For Your Protection: Get a Home Inspection

Name of Buyer (s)

Property Address

Why a Buyer Needs a Home Inspection

A home inspection gives the buyer more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in -depth, unbiased look at your potential new home to:

• evaluate the physical condition: structure, construction, and mechanical systems

• identify items that need to be repaired or replaced

• estimate the remaining useful life of the major systems, equipment, structure, and finishes

Appraisals are Different from Home Inspections

An appraisal is different from a home inspection. Appraisals are for lenders; home inspections are for buyers. An appraisal is required for three reasons:

• to estimate the market value of a house

• to make sure that the house meets FHA minimum property standards/requirements

• to make sure that the house is marketable

FHA Does Not Guarantee the Value or Condition of your Potential New Home

If you find problems with your new home after closing, FHA can not give or lend you money for repair s, and FHA can not buy the home back from you.

Radon Gas Testing

The United States Environmental Protection Agency and the Surgeon General of the United States have recommended that all houses should be tested for radon. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-Radon or 1-800-767-7236. As with a home inspection, if you decide to test for radon, you may do so before signing your contract, or you may do so after signing the contract as long as your contract states the sale of the home depends on your satisfaction with the results of the radon test.

Be an Informed Buyer

It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector. You may arrange to do so before signing your contract, or may do so after signing the contract as long as your contract states that the sale of the home depends on the in spection.

I/we understand the importance of getting an independent home inspection. I/we have considered this before signing a contract with the seller for a home. Furthermore, I/we have carefully read this notice and fully understand that FHA will not perform a home inspection nor guarantee the price or condition of the property.

______ I/We choose to have a home inspection performed.

I/We choose not to have a home inspection performed.

After You Buy Your Home

You’ve survived the whole process of buying a home and you’ve carried your first box of personal possessions through the front door, but now what? Here are some helpful tips and reminders to keep in mind now that you’re officially a home owner.

Things to do:

‡ Change the locks!

‡ Re-code the garage door opener and key pad, and anything else that requires a code.

‡ Change your address at the post office. You’ll need to bring your HUD settlement statement that proves you are the new owner.

‡ Transfer/set-up utilities

‡ Do a safety check of all smoke and carbon monoxide detectors, fire extinguishers (in kitchen and garage), and safety ladder(s) (if your home is more than one story)

Things to keep in mind:

The lender who processed your original loan may change. The lender can sell your loan to another lender at any time for any reason. Don’t take it personally! The sale of loans between lenders has nothing to do with you. In the event your loan is sold, you will be contacted by both the original and new lender.

Making mortgage payments

Your mortgage payment will always be due on the 1st of the month an late charges will accrue on the 15th. If you fall 30 or more days behind in your mortgage, you will be reported to the credit bureau. If you make one additional mortgage payment per year, you can reduce a 30 year fixed loan by eight years! Be sure to verify with your lender that prepayment penalties do not apply to your loan.

Your Mortgage Payment Amount May Change

If you have an adjustable rate mortgage, your payments of principal and interest can change. Be sure to review the terms of your loan to be ready for potential increases. If you need help deciphering your loan, contact a HUD-approved Housing Counseling agency, such as the Boulder County Personal Finance Program 720-564-2275 or BoulderCountyPFP.org) to help you review. Taxes and insurance rates can change, even with a fixed rate mortgage. Your principal and interest will never change with a fixed rate mortgage. Homeowners Association (HOA) fees can also change annually.

Notes:

WHAT USES ENERGY IN YOUR HOME?

Tips For Saving Energy

Turn down thermostat when away or asleep

Open curtains during day

Caulk leaks in windows

Turn A/C down or off when away or asleep

Close curtains during day Use fans to circulate air

Set sleep mode on electronics (found in settings menu)

Unplug appliances with displays when not in use

Set fridge temp to 36 - 39°F and freezer to 0 - 5°F

*If your knob has numbers labeled 1-5, set fridge to 3; if labeled 1-9, set to 4. The higher the number, the colder the fridge will be*

Turn down water heater temperature to 120°F

*If your water heater has a knob, turn it to the icon*

Wash clothes in cold water

Add aerators to sinks to reduce water usage