Mar 28, 2016|
Automatically Generated Transcript (may not be 100% accurate)
Welcome to open house upstate when it's time to sit home builder by your dream home we have the information you need with your host Arthur wrote a number of homes Berkshire Hathaway home services seem to enjoy your realtors and county bank mortgage. Each check out open house upstate not come. Welcome to open house of state rice can be witnessed today lucky enough to have. Don't Wayne and the house from Berkshire Hathaway home services he is the broker in charge. Over at the Palo month rude office for seeing into Warner enters high you don't spend downgrade it to be here gay guys to be with us and of course. We've gotten a call from Arthur Rosenberg homes in the house. The coast for a while since we told everybody only air how they could come visit you so why don't you tell everybody about the models and what kind of property had shown how they. Can get in touch with the heat we are physically sitting at a model home in Acadia which is just off of I won 53 pitches except for DF of 85. I'm and so we are out there are Monday through Saturday at 9 AM to 5 PM and Sunday. 1 PM to 5 PM some would not free to come on visit us if those hours don't work for you please make sure to give us a call. At 86465577020. Definitely comedy we your scandalous. And of course she can always visit them at open house upstate dot com there's a link to the art director Robert site they're. Do you view their contact information email information and of course I do know. Own harsh as we've talked about this show do have access. Two homer in the clips that somebody would like to see something in the second home market or in that mountain market you'll have some property that joke could show them up there are lots. As well as a house has been completed that somebody will be shed. But we don't actually show a lot of look a lot in the cliffs we would show a lot to the Greeneville market right dead in the class I'm. And cliffs realist he would help you with lots in the cliffs okay. We do have a home that we have built the B have access to is say homeowners home that they are gracious enough to let us use it. And it gives you just you know for us it's a standards a higher standard than water Greeneville mark. Get chair home and then of course all your properties come with a different levels of finishes and that's one of the things. When they come out and look at the home. That helps kind of determine the pricing of the home as you know what plan puts us what customization that that what finish level you want. And of course that they look at the house and Acadia it's done and what kind of finish in our signature level and so that for us is a mid level standard but that's consistent with twits whats done in the Greenville marketshare and the platinum level home is what we've film what we typically build the cliffs and that is. I'm more common and that market they're some higher and finishes more specialty finishes. I am bitten you and drive cost Cheryl escort her you know all the properties are custom so you can pick the level of finish. You know that you won't for any area appliance packages I mean you get to pick every everything can match. There you can you get to take everything you while we do have standards and what does standards are just to help everybody understand. Allows us to have a price last as a that just gives you gives us an opportunity to help you kinda understand from a dollars and cents perspective. What you're targeting. And but. Every one of our homes can be customized as much or as a little is the buyer chooses absolutely and. And as we've talked about before you do invite other agents to combined check you out to bring their clients' bottom look at what's out there and if you get a buyer's agent. Just to get him to take you don't over there to Acadia and take us. Take a view what's out there's a beautiful beautiful neighborhood I think one of the best kept secrets out there because it's it's so close to downtown so close to the the hospital that a lot of people just forget it's over there. Gas and from a traffic perspective. He definitely miss the traffic that we experience you know a run coming up and down 85 yeah it's funny you say that I was. I was I went to Charlotte was my mother the other day to do one of the point favorite things to drink beer at and a beer festival there's enough we were Iraq now where Iraq and up 85 and she says. How do you do this every. And I'm like where you get used to it but you know he's he's talking about if this was only on a Saturday so you know the traffic was not that bad like you have no idea. Why and I remember when I first moved here fifteen years ago you know I can go from that Piedmont exit that you're talking about. Tomorrow Pelham road exit you know in about twelve minutes and never touched the break. And now it's not stopping gather. But it's it's a little on the slower side say that. And every day when I hit home I'm like it's always like there's a traffic jam Pelham road going north on I don't I don't know what that's about ISI and I'm going intensive five what are you go around it not get down film how to back conference. Gets kind of funny. So I told my wife and you know you wonder why don't leave the office of five imitate me the same amount of time to get home if all that sits there and we don't budgeting your visit Acadia if you have not gone over to that peed my power bill. Taipei area how live over there. It is a best kept secret and I would invite you to get visited because there's some beautiful areas over there. Great school district to have had two kids that went to school over there and loved it was hard headed to our first break of the day. And now when we get back we're gonna talk a little bit about the impact of weather and storms. Things that can happen why your in the middle of a contract. Or in the middle of the loan or in the middle of construction we recently had some. Some weather issues in the upstate sort of give us get our team to tell you how that works. We'll be right back after this break see on the backside. