TOPIC: FHA Compliance Inspections

Yes and no, there is way more travel time, but way less time on location. I always try to schedule them in groups or add a traditional home inspection into the trip.  I work seven days p/week.  I don't care where I am or what type of inspection I'm performing, just as long as I'm making money....

At my age, the FHA's are quite nice, no need to crawl attics or sub areas.   There are NO 3-4 hour inspections and no agent or seller barking at you while you're there.  The development staff is always helpfull and try very hard comply with whatever request you might have.   

For this type of revenue stream to be successful, you must be in an area where new home construction is taking place.  It helps to have a broad service area base so you can add FHA's to your traditional home inspection schedule.  If I had to drive 500 miles one way for a single FHA job, it's not profitable.  I do make exceptions for one of my clients, who has given me 72 FHA inspections so far this year.  When they say "Go", I just jump in my car and make it happen.  I've even hopped a flight to a couple of the more distant locations.   Fly in the AM, rent a car, perform 3-4 inspections and fly home that night. 

I'm off for dinner, the hotel desk referred me to what is described as the best "Catfish and Hush Puppies" west of the Mississippi.

"Farmers Catfish House" in Modesto California.  Its about 20 miles from my hotel, what the heck!

What rate can you charge for these inspections, or does FHA pay a set rate?

Will, sounds like foundation inspections sometimes a lot of run around.

There is a $400 fee cap allowed by FHA to be passed along to the borrower.  I charge $300 in county and $375 in all other areas.  I decided several years ago to price the compliance inspection much like the FHA appraisal fee.  It's worked out well to date....

BTW, the inspection is not paid for by FHA.  It's a requirement for a borrower to obtain FHA mortgage insurance with the FHA loan.  I bill the lender directly, they pass the charge along to the buyer with the other buyer related loan and escrow related charges.  The lender is not allowed to tack on any additional fees to the cost of the inspection.

There's a few guys on the board that live near Modesto (I just set up www.amodestohomeinspector.com today) you should work dinner in when you travel   How many inspections did you have in Modesto?

yes I do them as well here in NH easy work but lag time on payment