Are you currently selling your home or planning to list your home in the near future? With the new carbon monoxide detector law in effect, it is important to be proactive in installing the detector prior to entering into escrow to avoid hold ups with the loan or added costs for re-inspection. Appraisers are now required to note if a carbon monoxide detector has been installed or not.
FYI....New HUD changes effective Immediately....please take note of the new requirements regarding Carbon Monoxide Detectors!!!
California Properties: Effective July 1, 2011, all California properties (purchases, refinances and on all loan programs) require a Carbon Monoxide Detector.
Since we do not want the borrowers to have to pay for a re-inspection fee ($150-$165) for the installation of a $45.00 detector, if the appraisers did not indicate if a detector is present, the Underwriter will condition for the borrower(s) to provide evidence of the installation of the detector (copy of the receipt for purchasing the detector and photo of the installed detector is sufficient).
We will not require a 1004D until August 1st to allow time for our AMC’s and borrowers to become compliant with this new California ordinance.
Please make sure all of your properties are equipped with a carbon monoxide Detector, and please make sure that this is pointed out to the appraiser at the time of inspection....
Information provided by Deanna Shimboff of Downtown Lending Group
http://www.downtownlendinggroup.com/
DRE LIC# 01848060
NMLS LIC # 230201
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