Being a Realtor comes with many different challenges along the way. We not only need to find clients to work with, but we need to make sure all of the T’s are crossed with each transaction.
Early in my career, I took a listing in a nice golf course community. The home had been listed for a few months with a very seasoned, successful agent who just couldn’t get the home sold. I was new and eager and willing to do just about anything to sell my first listing.
After a few days on the market, I received a full price offer. In 1996, this was a rare thing so I was very happy.
We proceeded along with the transaction and the buyers scheduled their inspection. Once the inspection was complete, the Buyer’s Agent called me and asked why I hadn’t disclosed that the home was in a flood plain.
Living in the Mile High City, the last thing I was thinking of was being in a flood zone. Sure in the sea level states, but never in Denver Colorado…… right?
I contacted the seller and asked her if she had ever heard of such a thing. She said yes she pays about $1500 a year for flood insurance.
The contract was terminated due to inspection and the listing expired with no further offers since I now disclosed in MLS that the property was sitting in a flood plain.
Going forward, one of the standard questions I ask my sellers when listing their home for sale is “Are you in a flood plain?”
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