in March 1936 ("The St. Patrick's Day flood"). Attached is newsreel footage from the same flood in Johnstown.
In Harrisburg, the most recent winter-related severe flooding happened in January 1996, when ice flows on the Susquehanna River destroyed the Walnut Street bridge.
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Update - 3-14-10 - Click here to find out how the flood situation turned out in Central Pennsylvania.
If you are buying real estate in the next few weeks, pay particular attention to whether the property is in a flood plain. If you are uncertain about the possibility of flooding, buy flood insurance if you can. Most importantly, make sure the seller disclosure is as clearly and fully completed as possible. Sellers tend to be vague if there is something to hide (especially in the current fraud-prone market conditions). Pay particular attention to all explanations under section 16 (b) of the PAR disclosure form.
Buyers should ask their settlement attorneys now what options they will have if their newly purchased basements take on water during the March/April thaw. Sellers should know that the more they disclose now (before settlement), the fewer remedies the buyers will have in court later on.
According to the Post-Gazette, the worst flood to hit Pittsburgh in the last 100 years occurred in March 1936 ("The St. Patrick's Day flood"). Attached is newsreel footage from the same flood in Johnstown.
In Harrisburg, the most recent winter-related severe flooding happened in January 1996, when ice flows on the Susquehanna River destroyed the Walnut Street bridge.
-----------------------------------------------------
Update - 3-14-10 - Click here to find out how the flood situation turned out in Central Pennsylvania.
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