Sorry for the delay in updates
A certain big haired sister pointed out that I have not updated this in a while.
Not sure where to start. Since we are going through the 203k rehab loan process and weren't initially sure whether we were doing the less complicated 203k streamline or the full 203k process (3 main criteria determining which are 3 or less contractors being used, total rehab budget under $30K (maybe $35K), and any structural repair/work), we had to find general contractors that are 203k certified and there are not too many in NH.
We found 2 and had them come out. The first came through and basically did a second inspection, finding everything that needed repair or bringing up to code. Partially our fault for asking him to look at everything and then we could itemize things to what HAD to be done. He came back with a $56k estimate.
The 2nd guy we told him the main areas of concern that we needed bringing up to code and repair. Starting off, he gave a better impression and seemed nicer as well as easier to deal with though busy. However, his estimate only included an allowance for an electrician and the mortgage agent came back that we needed not an allowance but an actual figure for the work. There was a delay for the electrician's visit until early last week. But we got the estimate under $30K.
Meanwhile, I had made the mistake of giving Larry my phone number and email address. He sometimes would call me from his phone (the number showed up as restricted) and frequently would email me with estimates from various contractors (flooring, electricians, waste removal, you name it...) wanting me to use his people. I would repeatedly metaphorically bang my head against the wall while trying to explain to Larry that it was out of our hands and we were doing things as instructed by the bank, otherwise no mortgage. I finally cc'd Mark our realtor on one of the replies. Mark's first concern was how did Larry get my information because he is supposed to be the go-between. I confessed to giving Larry my information but now the emails have stopped from Larry. Thank goodness for that.
We got the estimate from the 2nd guy Friday that included the electrician's actual estimate and not an allowance but we need a copy that he has signed to give to the bank. It looks like we will be doing the streamline 203k version (one less intermediary in the form of a HUD 203k consultant). Our mortgage agent leads us to believe that 30 days after receiving the signed estimate, we can close. Hopefully, this won't be affected by all the holidays during that 30 day period.
I'll try to update as I can. I've been trying to work some extra hours this past month and forgot about keeping this updated.
Not sure where to start. Since we are going through the 203k rehab loan process and weren't initially sure whether we were doing the less complicated 203k streamline or the full 203k process (3 main criteria determining which are 3 or less contractors being used, total rehab budget under $30K (maybe $35K), and any structural repair/work), we had to find general contractors that are 203k certified and there are not too many in NH.
We found 2 and had them come out. The first came through and basically did a second inspection, finding everything that needed repair or bringing up to code. Partially our fault for asking him to look at everything and then we could itemize things to what HAD to be done. He came back with a $56k estimate.
The 2nd guy we told him the main areas of concern that we needed bringing up to code and repair. Starting off, he gave a better impression and seemed nicer as well as easier to deal with though busy. However, his estimate only included an allowance for an electrician and the mortgage agent came back that we needed not an allowance but an actual figure for the work. There was a delay for the electrician's visit until early last week. But we got the estimate under $30K.
Meanwhile, I had made the mistake of giving Larry my phone number and email address. He sometimes would call me from his phone (the number showed up as restricted) and frequently would email me with estimates from various contractors (flooring, electricians, waste removal, you name it...) wanting me to use his people. I would repeatedly metaphorically bang my head against the wall while trying to explain to Larry that it was out of our hands and we were doing things as instructed by the bank, otherwise no mortgage. I finally cc'd Mark our realtor on one of the replies. Mark's first concern was how did Larry get my information because he is supposed to be the go-between. I confessed to giving Larry my information but now the emails have stopped from Larry. Thank goodness for that.
We got the estimate from the 2nd guy Friday that included the electrician's actual estimate and not an allowance but we need a copy that he has signed to give to the bank. It looks like we will be doing the streamline 203k version (one less intermediary in the form of a HUD 203k consultant). Our mortgage agent leads us to believe that 30 days after receiving the signed estimate, we can close. Hopefully, this won't be affected by all the holidays during that 30 day period.
I'll try to update as I can. I've been trying to work some extra hours this past month and forgot about keeping this updated.