03-17-2012 10:41 AM
03-17-2012 01:40 PM
I can't answer much of your questions because it looks like your farther ahead than me. I will close April 16, 2012. The process has been a bit of a head ache. The property manager just authorizes 3 days for the utilities to be on. So I have to plan the inspection and appraisal just days apart (hoping its possible). The realtor who I am working with knows a contractor who is familiar with 203k but doesn't want to bring him out to give me estimates on what I want done until the utilities are on (he wants to make sure there aren't any other things that need repaired that we aren't aware of) . Realtor wants him to come out with the inspector. Of course the appraiser needs to know how much the repairs will be to update the house so he came appraise the after repair value accordingly.
I'm frustrated because I've tried to find other contractors who are familiar with 203k in the area with out any luck. My mortgage broker is about 1.5 hours away, so she doens't know anyone locally. I've called several local 203K consultants but they are unwilling to give me the names of any contractors they work with out hiring them (consultants) as well.
The streamline 203k is the one I'm applying for, the work that needs done is minor, just floors and kitchen appliances. According to hud I don't need a consultant so I don't plan to hire one unless I find out that there is some major work that needs done during the inspection.
to boot, my realtor isn't too familiar with the process himself. He keeps saying we need a 203K certified contractor but this isn't true, I would just rather have a contractor who is experience with 203K so I wont have to explain to him how hes gonna get paid once I close.
@Needahome79 whats your story so far??
03-17-2012 02:20 PM
07-12-2012 10:49 PM
07-13-2012 06:45 AM
I received a conditional approval on mine within 3 days of app, But my LO is amazing and all he is does is 203k. Got my bids in quick and have not had any issues, I don't have much work ($11000) just appliances and countertops so mine may be easier. Just waiting on Appraisal and approving my 10 Conditions *fingers crossed* need to close by July 30 but have to have clean approval by the 20th to secure my deposit! I hate waiting!!!!!