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203k Contractor Report/Bid
Our under contract period comes to a close on Wednesday. We just did the inspection, and everything turned out fine. We were supposed to meet with our GC right after the inspection so he could go through the house with us and talk renovation costs, but he never showed up.
Now we're working with a new GC, one that's actually experienced with the 203k loan process. He hasn't been able to see the house yet, but he says we should have some time to get his bid in. However, DH and I were under the impression that this needed to happen ASAP, like before Wednesday. Since it's the weekend we're having trouble getting in touch with our mortgage broker to find out what the deal is. Does anyone know?
Also, how extensive do these contractor reports need to be? We haven't really received any guidance on it...I'm assuming ours knows what he's doing, but I'm the kind of person that dots i's and crosses t's for myself and everyone else, especially when it comes to buying a house.
Re: 203k Contractor Report/Bid
How extensive are your repairs going to be?
I didn't do FHA but did a full gut on a renovation program very similar to the 203K- they pay out -10% as the project completes, so it's really good to have things detailed and such, and have pay stages set up before hand - because there is very little money they will put out up front. The budget is super important, and we couldn't close on the house without having all the renovation costs in place. It took us about a month to finalize the budget and specifications and drawings to get to a point where we could do an appraisal to close, and we had a 2 -month under contract period (from offer to closing). We landed up being 3 days late, but that was due to BS caused by the seller (good ole bank of America) - it was a bank foreclosure. I also had our budget broken down into materials/finishes and labor, so if I wanted to upgrade the flooring or tile or the appliance or something, I could budget in what the additional cost OOP would be to me
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