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What is Happening in Baton Rouge After the Flood

by Pat Wattam

People are all wondering what is going to happen with our Baton Rouge Real Estate Market after the flood.  No one knows for sure but what I am seeing so far is some investors purchasing homes to flip, some people staying in their homes and doing the repairs, and others still undecided on what to do.  It all comes down to money for every person.  The FEMA money is usually not enough to rehab a house back to a living standard.  The people who had flood insurance actually will get enough to fix the house.  Those that did not have content insurance have really lost a lot, just like the people who had no insurance.  

What are the flooded neighborhoods going to look like?  Will the homes that are flipped really be nice or just cheaply done?  My suspicion is that the invesors will make the houses look really nice in order to get the highest possible price. If the investors are landlord types, then the houses will be done as inexpensively as possible - but all investors who have purchased my Listings are going to flip them.   I think most of these subdivisions will take more than 6 months to be complete.  I think the investors will get their homes up pretty fast as they have their own crews.  The people who are rehabbing their homes may take up to 9 months to finish - depending on the damage.  And for the subdivisions to totally be complete again could take over a year since a lot of areas that flooded were in our modest homes and those are the homeowners who will really struggle to fix their homes unless they had flood insurance.  The biggest thing that has to happen to move all of us back to normal is for all the debris to be picked up.  Once that is gone the subdivisions will start to take on their own look.  Of course, if it would quit raining every day it would definitely help!!

The city of Denham Springs has a lot farther to go with all the businesses that are damaged.  Some will never reopen.  Others will be open in time for the holiday season - I'll bet Juban Crossing is back in business by then!!  Again, money is the issue for most of Livingston Parish.  There just isn't enough money to help everyone.  Hopefully the government will pass out more money soon.  We have schools that need to be back up and running so that kids aren't doubled up in schools - but at least school is back in session so that gives the kids some normalcy.

Ascension Parish also was damaged and I haven't seen what is happening in the flooded subdivisions there yet.  People are still in shock and still gathering information so they know how to proceed.

This is a great time to pick up a nice property if you would like to be an landlord.  Unless you are an experienced investor with a crew to rehab a house - or if you are very handy - I would not jump into this market.  Another good piece of information is that we don't see a lot of price gouging happening with the homes that are did not flood and are up for sale.

If you need help weighing your decision on what to do with your flooded house, please don't hesitate to call 225-298-6900 and we will share information with you as watch our real estate market develop.

All About FLOOD INSURANCE in Baton Rouge, LA

by Pat Wattam

I spoke with my insurance agent, Andy Redpath at Baton Rouge Insurance Agency, and asked him what were some of the misconceptions people have about flood insurance.  I LOVED his response - these are the actual statements people have made to him.  I do believe this will clear up some of the confusion on when to buy and who should buy flood insurance.  I am adding my two cents in RED to what Andy has provided.  This is from my experience as a REALTOR and an investor who's rental property flooded during the GREAT FLOOD of 2016.

10 Misconceptions About Flood Insurance

 

1)    Buy it today because it’s raining. (Other than a mortgage closing when coverage is mandated, there is 30 day waiting period on new policies).  SO BUY IT TODAY anyway in case it rains again next month (this is Louisiana after all!)

2)    Buy it today because there is a storm in the Gulf and the rates are going up. (Rates are rates until the NFIP changes them, which they do periodically)  And if there is a named storm in the gulf you can't buy regular homeowners insurance either until the storm has passed.

3)    All flood policies have contents coverage just like homeowners (Contents coverage is a separate coverage under a flood policy).  That's interesting because when I got my flood insurance, the company that Andy selected had a policy that had contents coverage attached.  I have lots of clients who did not have contents insurance since they were in a low hazard area and the area had never, ever flooded.  I'm glad Andy didn't give me that choice because I would have probably selected that too!

4)    I’m a renter so I can’t buy flood insurance or don’t need it. (Renters do need flood insurance and can purchase it to protect their belongings).  Ask my tenants who lost everything in the flood in our rental property.  And if I had had flood insurance, it would NOT have covered their belongings.

5)    I’m not in flood zone. (All properties are in a flood zone and can buy flood insurance. Some zones are designated a hazardous zone and a mortgage company can mandate a policy).  My husband said the same thing.  $45,000 later, he wishes we had purchased it.

6)    I’m not in hazardous zone, so I don’t need flood insurance. (In many floods it’s estimated 30% of the properties that flood had never flooded before and were not in a hazardous zone). IN the GREAT flood of 2016, home that were not in a hazardous area flooded.  2 of the homes in my subdivision flooded over 2'.  The rest of us were fine.

