Quote:
Originally Posted by elizabeth52
While many of you who already live in the Villages seem to take the recent reports of sinkholes affecting some homes there in stride, it is a little more than scary to a potential buyer. The deductible for a non-catastrophic event could be catastrophic by itself.
Do you know how having a house with a sinkhole in a neighborhood affects the surrounding property values? Would you buy in a neighborhood that has had a sinkhole?
I think it is scary because there is no warning, so there is no way to prepare. Earthquakes, Hurricanes, Tornadoes, snowstorms, are events that usually come with some warning.
With my luck, I'd be backing my golf cart out of the garage and drop right in! I wonder how long it would take my husband to notice I was gone????
Seriously, this is not a "the sky is falling" post, but it does make me hit the PAUSE button momentarily.
|
Is a new construction site tested for sinkholes?
In most cases, no. It is generally not required by building codes, and most building contractors do not provide testing on private home sites because of the additional expense.
In some cases public building construction sites in sinkhole areas may be tested and reinforced as needed for safety and liability reasons.
I am buying a new home and I want to know if there is a sinkhole disclosure law
Currently the Florida Statutes (Statute 627.7073 (2)(c)) require that a seller of real property is only obligated to disclose to the buyer that a sinkhole claim was made against the property and that the claim was paid by the insurer; they must also disclose whether the funds paid were used to repair the insured damage.
Statutes may be modified during annual legislative sessions, so it is always prudent to check the most current statutes (see question #13 above). Most real estate seller’s disclosure forms used in Florida today include a sinkhole disclosure statement that covers sinkholes and earth movements in general. Sometimes it is overlooked. If it is in question, be sure to ask.