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Old 04-12-2012, 07:20 PM
 
38 posts, read 108,845 times
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So I talked with my agent who has also spent some time in the contruction business about getting a standard home inspection in addition to the FHA Consultants inspection (I am using a FHA 203k loan). He informed me it's up to me but said once he does the standard home inspection he will pick the house a part and point out all of the little things, he also pointed out everything that the inspector/consultant would mention. I know he will be checking the foundation, structure and anything related to the health and safety of the home for the 203k inspection but anything beyond that I do not know.

So my question is should I have the consultant also do a standard home inspection? Also this is a Fannie Mae property.
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Old 04-12-2012, 07:52 PM
 
Location: Dallas/Ft. Worth, TX
1,828 posts, read 5,554,492 times
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Quote:
Originally Posted by househunting523 View Post
So I talked with my agent who has also spent some time in the contruction business about getting a standard home inspection in addition to the FHA Consultants inspection (I am using a FHA 203k loan). He informed me it's up to me but said once he does the standard home inspection he will pick the house a part and point out all of the little things, he also pointed out everything that the inspector/consultant would mention. I know he will be checking the foundation, structure and anything related to the health and safety of the home for the 203k inspection but anything beyond that I do not know.

So my question is should I have the consultant also do a standard home inspection? Also this is a Fannie Mae property.
Your Agent is correct. The 203K Consultant is responsible not only to inspect and oversee any repairs but also to identify if anything else was missed that requires more work than what was accounted for in the loan. It just about equates to a basic home inspection. The 203K Consultant carries a lot of liability if they do not properly perform their job. It never hurts to have a second (different) set of eyes perform a very thorough inspection but it is your choice.

Unless your lender is calling the shots you typically hire the 203K Consultant. I would interview several and ask then what they will be doing for their inspection on the 203K side and if they feel there is any value to having a full second inspection performed. That can help you weed out a potentially bad 203K Consultant. When you interview the 203K Consultants make sure they have appropriate Errors & Omissions insurance to cover them if they do make mistakes. They have a lot of liability but don't expect the lender, Fannie, Freddie, or anyone else to step in and help you if the Consultant screws up! It will be left to you to go after the Consultant.

If you do have the full second inspection use a very good Inspector other than the Consultant to perform it. Don't be swayed by a Consultants "Lower Fee because I'm doing both inspections" reasoning. You won't be saving any money that way and the doubt would always be there. Make sure that Inspector also has appropriate E&O insurance.
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Old 04-12-2012, 08:37 PM
 
Location: El Dorado Hills, CA
3,662 posts, read 7,850,567 times
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Yes, and while the 203K consultant will look at all much of the house, does he check the furnace, AC, dishwasher, other appliances, electrical? Those are all part of a whole house inspection that might get overlooked. But I don't know your 203K consultant so I don't know if they do that.
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Old 04-12-2012, 09:19 PM
 
38 posts, read 108,845 times
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Originally Posted by NinaN View Post
Yes, and while the 203K consultant will look at all much of the house, does he check the furnace, AC, dishwasher, other appliances, electrical? Those are all part of a whole house inspection that might get overlooked. But I don't know your 203K consultant so I don't know if they do that.
I'll ask if he can check the electrical. The boiler is 44 years old and there is no AC so I'll be putting in central air and a gas furnace anyway and there are no appliances.
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Old 02-20-2013, 06:58 PM
 
4,453 posts, read 7,773,823 times
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Remember, all of the items you list will need to be completed. Its sometimes better to meet the minimum standards just to finish the 203k and be done with it, then add the extras later. If you add a million things, this project will turn into a nightmare for you. Inspections, re-inspections, and you will pay every time.

Last edited by Marka; 03-05-2013 at 11:35 AM..
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Old 02-21-2013, 08:42 AM
 
Location: El Dorado Hills, CA
3,662 posts, read 7,850,567 times
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Hopefully the OP got all the work done in the 10 months since he asked the question.
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