7)    It can’t happen again. (Just wait and see).  Yeah, my husband said that too.  But we now have flood insurance.  Can't be too safe.

8)    My homeowners policy has a rider that covers flood insurance. (Homeowners insurance does not cover flood. Never…ever…ever!)  NEVER EVER EVER EVER!!!

9)    My flood policy has coverages just like my homeowners policy. (Flood policies cover structure and contents and are very limited compared to a homeowners policy)  Ditto

    10) FEMA will take care of everything. (Maybe, but I wouldn’t bet on it.).  Ask anyone who have been through the GREAT FLOOD OF 2016.  FEMA gave one person $7500.  That won't ever cover the flooring.  Another got $22,000 on a $125,000, with a $105K mortgage balance and a cost of $40K to fix it up.  Where is this single lady going to get the extra money.  And another person was turned down for a SBA loan because they had good credit, and good income.  They were told to go get a regular loan from someone.

3 Great Listings Ready to Go

by Pat Wattam

Doesn't a home that's high and dry with a pool sound good right now? All three of these homes are ready to go - just waiting for a new owner - from White Oak Estates to Santa Maria to the Lakes at LSU. Call The Pat Wattam Team at RE/MAX First or your REALTOR for more information. Priced from $325K - $1.82 Mil. 225-298-6900

17421 BEACHWOOD AVE
Baton Rouge, Louisiana 70817
For the person who wants something just a little different, this Mediterranean home is for you! This home and setting is perfect for the person who loves to entertain. The large backporch flows onto the large courtyard/patio surrounding the pool area. With the open floor plan inside, it is easy for your guests to flow from inside to outside! Read more here...

19461 OAK PARK CT
Baton Rouge, Louisiana 70809
NO FLOOD! Custom home w/GUNITE pool & lushly landscaped backyard. Refinished wood floors & stacked crown in the foyer, living & dining rooms. Amazing kitchen features a beamed ceiling, slab granite counters, tons of cypress cabinets, corner sink w/ window, 8ft. island with slab granite & prep sink, S/S appliances, ice maker, 6-burner Wolf gas stove, pot filler, large walk-in pantry. Read more here...

2052 ESTATES RD
Baton Rouge, Louisiana 70808
Located on a cul-de-sac, with views of LSU lakes, this remodeled home with a POOL has space for everyone. The views are breath taking from the large, WRAP AROUND front porch or most rooms inside the house!! The home has high ceilings, WOOD FLOORING throughout, and slab granite counters. Read more here...

 

Updates from the City of Baton Rouge

by Pat Wattam

We have compiled the latest information from the City of Baton Rouge regarding debris removal, a list of disaster recovery centers, and Disaster Supplemental Nutrition Assistance Program (DSNAP) information.

Debris Collection

For a map detailing flood debris collection status by zip code, please click here. We have also included a link here to a helpful infographic on how to prepare debris for collection.

The following information courtesy of the City of Baton Rouge website

Disaster Recovery Sites

DRC Sites currently open in EBR - 8:00AM - 6:00PM

New Hope Outreach Center
5925 Greenwell Springs Road
Baton Rouge, LA 70806

Second Baptist Church
914 North Acadian Thruway West
Baton Rouge, LA 70802

Zachary's Men Club
5746 Rollins Road
Zachary, LA 70791

St. Louis King of France Catholic Church
2121 N. Sherwood Forest Drive
Baton Rouge, LA 70815

There is also one mobile disaster recovery center:

City of Central Parking Lot
13421 Hooper Road
Central, LA 70818

Disaster Supplemental Nutrition Assistance Program (DSNAP):

Four Disaster Supplemental Nutrition Assistance Program (DSNAP) sites will begin operations Monday, August 29, 2016 through Saturday, September 3, 2016 from 8:00AM - 4:00PM.

Council on Aging Activity Center
6955 Florida Blvd.
Baton Rouge, LA 70806

F.G. Clark Activity Center
798 Harding Boulevard
Baton Rouge, LA 70807

Gloryland Baptist Church
6745 Greenwell Springs Road
Baton Rouge, LA 70805

Louisiana Leadership Institute
5763 Hooper Road
Baton Rouge, LA 70811

Baton Rouge Flood Information and Resources

by Pat Wattam

The Pat Wattam Team has compiled a wealth of resources to assist those affected by the flood. Our Baton Rouge Flooding page is now up and contains information on disaster relief, volunteering and donations, school information, contractors, debris removal and more. If you need home repair, we have people we can put you in touch with. If you need to make a home purchase or find a place to rent immediately, we can help

Our goal is to assist the community by continuously updating this page with current resources for those in need in Baton Rouge. If you are looking for resources to assist you or someone you know who has been affected by the flood, visit the page here and check our blog frequently as we will be updating it with useful information for our community.

