There is a new law that mandates Carbon Monoxide monitors be installed in all residential properties in California. Lenders are taking this seriously! I had a buyer purchasing ashort sale in Sunnyvale that was scheduled to close last Friday, after several extensions. (The first lender kept asking for closings that were not physically possible to adhere to due to a second loan.) We managed to get to loan docs being drawn within 3 weeks of the approval on the second, a miracle in itself. This was on Wed., 2 days before drop dead close date. Loan docs were signed and sent by currier (for a cost of $180) back to the lender. Thurs morning, when they were supposed to fund, the lender said they wanted to see a picture of the required carbon monoxide detectors before they would fund. The picture was taken and sent back to the lender after a little hysteria on everyone's part and we closed on Fri.
Lesson learned. Plug in the little devise before the inspection before the appraisal, and save yourself a lot of last minute drama.
If you have any questions about short sales in Santa Clara or San Mateo Counties please feel free to contact me.
Marcy Moyer CDPE
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
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Comments
Odd that they required the install and pics. The law specifically states that the detectors are not required for property transfer (even though the homeowner is mandated to have them installed).
Looks like everyone will have to focus on details like this (in addition to all the short sale requirements out there now).
Glad you passed the test!
Real Estate Agent in Corona, California