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  #1  
Old 06-23-2011, 09:20 PM
Lloyd Bonafide's Avatar
Lloyd Bonafide Lloyd Bonafide is offline
 
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Default Requiring carbon monoxide detectors?

We have a new state law in CA going into effect July 1 that requires carbon monoxide detectors in all single-family homes that have an attached garage, a fireplace, or a fossil-burning heater.

For those in states that already have similar laws, how are you handling this for FHA and for conventional reports?

I have a mortgage banking client that is going to require them. For purchases it should not be a big issue, but they are even talking about refinances. (???)
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Old 06-23-2011, 10:26 PM
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incognito incognito is offline
 
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How often must it be stated, "FHA does not require code compliance..."
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Old 06-23-2011, 10:47 PM
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Lloyd Bonafide Lloyd Bonafide is offline
 
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Right; but this is one smaller regional lender that is going to require it for everything, (even a conventional refi.)
  #4  
Old 06-24-2011, 12:23 AM
NORTON NORTON is offline
 
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Quote:
Originally Posted by incognito View Post
How often must it be stated, "FHA does not require code compliance..."
although FHA doesn't require code....I rarely see a lender that doesn't once the report states the subject property doesn't possess the required amount of smoke detectors according to California Fire Code. I assume they will follow suit regarding the carbon monoxide detectors.

according to this website: How Is The Law Enforced: People requesting homeowner loans will have to show that they have installed carbon monoxide detectors in their homes


I read elsewhere that it will be written into every sales contract in the state...maybe something else we get to verify!


http://www.hueandcry.com/blog/tag/ca...-monoxide-law/

Last edited by NORTON : 06-24-2011 at 12:32 AM.
  #5  
Old 06-24-2011, 02:05 AM
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Riick Riick is offline
 
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Quote:
Originally Posted by NORTON View Post
.............according to this website: How Is The Law Enforced: People requesting homeowner loans will have to show that they have installed carbon monoxide detectors in their homes

I read elsewhere that it will be written into every sales contract in the state...maybe something else we get to verify!
http://www.hueandcry.com/blog/tag/ca...-monoxide-law/
So if detector(s) aren't there when you appraise, do you think the BUYERS won't notice they still aren't there when they inspect prior to closing?
It's only your problem if your customer wants you to verify presence of CO detectors.
.
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  #6  
Old 06-24-2011, 03:14 AM
NORTON NORTON is offline
 
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Quote:
Originally Posted by Riick View Post
So if detector(s) aren't there when you appraise, do you think the BUYERS won't notice they still aren't there when they inspect prior to closing?
It's only your problem if your customer wants you to verify presence of CO detectors.
.
well I tell them and let them decide if there is a problem, vs it being my problem if an issue is later brought up...if they say they don't care, then they also don't care If I inform them....either way, the ball gets placed in their court.
  #7  
Old 06-24-2011, 03:45 AM
normando normando is offline
 
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If you mention about carbon monoxide compliance, are you opening yourself up for other lawsuits? Why stop at carbon monoxide? Why didn't you look at other code noncompliance in the house?
  #8  
Old 06-24-2011, 09:20 AM
rbrienza rbrienza is offline
 
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In Colorado we have had that law for at least a year. It is a disclosure form that the real estate brokers do for home sales. Why not take a picture (and put it in the report) of it disclose that as of the effective date it appeared to contain CO2 detectors. and move on.
  #9  
Old 06-24-2011, 10:12 AM
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Quote:
Originally Posted by NORTON View Post
well I tell them and let them decide if there is a problem, vs it being my problem if an issue is later brought up...if they say they don't care, then they also don't care If I inform them....either way, the ball gets placed in their court.
Bravo..
Years back I decided to follow same logic; I'd get creamed if I called for health/safety repairs on the low-income non-FHA loans I was doing for the CRA section of a bank's portfolio.
But, if I took a photo, pointed-out the problem, and said `The Lender may wish to have this health/safety hazard repaired.'
<< shrug >> Worked for me.

/
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  #10  
Old 06-24-2011, 10:22 AM
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I think it falls under health and safety. Smoke detectors are a FHA requirement
and if the law requires CO detectors, its not a stretch. I don't want to be on
a witness stand explaining why I didn't require a CO detector for an FHA.
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