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce passed gorilla from author Rotenberg homes email Bruce at open house upstate dot com. Arthur Rotenberg homes your custom luxury home builder. Are you in the market for a first home a step up and downsize or do you have questions about refinancing. Now's the time to call. The homeowner experts at county bank mortgage will help you through the maze of options to find the best solution for you. If you would like to discuss your situation with a one of our experts. Give us a call at 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When it is time to build your dream home either Rothenberg is the only name you need to know from India house architectural and interior design to superiors customers there is an exceptional craftsmanship visit any art H upstate SC dot com into their show home until late salute to run drive Piedmont South Carolina in the Acadia community. Prepare to be amazed visit they are each upstate SC dot com or call 558006. Saves our direct bird homes you dream. We build. When you're ready to buy or sell your home wouldn't you were work with the leader Berkshire Hathaway seated join a real herself more houses than any other company in the upstate. Since 1964. Of our commitment to quality and integrity has set us apart and earned us the upstage trust what nine offices in nearly 300 real estate professionals. We'll help these sell your current home and find your dream. Check out our look at dreams magazines and TV enjoy Murdoch can't search thousands of listings trustee of State's leader to make your real estate dreams come true. Berkshire Hathaway C enjoy the wheels. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce passed guerrilla from author Rotenberg homes email Bruce at open house upstate dot com. Arthur Rotenberg homes your custom luxury home builder. Welcome back to open house and take place to be with us today you've got a question or comment. Back eating that your only show you please send it to us. It questions at an open house upstate dot com and ask questions at the open house upstate dot com. You know I had an and that longer go to Wayne that we had some pretty severe rain and flooding. Throughout the entire state of South Carolina and then of course just couple weeks ago. We have faced pretty though not pretty severe a major severe hailstorm that ruled that ripped through Greer and non. Spartanburg and so I thought that would be a really good topic for us talk about. Because it does impact each the heart of our business firm from the cold standpoint it would have an impact on. What happens to a house that's you know in the process of being built. From your standpoint what happens to a house that's under contract and one that you are getting ready to put our contract. And of course it also has an impact only lending. You know from the standpoint of what is the condition of the house at close as compared to. When the appraisal was done so let's let's talk a little bit about. Listless start with a health first. You win a major hailstorm is viewed and if you are under contract in an area where that hailstorm came through. What it does a buyer and a seller need to know what should they be thinking about what kind of impact does have. Well there's there's a lot of things here first bought I will tell everybody Powell buys them to talk with your cash not insurance agent first ball. Secondly is is that what we need to know as owners and buyers or sellers is that debt major storm came through every insurance company in this area but that date down. So what was then 314. This wind and hail storm came through yet that date is is now pitched for ever in the history of the insurance companies cheer sin means that owners of the property had a statute of limitation of two years from that date that they can make a claim. Born on their house in relationship to that storm. All right so if you don't do it within those two years you're not gonna get one. On the other thing is is it buyers need to be aware own form the pathway that this storm took. That is they do their home inspections they need to be aware that they they might. Wanna get a license root for out dared to take a look at that house. Seat typically most viruses do home inspection with a licensed home inspector for most home inspectors. Are not qualify her license enough to give you expertise. Only where the insurance companies cut off would be on the amount of damage to the roof. Or whether or not it claim can be made. This is where good lies is Rupert can come in most of them. Have worked in our affiliated with different insurance companies so they know what the criteria is to make a claim so. You might wanna have a license refer to come through actually taken inspection on that. Those slice and roof inspections. Are not that expensive when you look at their overall outlay that is what caution to replace. Rule were dead the expense of their lorries can be severe even on up. You know on a small property your small roof roofing can be very expensive yeah and you know it would be important at that point to. You know make sure that you have once again we always you know did tell people to have an expert in this case were recommending that you ever roofing expert. You know. It's is important to know so listen let's talk let's yes sir let's do an example nearsighted so if you were in you or. So let's say need that. He went under contract. On non march 10. And you know you were in the pathway of the storm. And said the wind and hail came through on March the fourteenth. In your the buyer. Okay what do you need to do. Okay let's set that up before we set up let's say that they're still in negotiations. OK okay books are not under I'm not under contract right now. But what they need to understand is is at the buyer proves. Continues on pursues a purchases house. If they go under contract that they need damage that was done to their roof it was and if it was not repaired insurance companies will consider it as being pre existing. So the buyer when they take over with their new insurance company. Would not have the will not file I file claims. In some insurance companies depending on the amount of damage might put a writer owners say we will only cover this route for X amount nets sit. Because of the damage was already done church so so here is that condition at close. And so if another hail storm comes along. They they they might consider that that previous pre existing. And so they they may of Kuwait or cap the amount that they would pay for Klein later that's correct. And so you need to make sure that you deal with a up front so if you're in the negotiating stage. Any you haven't seen the contract yet. What what should and Asia and the buyer. Being communicating to the seller about that. Should we just ask for an inspection or should they how passionate you are during the inspection period whether they give due diligence or they go root our requests to repair Ralph. They won actually the viral actually higher and a roof of this inspector a license refer to go through it inspect the root right in determine whether or not there's a significant amount hill damage to make a claim. Now here's where it goes into effect if jury if they're on under contract in