The new standards require appraisers to operate appliances, inspect the electrical box, flush toilets, turn lights on and off, turn on all faucets and check hot/cold water, inspect for proper drainage around the house, perform a head and shoulders inspection of the attic and crawlspaces, ensure that electrical outlets work and are properly covered, ensure that the air conditioner works (if present), verify if pool equipment is working (if present), and a number of other requirements that have some appraisers wondering if they are appraisers or home inspectors according to Isaac Peck, Editor of Working Real Estate Publication!

FHA is one of the most popular methods of financing a home today in Connecticut since only a 3.5% down payment is required plus the purchasers are able to qualify for a larger mortgage amount due to their higher qualifying ratios.

Home sellers should get the jump on these new standards before they become an issue later.