Sewer lateral inspection and deposit required - Oakland

By
Home Inspector with 203kOnLine.com, covering California & most other states S0289

Sewer lateral inspections are an everyday occurrence and that comes part and parcel with a $4500 refundable deposit that each buyer must put in play to insure the work gets completed in a timely manner. This is a requirement on every sale. It is a pretty simple test where a camera is run through the sewer lateral. In some cases the sewer lateral is pretty long and there have been no clean outs installed to to even do the test some "clean outs" must be installed. 

The camera will tell you if there is a break in the sewer lateral that would required replacement. If it is broken it must be repaired. It only makes sense. 

How does this interface with the FHA 203k loan guarantee program? Simply this, if you are doing an FHA purchase in any of the areas where cities and EBMUD have imposed this “refundable deposit” we have reached some middle ground. As long as we meet their criteria EBMUD, on a case by case basis, will consider waiving that fee.

Remember it is a refundable deposit to insure the completion of the work in a timely manner, therefore, since an FHA loan requires this type work is the first  work completed and must be part of the first draw it is now a good chance the fee can be waived provided you meet certain requirements that include but are not limited to having the work being included in the first draw, and having it completed within six months of the sale of the property.

If you are using a 203k consultant that isn’t aware of this potential waiver have them get hold of my office and we’ll show them what they need to know to achieve the desired result of no deposit.

*** IMPORTANT NOTE *** HUD requires septic and well work to be the first work completed on a 203k project - don't wait to get it done while doing other work or the lender doesn't have to release those funds until the septic or well work has been completed. It is not clearly addressed how this affect sewer repair so don't be caught off guard, get this work completed first to be safe.

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

With offices coast to coast and HQ now at PMB 168, 5055 Business Center Drive, Suite 108 Fairfield, CA 94534 1.707.812.7668. We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k porject giving you "fits" contact Mark from NV at www.203k911.com, is having more fun with this new site than anyone should. If you are looking for a quality 203k software for ease of underwriting and to help lenders and consultants provide quality service and reports to their clients.

Skype name: the203kconsultant

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Tom Huntley Renovation Lender 06/28/2013 04:52 PM
Topic:
Real Estate Sales and Marketing
Location:
California Alameda County San Leandro
Groups:
RE/MAX Active Rain Bloggers
Realtors®
Oakland Real Estate
Coldwell Banker Group
Century 21 Network
Tags:
richmond
orinda
san leandro
203k consultant oakland

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Rainmaker
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Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

No deposit for a lateral sewer inspection sounds like a great deal Mike. I would think that many should know about this.

Jun 17, 2012 12:03 AM #1
Anonymous
Anonymous

Mike thanks for sharing.  I am in agreement with Tom and will certainly do my part to share this information.  Thanks again.

Jun 17, 2012 12:39 AM #2
Rainmaker
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Mike Young
203kOnLine.com, covering California & most other states - Fairfield, CA
FHA 203k Consultant 707-812-7668

Thanks Tom and Rosemary, it is a big deal when you think about who we are trying to help. For the most part it is the very people who can afford it the least. We just need to insure the work is the first work done. Thanks for the comments. M

Jun 17, 2012 08:35 AM #3
Anonymous
Oakland sewer repair

Thanks author for your nice site and rocking discussed to Oakland sewer repair

<a href="http://www.bayareasewers.com/oakland-sewer-repair.htm">Oakland sewer repair</a>

Jul 28, 2012 11:41 AM #4
Rainmaker
434,723
Mike Young
203kOnLine.com, covering California & most other states - Fairfield, CA
FHA 203k Consultant 707-812-7668

No problem Oakland Sewer Repair, this just opens up a whole lot more potential customers for you. If you have a sewer lateral repair and the home owner doesn't have the funds to make the repairs they can now utilize the 203k and get the money at under 4% fixed for thirty years.

Jul 28, 2012 12:31 PM #5
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Rainmaker
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Mike Young

FHA 203k Consultant 707-812-7668
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