this is being done. There are under paragraph fifteen of the new contract there are three different areas. If if the seller knows that damage was done under seller makes notification to the buyer that once the buyer has notification. The buyer has five business days. To make a decision whether or not they're gonna stay in the contract or terminate the contract okay. During that time the buyer and the seller can negotiate. How they're gonna handle the damage that was done to the root. The seller has three options that they can do it seller. Can make three pairs enhanced to make the repairs. Or number two the seller can re emit the cost to make the repairs back to the buyer right. And in the third one is is that they can Dan. But I instead if they've already filed a claim date can subject all the insurance money to go back to the buyer. Plus whatever that doesn't. The did deductible of the deduct yes thank and it's an important it's important to get that part done and up front and early in the transaction because if you complete the transaction. Without dealing with it it's it's now pre existing home the new insurance policy which could be a problem. Any hand or you may have no clue. Way to go back and all right so let's look let's go back make sure that everyone. I make this clarify if a storm comes through like what just happened is sugar in the repair will cost three pairs with the due diligence time. That's the time to take care of it sure however there's still hope for the buyer if a strong comes through after that time period right. The buyer can still take action. But you got five business days once the buyers been notified the damage has been made once it once again get reason to have. You were. Yeah Jim I can't imagine represented my owner or a buyer going however representation mainland as well wolf what would you do sure especially if you didn't use a contractor spilled their everything out how to do it. Yeah I mean it would be important to know that and of course. You know are blisters may also have a question for you Nicole about OK so we're in the process of building. The same storm comes through the roof is already on the property. And the hill just beaten to death. What happens and how is that covered who's gonna pay for that. And I think you guys. Everybody does it a little different but I think ever Arthur Rosenberg. You guys have builder's risk insurance that to handle that among a lot of other things. Right during the construction process we Qaeda builder's risk insurance on the property. And so were assuming liability. For anything that happens on the property during construction. Right once that construction period is over. You know. And you get your own home you are dead then you get your own home owners and then you as though you know buyer accept responsibility for the property to during the construction period we carry Diller stressed. We as a construction company take care of that and of course. You know the builder's risk covered a lot of different items. You know own construction site sometimes things will be stolen sometimes will be vandalism. Own sometimes. You get up a five year and of course that's to protect. The dubbed the builder as well as the buyer is just a regular insurance policy the child had been placed just to take care of any catastrophic items that would occur. It is Chris can you tell me is I had people ask me this recently do you all as a lender require. Hold by someone that is building. To have a policy of their own separate from our builder's risk policy. No not generally now if you were to. A lot of it has to do with the strength of the builder to the occasion when you're when you're doing a construction loan you have to qualify both parties she has the right order this doing that. You gotta make sure their financially sound. And that they have the right types of protection. And then you have to make sure that the buyer is financially sound and if there were some shortfall may be. In the coverage that the builder was offering that we made you know at a higher you know we may require that as a general role what we find. Is that the coverage that the builder has offering the builder's risk. Is enough is sufficient to take care of any you know thing that could occur and of course it's united. It doesn't happen that often thank goodness. But you know when it does happen you gotta have that policy in place to take care of it. Right and I understand that land over a builder's risk policy is her property that try and so it's not like we have one policy that's covering all our homes that are being built at one time I tried we have an individual policy for each home it's been belts absolutely and of course. You know to your point to wing. If you're in the middle of the transaction. And something occurs the topic the hell no one has a great example or major windstorm. You know one of the things that I see now is only the sellers policy. And certainly on the new buyers policy many of the investors that we sell loans to wont to know Lou. On how much the coverage just four wins then hell because many of the insurance companies are doing exactly what you talked about now. They're trying to limit their liability right for those types of actions. And of course you know there Reeves are expensive I mean yes you know I've got a uniter rental property that's you know it's a 2400 square foot rental property. That really it's you know it's it's 12100 underrated because it's a two story box again and I. And to put a new roof on my property with twenty year shingles architectural shingles which are gone now is is about 6000 dollars. And so you know he certainly has a buyer you would wanna get stuck with a 6000 dollar bill. Because you didn't because you didn't deal with a and like you said if you close on that property after in this case cronies march 14 is the Dayton. If you close own that property after that. And it's not dealt with right then every and just a company in the world knows. Then any hail damage that that may appear later. Part of it could have been calls about what happened prior to and so you just need to make sure that you take the opportunity to deal with it at that point in time. And and obviously haven't qualified buyers agent is gonna help you there. That's correct me out this is something this seller someone reiterate this this isn't just street money AM on ground make a claim. Sure we all can relate to the fact when we have had a car totaled. More my son just total of our cars up. That it's gonna is gonna gain your auto insurance sheriff suing the seller makes a claim it's gonna Ding them in there will be a number that will follow them some insurance companies