HUD Wants FHA Buyers to Have Home Inspections

HUD Wants FHA Buyers to Have Home Inspections

Starting on Sept. 14, 2015,  HUD is making it mandatory that  lenders inform their borrowers when they first meet to advise them to get a home inspection prior to purchasing a home. This mandate will be added to the HUD/Federal Housing Administration Single Family Policy Handbook and will include a document called "For Your Protection, Get a Home Inspection." Buyers will be given this booklet and will have to sign the disclosure saying they were advised and received the booklet.

HUD has asked the American Society of Home Inspectors to provide buyers with information about why they should get a home inspection, why the FHA does not guarantee the value or condition of a new home, and information on radon gas testing and other safety and health issues.

Of course this is just another disclosure and more work for the lenders and real estate agents too but I really think this is a good idea. Usually I think the added steps the government makes us do is a waste of time or repetative but I am in agreement this time.

My brokerage, Keller Williams, makes all their agents try to get their buyers to get a home inspection. If they refuse, we have a form they have to sign saying the agent told them to get one but they refused.

Are Home Inspections Important When Buying a House .........Absolutely

It is your choice to have a home inspection but I highly recommend you do. The home inspector goes through the entire home and looks for minor items but more importantly looks for major issues that can be red flags about the property.

 Here are items found in the attic by the home inspector. When they were removed the following week, all kinds of old stuff had been up there for years. Carpeting, bedframe wrapped in newspaper dated 1978, boxes of linens, pillows, and other junk. No one had found these items for 45 years!

Major roof leaks, any kind of major water intrusion problem, HVAC not repairable, appliances not working, cracks in the foundation, electrical problems that could cause fires. You will spend approximately $225-$350 to hire a home inspector and this will give you peace of mind before closing escrow. Better to know now then to be suprised later.

Thanks for Reading my Real Estate Blog......