can I back out from the buying the house because house was in flood zone

I am closing in a 2 weeks. My lender sent a letter saying that house is in flood zone, The flood insurance is quite high , The seller has it marked as unknown on the disclosure, Can I back out of buying the house? Who gets to keep the earnest money

Asked on May 15, 2009 under Real Estate Law, Delaware

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You need to talk to your lawyer about this.  If you haven't been working with an attorney on this purchase, it's time to get one, and one place you can look for the real estate lawyer you need here is at our website, http://attorneypages.com

A lot will depend on how the contract deals with the flood zone issue, if at all.  If you can prove that the seller actually knew that the property is in a flood zone, and put down "unknown" anyway, it might be possible to get out of the contract, but this is not something you should think about trying on your own. I'm sure that the earnest money is not something you're prepared to lose, if you make a mistake here.


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