will only allow you to make so many claims. All your household policy chairman for and is certain amount of time and that's it so it is very wise for seller. To check with the insurance company. In C okay can you get an adjuster out here and see whether or not I should be making a claim in how is this going to affect me in the future. And they need to make a financial decision as to how you wanna handle it right because it can all sellers need to understand if there was hail damage if you were in their path of this. This past storm that just got a every bar out there's going to be looking in will be inspecting their route and that's going to be an issue. Yes and you know back to our original or your original recommendation is. While home inspector has general knowledge of the brief we would recommend. That if if you're in the middle of a contractor if you're you know looking to buy a house that was in the path of that storm that you actually get a Ruth inspector to look at it you know. Batteries inspector come out and look at nine probably two years again and and you know he said no he said. You know the roof is Warren it's it's nine years old but. I don't see sufficient damage and I don't think that you would be able to follow acclaim and I don't think that would pay. When I was getting information from me out and waste commented I root for payers and things like that to the renal. And you know prepared for that certainly a storm of that magnitude that rolled through. You know was incredibly. Did some incredible damage to cars as well last re used because it was it was heavy I don't know that I've ever seen hail. Quite heavy when I looked at pictures that were owned on the news it was it was amazing. It looked like snow cursory and stuck in Spartanburg yes Jim and I saw people out shoveling driveways of us. It was kind of amazing and a course it's not just women hell it's also water and flood that's correct. You know on some prior shows we've talked a little bit about flood zones. And so wanted to talk about that a little bit from home lending perspective. Well before you do that let me just say this. We do the same thing when it comes to your state so if the appraisal was done on the property prior to. The date of the Avaya than it is possible that we won't have to have a re inspection done of property. It some weather event causes us and in no than yes so we may say. Look we need the and we need the appraiser to physically get re inspect the property. And now generally that cost a 10225. Dollars. But we we need them to go look to make sure something didn't happen I'll get nipple Russa now. They're not getting up Hillary is that they will go look at it and in it's more likely to occur and a flood situation and make sure there's no. Water achieved and that is determined by whether his considered. Natural disaster you know we have forest fire any kind of natural disaster this documented. An area that your property as we're gonna have to have that thing re inspected. And and a course that will cost an additional expansion could delay things. But generally we know it up front so we're working on it you can listen we're gonna head into our bottom of the hour break we get back we're gonna talk a little bit about floods. And the event that took place in that regard and how it impacts property and how it impacts flood and flood insurance. You've got a question senate the question is an open house at state dot com. That's questions that open house upstate dot com we'll be right back after this break thanks for list. You're listening to open house on its. Do you have questions about selling your home fast the other states number one real estate company Berkshire Hathaway home services seem to enjoy inner realtors email your questions to questions at the moment house upstate. Dot com when it is time to build your dream home either Rothenberg is the only name you need to know from India house architectural and interior design to superior customers there is an exceptional craftsmanship. Visit any art agent upstate SC dot com into their shell home at two LA it's a little unjust Piedmont South Carolina in the Acadia community. Prepared the amazed visit they are each upstate SC dot com or call 558006. Saves are threatened bird homes you dream. We build. Are you in the market for a first home a step up and downsize or do you have questions about refinancing. Now's the time to call. The home loan experts at county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation with one of our experts. Give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When you're ready to buy or sell your home wouldn't you were work with the leader it's Berkshire Hathaway seated Joyner realtor sales more houses than any other company in the upstate. Since 1964. Our commitment to quality and integrity has set us apart and earned us the upstage trust what nine offices in nearly 300 real estate professionals. We'll help you sell your current home and find your dream. Check out our book of dreams magazines and he'd enjoy owner dot com search thousands of listeners trustee of State's leader to make your real estate dreams come true. Berkshire Hathaway's you can join the real. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce passed gorilla from author Rotenberg homes email Bruce at open house upstate dot com Arthur Rotenberg homes your custom luxury home builder. Welcome back to open house of stakes talking a little real estate today we got to blame for Berkshire Hathaway. Home services and how he is the broker in charge ever the Pelham road office seed and Joyner realtors and of course we got Nicole with a Arthur Rosenberg homes enough. You know a couple of shows ago we were talking about floods in the code you brought up. You know when it comes to life she got to really think about our unit fled plain and what kind of property and they go to where you know build it and so. You know that is very important none of ya all can do some planning around that about where you cite the house and things of that nature. Yeah and in different counties have different regulations about. Now how all hide how house has to be sure from last flood plain pure and so there's a lot of variables that play into that typically. Now are we don't want a dollar house in a place that we know you're going to have problems sure and there are different levels of flood plains typically do wanna be in Greenville county need to be sore feet above. The 100 year flood plain. Exactly and iron that's a good point none of course if you're and I property without a similar. It may also impact where the septic system has to go on whether it'll hurt. And so those are all things that