I need a 203k consultant inspection on a property, what does your schedule look like? is a question I get nearly every day.
I have to laugh as it changes hour by hour. The key is we are typically out on the site within a day or two. I had that question put to me about a week and a half ago for a 203k loan in Santa Cruz, they didn't have an accepted offer but any day they would. I've been down there twice on other projects since that call. They still aren't ready.
I received an email moments ago informing me that the client is purchasing a bank owned property and they are not giving much time to get their inspections completed and they are playing hardball. LOL, I have always found that to be the case with bank owned properties, the agents that work on them will take their time to get around to you but once they do, they want you to get in high gear and back to them in a few days.
Realistically we need about 17 days to get the inspections out of the way. Many contractors are busy and are taking 3-5 weeks to put together their bids. Not to worry. HUD designed the consultant piece to take two weeks, that is ten working days for you from Rio Linda... just kidding.
Once we have the order and schedule it we will inspect it and create the scope of work. We also bid the project with what we believe we can get it done for. Then it goes out to bid. The good thing is that the lender can get the appraisal ordered with our bid paperwork. The appraisers are taking a week or so to get out there and another few days to wrap up their report. That is 3-4 weeks if all goes as planned. Where did the 10 days go that the seller put on you for inspection contingencies? Right, it was gone a week or two ago. It just isn't realistic is it?
The underwriter then gets all this and takes a week or so to underwrite it. This is why it takes 30-45 days to close most 203k loans. It isn't all on one inspection, several people have to perform in a short period of time. We all have to do our due diligence. There are no shortcuts.
The fastest way to get the answers is to place the order in writing and preferably on one of our websites. ORDER HERE link and get into our system. Check it out.