2701 Jefferson Ave | Walkthrough of ALL Brick Stunner!! | $100k Buyer Bonus! | Chris Smith Homes

[@daisychainreaction]

This is maybe a dumb question, but like, why would the seller offer money off the price of the house to the buyer? How would that benefit the seller? I'm sure there's a mutually beneficial reason, it's just that here in the midwest flood insurance is uncommon so I don't understand! Also the brick is SO pretty! Idk why but I'm totally addicted to these videos of these houses! Thanks for posting :)

[@ChrisSmithHomes]

Thanks for watching, Grace!!! Not a dumb question whatsoever! The flood insurance on this property is prohibitively high AND required for a mortgage. It will cost somewhere in the neighborhood of $100,000 to raise the house to get an acceptable flood insurance premium. The reason that it is offered as a credit (instead of a reduction in price) is so that the Buyer would have money to make this expensive improvement after purchasing the home. This would allow a potential Buyer to roll the improvement cost into their loan. The Seller is flexible in terms of this $100,000. It could be taken as a price reduction if needed. I hope this makes sense

[@daisychainreaction]

@@ChrisSmithHomes oh that makes total sense! thank you!

[@LibbyRal]

What a gorgeous renovation that kept some of the older features - the built in phone shelf, the shapes of the doorways. And a producing avocado tree. For a horrible minute, I thought you said to 'raze' the property. Here in west coast Florida, people buy older homes in desirable neighborhoods, raze them and put up McMansions

[@ChrisSmithHomes]

That would be a tragedy!! The property needs to be raised to avoid high flood insurance costs. An issue all too common in Louisiana

[@LibbyRal]

@@ChrisSmithHomes , yep. Comes of being below sea level. And I imagine rates skyrocketed after Katrina.What boggles my mind is that the home in Jefferson Parish, along the higher land near the river, are only a fraction of the cost of a house in NOLa. My family is in 'Old Jefferson', where I grew up.