need to be considered too because they. Amount of ground water that's there the clothes she made to a flood plain the more likely they are lesser Ime sorry I didn't mean dinner noticed I've gotten. The closer urged the flood plain but any water that's on your property is gonna influence where septic system has to go yeah so if you have a well if you have an old spring minutes there that you know. Is Powell just because of the type property it is sure. I'm any type of water that's on your property is going to. Be a factor in where you locate your septic system. And that type a septic system that you can have is gonna be influenced by that. Danica or you don't do winds have different expenses absolutely have to make sure that you had. Enough property you know a septic system on a quarter acre lot stiff called she. Don't have enough space fired. I'm age you add water to that same lie you know you have water to a smaller Lyle half acre. Lot and then you add water on that you're going to you know lean towards an engineer septic system for sure is the traditional news at a water your car and I have got to do well. I know I mean out of water like water on oh and he's okay topography whys of that brain as I see have a springer you have a creek or you have a ponder a lake in your type of water that's there. You know because you have to be out of the water to be able to do except it's a. You're nice and of course if you do have a well. Then of course the well on the septic after the east a certain number of feet of horror and there's all kind of rules there they could add additional expense that you just need to be aware yes so you went that route let me ask you yes Chernin and issues with the EPA. I mean just have different IE just. Go into it understanding what you need to put on a property and that is that. The end of reason UND appropriate due diligence prior to buying a property rather than after buying a property. And we talk to each talked a little bit earlier about. Having that due diligence period. But did due diligence period in my opinion I am from a lot perspective. Is. You know the way that you wanna go just because it gives you dock for Tunisia do their research on the property Chenault with the costs are associated with the property that you're looking at building. Do not need a basement are gonna build up your backyard. Never can you have a regular septic system genius and engineers septic system can you get on the sewer system if he can get on the sewer system what's the cost about. Because there's a standard cost but. Just this sewer lines being on the opposite side of the road vs the side of the merger piece of property serves a significant. Costs and of course waters the same way yes it is. And so there's some places where you know the developer taps it it's pretty easy when your one into a neighbor of the authority put in the ground when your building in an older neighborhood Armenian neighborhood. Did you know was. Previously on well and septic and doesn't have. Those modern conveniences that we take for granite and there's cost implications and you wanna make sure that you do all of that research. Prior to purchasing the property because all those extra expenses if you decide am I gonna build here because it's too costly when you go to salad. You know how I now have that information. And Europe. You have to be prepared for the next person coming to purchase that piece of property they're decision's going to be influenced. Sure anybody in it also impacts I would imagine if you're if you. Want to do something like geo thermal whether you're going vertical or horizontal whether it. You know that type of property to lay out of the property all those things need to be considered too so. You know that lie this seems like a great deal may be a great deal because or maybe some additional expanse absolutely coming with these other items. I haven't done. You know an agent represented Jews who understands that part of the world. And process part of the world turnabout just buying a lie you. It's important to note that yes definitely yes yes you and then of course. Anytime and little still a little bit off topic of course anytime you're back in the neighborhood especially that the the wind you need to know about their covenants and restrictions toy yes I. You don't want to you don't think you can do something you wanna know you can do it incinerator reviewed those. If something really matters the need to make sure that in the chemistry restrictions and it actually has some teeth yet to enforce the rules. Yeah oh my brother may mistake when Tom bought a house armed that was at the front of the neighborhood. You know not the model home because they're very very different than ever read. He did not realize before he bought it he has dogs that there was a governor restriction because aware his house what he can have a finance. Everybody else and aggregate have evidence that he couldn't because they didn't like what it would look like. You know from the beginning of the neighborhood and of course that became a bitter battle. With him you know because he really wanted to finance and he Asa well you know he got it did the due diligence upfront. Bum I wanna go back something you said we were talking a little bit about floods and you pointed out the hundred year flood plain and when we on the lending side. Do a flood certifications owned the property we pull a flood surge. I'm and we use a third party to do that to get their information from FEMA. And of course and anybody can go to FEMA website look they're dressed. But that. Particular servers that we use. Does a look at exactly what nickles talking about what is the hundred year flood plain what is the 500 year flood plain. And what's that's what's that saying is the percentage of likelihood. Over hundred your period that this particular area would flood or the 500 your period. And if you are inside. Of that. Hundred year flood plain I and the property not not the physical property but the house itself touches that flood plain is very likely. That you are going to have to have flood insurance which is an additional expense. And of course though a little bit of an additional risk to you depending on where it sits inside that flipped like. And so it's something that you need to be aware of from the landing perspective from a cost perspective. Also as a general rule if the national flood insurance is available. It's only going to be available in the amount of 250000. Dollars. And so if you don't run an 800000 dollar house you may then need to buy supplemental policy. Cover the difference because last how much it can build a 150000 our house petite beauty. And and you