 

New City Ordinances Help Those Impacted by Flooding

by Pat Wattam

Four ordinances were authorized by the Metro Council yesterday to help those impacted by the flood. The following information has been provided by the City of Baton Rouge...

"1) TEMPORARY HOUSING ORDINANCE AND UDC WAIVERS: Waiving and suspending enforcement of certain provisions of the City-Parish Code of Ordinances and the Unified Development Code regarding temporary housing, parking of motor homes on residential streets, parking in the grass, and single-family occupancy of dwellings for a limited period of time in response to the emergency created by the historic flooding in order to preserve the public peace, health and safety. More info: http://brgov.com/emergency/files/2016Flood/docfile-1.pdf

2) TEMPORARY NOISE ORDINANCE WAIVERS: Waiving the provisions of the City-Parish noise ordinance so as to allow construction work in or adjacent to a residential area from 5:00 a.m. until sunset on weekdays and Saturdays for a period of 90 days. More info: http://brgov.com/emergency/files/2016Flood/docfile-2.pdf

3) TEMPORARILY WAIVING PERMIT FEES FOR STRUCTURES DAMAGED BY THE FLOOD: Amending relevant ordinances so as to waive permit fees on property damaged during the 2016 flood. More info: http://brgov.com/emergency/files/2016Flood/docfile-3.pdf

4) CITY-PARISH ADMINISTRATIVE LEAVE POLICY CHANGES: Granting administrative leave with pay to employees who are unable to report to work due to the state of emergency, under certain circumstances and approved by the employee’s appointing authority. More info: http://brgov.com/emergency/files/2016Flood/docfile-4.pdf "

If you are looking for resources to assist you or someone you know who has been affected by the 2016 Baton Rough Flood, please visit our blog as we will be updating it with useful information for our community. You can to click here to visit our blog.

Information courtesy of https://www.facebook.com/cityofbatonrouge/

Mold Testing Tips

by Pat Wattam

Take care of the following before you put sheetrock back up...

1. Do a moisture test on the studs and any wood

2. Do a mold test - takes several days to get results.

The level of drying needed before rebuilding according to FEMA is as follows:

> 20% = wet, no good
15-20% = partially dry, caution
< 15% = dry, ok
 

Putting up sheet rock too soon can result in mold growing behind the sheetrock, then coming through the sheet rock, and then you have a SERIOUS and EXPENSIVE repair to do. Kevin Dinkel of Advantage Services is continually putting up helpful videos on his Facebook page here. Visit the website: http://www.extramileteam.com/ for more information or call (225) 753-8114. Advantage Services offers home inspections, moisture tests, mold tests, termite inspection and treatments. I believe we have lots of good inspectors in Baton Rouge to help everyone with this.

If you are looking for resources to assist you or someone you know who has been affected by the 2016 Baton Rough Flood, please visit our blog as we will be updating it with useful information for our community. You can to click here to visit our blog.

I have lived in Baton Rouge all my life and have experienced all the hurricanes that have come through here since the late 1950's. The Greater Baton Rouge area has NEVER experienced anything like "The Great Flood of 2016". I can also say that I have never been prouder of how the citizens of south Louisiana have responded to their neighbors in need. 

More information is coming out daily on what to do to start rebuilding your home. Below is information on loan program available through the FHA to enable homeowners and home buyers to repair flood damaged homes. 

 

What is the FHA 203h Loan?

The FHA 203(h) program allows FHA-qualified lenders to offer FHA loans specifically to those who have either lost their homes in the disaster or have had extensive damage to the home. The FHA rules for 203(h) loans say, “Individuals are eligible for this program if their homes are located in an area that was designated by the President as a disaster area…(these) mortgages may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of the homeowner.”

These loans are no-downpayment mortgages and borrowers may apply for 100% financing of the loan. The FHA requirements for these home loans also includes, “Closing costs and prepaid expenses must be paid by the borrower in cash or paid through premium pricing or by the seller, subject to a 6 percent limitation on seller concessions.”

How does the FHA 203(h) Loan Program Work?

