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In a disclosure agreement, what does 'standing' water mean to a potential buyer?

One of the homes listed on Trulia has the 'standing water' box checked in the disclosure agreement. What does this mean to ownership of the house? Will insurance be available with this? How will this affect value of the house? Thanks
Sun Jun 29 2008, 16:04 - Starkville - Home Buying - 1 answer
 
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Billy
Home Buyer
in hong kong
Billy, Home Buyer in hong kong in hong kong
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Amanda Edwar… was FIRST TO ANSWER
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Depends on where it is. It is common with clay-based soils to have standing water in the yard after a rain. It does not necessarily mean you will need flood insurance. Was the Flood Zone answered? Plain, way, or No are the options. Plain or way mean you will need flood insurance, your lender will tell you how much.
Otherwise, standing water can be cured by a french drain to drain the water. Other landscaping or concrete options can be discussed with a landscaper and the spot could be made into a patio or terraced area that would be really beautiful and an asset when you get ready to sell the house. Bottom line don't let that scare you at all.

Mon Jun 30 2008, 09:38
 
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