know for goods can calls a mask while water is not your homes friends. Why is definitely the enemy and it course you know I would imagine when you guys are working on contract. Is it in my MO less does the listing agent disclose whether they think it's an afloat planner not sure how does that square. Or yet they usually is disclosed says she's a disclose in the member's remarks. I say not typically in the syndicated remarks at the whole public knows button it's typically lead now. Now there is a disclosure statement that if the seller knows that the property is in pleasant they have to disclose anything to do. Sure your tires and and let me say this to a lot of people don't realize those zones move. Yes they moved me and so a lot of people think. Well this wasn't when I bought it so it isn't now that's not necessarily true it goes both ways I've seen those situations where somebody will buy a house very close to restrain for instance good example that you brought up Nicole. And when they are eighteen years again. And you know the the flood map did not show that house or that lot in a flood plain. And today when they go to buy it it shows up that way and ten people freaked out. And so you know it doesn't leave us a living breathing thing I've seen that happen. I've also seen the reverse of that happen I've seen. I had one and in the last nine days where the seller is telling the buyer. You're gonna have to get flooding church and actually flood insurance were people flood map. It's not a pleasant ride the other thing that listeners need to know is different vendors. Will come back with a different results and I know that sounds crazy. But it is it is true that even though the the the map is held by FEMA. The vendor that provides to report back to the lender and door to the Asian they can come back with different results because they're interpreting that much out. And their overlaying a lot of different things to see where the house actually sit so there is some what about art to knowing how to how to handle that and of course. We know how that works ever counted bank mortgage. Willis we're gonna head into our last break of the day if you got a question about anything you've heard on the show police and listening you know questions. An open house upstate dot com we get back we're gonna finish. Our conversation about whether we'll be right back. You're listening to open house upstaged you have questions about pre qualifying purchase your dream home and Ashley upstate most knowledgeable mortgage experts at county bank mortgage email account you bank. That's questions and open house upstate dot com. This is Danny Joyner Berkshire Hathaway CNN Joyner realtors you may have noticed our new cabernet cream signs around town every place the old white and blue that you reasons it. I'm here to tell you see enjoyed a real just hasn't gone anywhere. We're still the same locally run family business that you trust us since 1964. And we remain committed to the quality and integrity that made it sprinkles leading real estate company. And now breathe and stronger and whether you're buying selling or just training we here for you and we always have been. Are you in the market for a first home. A step up and downsize or do you have questions about refinancing. Now's the time to call. The homeowner experts at county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation. Would one of our experts give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When it's time to build your dream home. Arthur rug burn is the only name you need to know from in house architectural and interior design through superior customer service and exceptional craftsmanship visit ARH upstate SC does come and tour their show home actually so little run drive speed but South Carolina in the Acadia community prepare to be amazed visit HRH upstate SC dot com or call 5580066. Arthur number of homes you dream. We build. You're listening to open house upstate new have questions about buying your dream home. Ask the upstate is number one real estate company Berkshire Hathaway homes through this is CNN Joyner realtors email your questions good questions and open house ups. Even god comes a month. Welcome back to open house upstate pledge to do with us today if you got a question about anything you've heard on the show. And it questions open house upstate dot com or he'd like to reach out to the winning Nicole or myself you can always go to the open house. Of state web site we have a link to all of our sites they are individually. We're talking a little bit about flood and how to deal with the weather or disaster is she is why you're in the middle of a contract. And of course you know I was still under way mean that you know if you had a flood or if you inner into a situation where. I think Syria gets put on a national disaster area. List by FEMA. Then what we're required to do is to go back out and visit the property again the appraiser will to make sure that the home is still safe and sound. And depending on the program. It would determine whether they can do a visual exterior inspection. Or they have to do an interior inspection and so. You know that is something they can delay or slowdown closings when that occurs. Nicole you pointed out that she gas carry builder's risk insurance to protect client nearing construction. In case something does happen and of course the plane you know you're piece of advice that the date is what's important where you in the contract. We ended the day to occur. And then how does it impact both the seller. And let the buyer moving forward because you do have some time frames that you need to be aware of I think that five day Tom Franks seems kind of tight to me if something that's after the due diligence to five business day it's obvious mistakes and guess. And how business day's work you know we hear probably understand that the general public does not a business there is defined as starting on Monday it will go from Monday till Tuesday attain and that's one business day. The second business they would be Tuesday to Wednesday at 10 shirt in the morning. It excludes. It excludes a weekend so if if you're on day three units Friday. In Friday's business day war in on Monday at ten. It does not include the weekend. And let's see got Memorial Day coming up Memorial Day is a thorough policy that would mean every day yeah Memorial Day yes yes that wouldn't count either served in Friday's business they would actually in on Tuesday at ten I see. And then. Does have a duty to notify the buyer or anything like that happens. You have been out what I tell my agents don't wait for so you're absolutely don't think your dude. They did have to tell