The FHA 203(h) mortgage insurance program for disaster victims was created to help victims in Presidentially designated disaster areas get back on their feet. Its purpose is to help those victims become home owners or for those who previously owned a home in the disaster area, to rebuild or purchase a new home.

Like all of the FHA mortgage insurance programs, the FHA 203(h) program reduces lender risk by insuring mortgages made to disaster victims against default by the borrower. This makes mortgages for borrowers in these disaster struck areas more available.

The FHA 203(h)-insured loan offers many of the same benefits as the FHA’s 203(b) mortgage loan and more. Some features of this program for disaster victims are:

  • No down payment:  Unlike the 203(b) mortgage, borrowers with loans insured under Section 203(h) are eligible for 100% financing.
  • Limited Fees:  Many of the fees normally charged by lenders for conventional mortgages are capped under the FHA program. Other fees like property appraisal and inspection fees are actually set by the FHA.
  • Loan Limits:  HUD sets FHA loan limits ($271,050 in the Greater Baton Rouge area) depending on the area where the property is located.

All of these features help to make home ownership more obtainable for individuals in areas struck by disasters.

Applying for an FHA 203(h)-Insured Loan

Again, if your home was severely damaged or destroyed in an area that was subsequently declared a Federal disaster area by the President then you are eligible to apply for assistance under this program. Application for an FHA 203(h) loan must be made within one year of the area being declared a disaster area.

 

Bill Arey  REALTOR

The Pat Wattam Team

ReMax First  

225-329-4349

FEMA and SBA INFO Louisiana Flood 2016 - Baton Rouge

by Pat Wattam

Many clients have called me to get informatoin on what to do next.  This is the information I have gathered so far with my personal experience with one of our rental houses that flooded.

If you are a home owner and your personal home flooded and you have flood insurance, your first call is to your insurance agent.  Your next call is to FEMA or to register on line.  The web site to register is http://www.disasterassistance.gov.  If you would prefer to have them take your application over the phone, the phone number for FEMA is 1-800-621-3362.  My wait time was between 20-30 minutes and it takes about 20 minutes for them to take the application.  You can then elect to do everything on line - nothing is emailed to you, you have to set up a password and an account to look at things they send you.  You can also elect to do everything via regular mail.

If you are a home owner and did not have to have flood insurance (not in a flood zone), your first call is to FEMA - same as above.  You will be elibigle for up to $33,000 in grant money assistance.  One of my clients said that when she did the FEMA application on line, it sent her to the SBA site.  Not sure why but just make sure you apply with FEMA and get a FEMA claim number.

IF if it your rental property that flooded and you do not have flood insurance, even though FEMA has nothing for you, during my application with SBA (Small Business Administration) to get a low interest loan, it asked for my FEMA number.  So, I suggest you go ahead an apply for FEMA - in fact, our governor told us to all be sure to register with FEMA so I did.  The phone number for the SBA is 1-800-659-2955.  FEMA person also told me to call IRS at 1-800=829-3676 and ask for publication #2194B.  I think that was to see how the cost to repair our rental would impact taxes.  Haven't checked that out yet.  

FEMA  1-800-621-3362 Helpline

SBA  1-800-659-2955

 


Mold Testing for Flood Victims

by Pat Wattam

 

I received this information from Advantage Inspections Today.  Just pulling out the wet flooring and sheetrock isn't enough.
See Below from Kevin Dinkel.
Mold Testing for Flood Victims
Have Peace of Mind Knowing Your Home is Safe 
Mold and bacteria have ideal breeding grounds in the warm, damp flooding areas of Baton Rouge and surrounding parishes. Exposure to these harmful organisms may affect your and your family's health. The CDC warns that "molds can cause nasal stuffiness, throat irritation, coughing or wheezing, eye irritation, or, in some cases, skin irritation." Contact with mold and harmful bacteria may cause severe reactions for those with weaker immune systems, children, and the elderly. 


We are ready to work to bring Baton Rouge residents back to safe homes. If your home or office was impacted by flooding in the past few days, please give us a call at Advantage Services (225) 753-8114 to inspect your home for harmful bodies that may have grown while you were away. 
If you know someone in need of an inspection, please pass this information along. We would like to wish you and your loved ones a safe and speedy recovery!

 

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Pat Wattam
RE/MAX First, Independently Owned and Operated
4750 Sherwood Common
Baton Rouge LA 70816
Office Direct: 225-298-6900
Office Main: 225-291-1234
Fax: 225-295-1234

RE/MAX First
Each Office Independently Owned and Operated
Main: 225-291-1234

Licensed by the Louisiana Real Estate Commission