Is the value of a home affected if it has recently been entered into a flood zone?

I've made an offer on a condo which has recently been entered into a flood zone. This information wasn't known by the sellers or myself until after I signed for an offer. Is the value of a home affected if it recently has been entered into a flood zone? If I were to buy it, how much more difficult would it be to sell it later? Can this finding let me get out of the contract if I wanted to without any the the sellers keeping my deposit?Is the value of a home affected if it has recently been entered into a flood zone?
Tallahassee is correct, this isn't a simple answer. But when expenses go up, value goes down. Can you back out of the contract, depends on how it was written. You can to lose your earnest money. The key is when this change occurred. If the sellers received notice prior to your offer, but after listing the condo, then they should have disclosed it at the time of your offer. You will need proof as to when they were notified. Being in a flood zone doesn't automatically mean you will have one, but it does mean you will need to purchase flood insurance, or the association will. Either way you would have to pay a portion of it if you buy.Is the value of a home affected if it has recently been entered into a flood zone?
the other post is right so talk to your realtor (regarding possible cancellation and earnest money back if you want out) the realtor should be able to get you out since this is somethign that infringes onthe enjoyment of the propty and value (basic PA verbiage) good luck (I wouldn't buy something in a flood zone these days)