you yeah it happens that I'm right if there's damages have the main thing I care. You know we've been talking about flood and lineup I will say that just because our house needs flood insurance specially in today's market with that being a seller's market. That's not a death sentence just just just to sink a cost. That there we journeyed to address and look at it this goes back to having the consultation upfront. You have a group of vendors in view of surround yourself with a good lender like Chris. You want a good insurance you want a good closing attorney you've already judge teams surrounding new. When you come up with a problem like is he does make a phone call I am looking at this address how much lectures from a cost and get their flood and flood pol. You're absolutely and a course you know we won't pull a flood certain foreign agent Moore for a buyer upfront said that they can picture there are some people that will not. Take that risk for serious and flood zone not going there are just Massa mouth. And you said the FEMA maps are all over the place they are move and it impose sometimes what to do this is in the flood zones are you kidding me yes I would have to build on our list and I have had. And household parish mountain that was by stream has McCall pointed out. Come back has been put them. Comparing your life and it six or fate ebony hair I'm not really sure. You know it half hour later no problem here that I should yeah and so you know I think that's important and I think the point that you make. The Wayne. Is is true on a couple of things about flood insurance flood insurance. Is separate. News from homeowners insurance asserts that somebody might say well why is that the reason why is because. It is a government program and there's a government pull war. That covers flood insurance and it's it's congress dale okay. And it's because. The individual. Companies that are out there. Do not want to ensure. For the first part of the flooding she. And so it is a government program I will tell you this though a couple things that people don't know about flood insurance is it the current owner has flood insurance. They can transfer that flood insurance to the new buyer Barack seeing you you don't necessarily have to go out and get your own policy is transferable. And and Christie tells slider transferable is important well it's easier because when the coverage starts if you transfer it. It it occurs at that moment in time and there's no waiting period. If somebody determines that there in a flood zone in the gunnery fast say it moved me wanna go buy it today. There's a waiting period for how long it takes I'm not only purchase only on a refi. It there would be a waiting period for how long it took to go in effect in the course the other thing people don't realize is it is not optional. Unless you're paying cash. Okay. You cannot say I houses and a flood zone I don't won't flood insurance I'm willing to take that risk is federally mandated. Two legal lenders that we require that you have it and it fit any part gear in the transaction if you drop it or failed to pay it. We have to force places. Which means we have to go out about a policy and then charge you for. And says it is not like healthcare is yet to tell us exactly like health care. Not optional and so. A lot of people don't know that I've had people. It kind of an example that you were talking about it touches one corner of the house I mean just a little bit you know. Maybe three feet OK but that part of the house's eight feet in the air. So the water would have to rise more than you could even imagine for any thing other than the crawl space to get wet. And I had you know folks say while I was just not a day that an asset wolf here's the bad news for you can't make alone. If that's the case. Now the good news is and we and we just recently went through this and it took a client about ninety days. We had a very nice second home built up that late keel way and unfortunately the builder put about three feet of the property and out of flood zone. Nobody knew it because it was a cash deal when the person involved the house and of people let's or bad idea. And does so he then he's the owner get used to refinance the property get their money back out because they want to make another investment. And we pull flood certain say hey good corner this properties and floods only say no it's not yes it is knows time is this. As we go back and forth and finally I just say we'll give me the survey. We send the survey we get through that hole remember only comes out it truly is three feet into the floods. And so what do you do now. Well the house in this case is way off the ground because. Of the way it was deal is that there's no way this property can ever flood so what the owner can do is they can apply with FEMA. For a l'Alma. And along my is just an abbreviation for a a map amendment. It permanently amends the FEMA map to show that your property is not in the zone. And so if you aren't a situation like that there is a way around it doesn't cost any money from the standpoint of getting famous to do it now you may have to pay for. And elevation certificate to show how high your you may have to pay for surveying. Where you can get your home permanently removed. Home from that fled my out using that process and it took about ninety days. And of course they came back and said yes we will amend the map you do not need flood insurance at first this is a very expensive home and for them to get the coverage they need. You know this is going to be three or 4000 dollars a year and so it was worth it. Bonds there's also particular neighborhoods and sure you're aware of but the wind like river walking. Where there are some houses that are in the flood zone. You know and some of armor not the flood zone but often times. It does not touch it touches a lot but not house itself. And say you need a lender in that case that knows. How to work around that how you can provide a survey shows that there's really not touch in the. Yeah and you know there are a lot of sub divisions over here on the east side did didn't had no thought of ever being in a flood zone but because of the rapid rate of development and you can share option. It changes that aren't illegal flow of how the streams come down all the sudden you had night. But where you know rolling green coming in Wellington green and all right he had homes and had to be purchased by the county because they didn't do their job. On the permits and those homes have now been destroyed or taken out because they are in the flood zone because what accounted hit. Because of that topography T yeah well and and get back to our previous point