The flood map zone, map number, and map date are reported on real estate appraisals. You can buy flood maps from several sources including appraisal software companies ACI and a la mode, inc.. Flood maps can also be obtained from data sources such as RealQuest or Flood Insights. You can also find flood maps for free on FEMA.
The FEMA website does not pinpoint the property on the flood map so it is a little more difficult to use that most sites that charge for a flood map. However, it is a good solution if you want a free flood map. Below is a short screencast to show how to use the FEMA website to find a flood map and how you can include this map in a real estate appraisal.
Click here to lean about each FEMA flood zone designation.
It is important to note that while the flood map information is reported on each real estate appraisal, appraisers are not surveyors and make no guarantees, expressed or implied, regarding the flood determination. This statement is listed on every appraisal report under the Statement of Assumptions and Limiting conditions.
Mortgagee Letter 2009-37 addresses the flood zone requirements and responsibilities of FHA mortgagees and appraisers and states:
The final responsibility for determining if a property is located in a SFHA rests with the originating lender. Mortgagees are strongly encouraged to obtain a flood zone certification, independent of any assessment made by the appraiser, on all properties securing FHA-insured mortgages in order to avoid culpability for any regulatory violations or civil claims for damages that may arise from improper determinations.
Click here to view the Mortgagee Letter 2009-37 on the HUD.gov website.
Posted by Bryan McDonald (Follow him on Twitter)
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Here is a site that provides free FEMA flood maps:
http://www.FreeFloodMaps.org
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