Wednesday, May 15, 2013

HUD Inspection

Since we submitted our final bid from the contractors Monday we needed to set up a HUD inspection.  We scheduled that for today.  For the full 203k a HUD inspection is required in addition to a HUD appraisal.  The purpose of the inspection is to validate what is required to be fixed as a part of the 203k loan.  Since this loan is part of a government program they want to validate that part of the loan will be used to fix any safety issues with the house.  I was a little worried that something new would come up with this inspection.  I feel as if we know everything there is to know about this house but who knows if we'd missed something.  

Overall the inspection went well.  He only found three safety items that he is going to require in his report:

* GCFI plugs in the kitchen - included in our contractor bid
* Updating the electrical panel - included in our contractor bid
* Adding smoke detectors to each of the bedrooms - not included in our bid but easy enough to resolve

Once the inspector sends his full report to our mortgage person she will order the HUD appraisal and then everything goes through underwriting to finalize.  We are in the home stretch now and things should hopefully be quiet for the next couple of weeks before we close.  

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