about understand the map moves right so if you buy a house that's close. Or if you buy a house where it's touching the property that not touch in the house it is possible as partner for change and development occurs. This FEMA may amend the map that puts you in his own him here's what happens you know people say well they'll never know I won't refile won't pull switzer that's not how it works. If you are the lender or the servicer of the loan you're required. To take all the balloons that you service in compared to the map. I think on an annual basis to determine if anything has moved. And of course what we do accounting thing is we buy a flat serve on a property. We about let's call a life alone blitzer and so. The company would back from actually monitors the map compares all of our properties and if a property news only to the map. They will let us know is that loss and let us know if it moves off the map up because now it's not require that it is important. Especially if they're going out about a lot that the final build in their dream on won't get the thing is dead dead. You know that you pointed out Nicole are very important there's a rule is that lie is undervalued. Or underpriced. It's probably your reason. And in you've got to do that due diligence upfront. And maybe your wrist like you said the wind that you will success and I don't have a problem with wooden building that home. You know inside of a flood plain mean you look at it like Charleston are hollow ponds right all the properties journal flood zone all of them have very high. When deductible stood on the policy so you know it's just part of the deal. And as we've been always recommend that you have a qualified under qualified real estate agent we me tell you need a very get insurance agent. To make sure that you understand what you're protected against which are not protected against. And now one of the things I like about county bank. Is that we actually have county bank insurance. Which is a subsidiary of the bank. And so we have experts in that area that sit right in our office and in that we can communicate on an ongoing basis to helping ensure those questions. On. While we finish the show about whether is there any other point that you think needs to be made to get out. Three minutes left when he comes to these type of weather issues when you're in the middle of a contract going or any other reminders. Note you know just just be aware of it an and I want to reiterate again just because that I'm home richer looking as an influence on it it it's not. It doesn't kill the deal. Charm and so bush. Don't need to be worried about it they need to be up front fully discloses that is just an added cost just like you would live in a subdivision that's got an age no way. Yeah oh yeah yes they are due back Condo and it's got up you have fees for the amenities right here you just reevaluate and just see what it's you know it will. How that's going to affect your budget at the home that your gonna be purchasing that's an interesting point. Do you wish you good to pre qualify as somebody asks you yet and you do. How may have set up quite well I don't know yes just took. Say yes how we answer your question so did they do you factor that coliseum as part of their prequel a letter. Only if we know the address of the property going you know. And often times you know I find that when you were within expert agent the agent brings it up first and says. This may be an issue please pull floods are right now I know because you know my answers what matters not I am sure anybody else the certain that idea. So the answer is yes. Bomb but cause it's a government program closure under that 250 spirit easy to get quote all of them costs the same thing and say. You know it's very easy to get checked that out so Dmitry GS because. You know if you're if you're in a tight budget can it can impact the deal right and of course united to Nicole's Nicole's point. There's more about playing the septic the water and all that as a relates to the fled because there's a lot of decisions that to be made with building. You just need to make sure you do your lot due diligence from him in to make sure that your gonna wind up with what you won't close the septic. Becomes a bigger issue I have one in my agency's just sold a lot of ruler had a lot under contract up in not on Paris mound. Had to differ lots one required an engineered drip. Type setting system because of his granite the other one did not. The difference in cost was astronomical. Yes absolutely well listen if you got a question about any of the things that we talked about today please reach out to us take questions that open house upstate. Dot com another great show of hope you guys have a great we can't remember the ask questions at an open house upstate dot com we'll see you next week have a great weekend. Thank you for listening to open house upstate. Remember when it's time to sell builder by your dream home we have the information unique brought to you by author wrote a number of homes Berkshire Hathaway home services Sedin joined her realtors and county bank mortgage be sure to check out open house upstate dot com. An email you questions to questions and open house upstate dot com county bank member FDIC equal housing lender in MLS number 462088. When it is time to build your dream home either Rothenberg is the only name you need to know and in the house architectural and interior design to superior customers there is an exceptional craftsmanship visit any art agent upstate SC dot com into their shell home until it's a little run drive Piedmont South Carolina in the Acadia community. They've scared the remains to visit they are each upstate SC dot com or call 5580066. Aren't there red bird home you've dreamed. We build. Are you in the market for a first home a step up and downsize or do you have questions about refinancing now's the time to call the homeowner experts and county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation with one of our experts give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 4620. Eat me when you're ready to fire sell your home wouldn't you were work with the leader Berkshire Hathaway seated join a real yourself more houses than any other company in the upstate. Since 1964. Of our commitment to quality and integrity has set us apart and courtesy upstage trust what nine offices in nearly 300 real estate professionals. We'll help you sell your current home and find your dream. Check out our book of dreams magazines and he'd enjoy Murdoch can't search thousands of listings trustee upstate leaders to make your real estate dreams come true. Berkshire Hathaway seed Angela you'll be.