under the asking price or over?
have you checked out its flooding potential on the environment agency website?
you could always accept subject to survey and if the survey brings up a huge risk then pull out
but try and imagine moving all your stuff in and then being a foot deep in water containing raw sewage and the like - it's not only the water, it's the smell, the impact on insurance etc.
but I would get that risk properly assessed first to see where you stand (through the survey) because there could be flood defences going in the town/village etc.