Wilmington realtor updates potential requirement for disclosing … – WWAY NewsChannel 3

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WILMINGTON, NC (WWAY) — As we wrap up Severe Weather Preparedness Week in North Carolina we focus on keeping families safe during a flood or flash flood.
People in the market to buy or sell a home are paying close attention to flooding– and a home’s flood history before it’s put on the market.
Wilmington realtor Rob Morgan stopped by WWAY’s Good Morning Carolina to give more insight into a proposal under consideration by the NC Real Estate Commission .
Currently, standard property disclosure forms in NC have a section for optional disclosure of past flooding issues in a home.
“The seller who is filling out that disclosure form has the option to say ‘yes’, ‘no’ or ‘no representation’,” Morgan explained. “While you are asked about disclosing that information, you are not necessarily obligated.”
“What you are obligated to do is not lie.”
So what prompted this request to make the disclosure mandatory?  Morgan says there were a few factors at play.
“People have argued that FEMA flood maps are not as accurate as they could be,” Morgan said.
“In this area, particularly in the wake of Hurricane Florence, there were a lot of homes that flooded that were not previously in a flood plain,” he said. “There are also homes that have never flooded, that are in a flood plain.”
“The bottom line is that it is a material fact that home buyers should have the option to know more about, and that has prompted a lot of advocacy for the home buyer.”
For more background from a prior WWAY news story, visit here .
 



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