10b. Electronic filing addendum
10c. Owner-occupant addendum
10d. Home Inspection & Appraisal
10e. Other Important Addenda
Read the full Chapter Ten in one page
HUD offers a disclosure that notes how important it is to Get a Home Inspection. A home inspection allows buyers to evaluate the property’s physical condition and the condition of the mechanical systems on the property as well. This document serves to point out that home inspections and home appraisals are two very different things and they serve very different purposes as well.
An appraisal is designed to estimate the property’s value and to ensure that homes meet minimum property standards. This important form allows buyers to waive their right to a home inspection or to opt to have a home inspection completed on the home. Once HUD signs a contract, buyers are usually allowed 15 days to have a property inspection completed.
These inspections may be done in a two-day period when utilities are activated. In order to request utilities to be activated so appraisals and inspections may take place, a special Utility Activation Form must be filled out. The costs associated with activation and deactivation of the utilities will be the responsibility of the buyer.