You got me...

By
Home Inspector with 203kOnLine.com, covering the USA S0289

Received a message on my phone about a 203k loan draw inspection needed on Christmas Day in Modesto... no address, no name, just "this is the contractor on the job in Modesto, need an inspection at 3 pm today, I know it is Christmas Day but I really need the cash flow."

I was mystified and was laughing while thinking what a dufus the contractor must be to request it that way. I'm in Charlotte NC he is in Modesto CA...

About an hour later my son-in-law shares that he placed that order for the draw inspection. HA HA. 

I have another client last week that insisted I come out for a draw inspection in Madera on Friday the 29th of December... then called on Wednesday to tell me the part didn't arrive or was the wrong part and they needed to get a firm inspection scheduled if I could share my schedule.

Lets see, the new part will be here in 5 days... we have a holiday in the mix so

I asked "when will your part be there?" He couldn't say.

I asked what day will it be installed? He couldn't say.

I asked if it will be the correct part this time? He only said "I hope so"

Then I suggested that he actually get the part installed then call for the draw inspection... he didn't like and asked several more times before he understood the process.

1) get the work completed

2) Call for an inspection

3) Then we process the draw for what was completed

 

This week I did a final, the downspout on one side of the home directed all the water directly down at the base of the corner of the foundation... NOT GOOD. I was told it would be repaired today. That is nice but it isn't repaired now. 

Draw inspections are designed to pay the contractor for items that are completed or a % of completion at the time of the inspection. Not an hour later, not a minute later. Over the years, I've gone to lunch and come back to see something completed, I've gone to several other draws in the area and come back but we must see the completed work in order to authorize pay for the repairs.

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

Skype name: the203kconsultant

following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Improvement
Groups:
Realtors®
Century 21 Network
RE/MAX Active Rain Bloggers
Coldwell Banker Group
REO REALTORS
Tags:
manteca
modesto
madera
203k consultant
203k draw inpsections

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
137,307
James (Jim) Lawson, DBA
DomainRealty.com LLC - Bonita Springs, FL
Broker Associate, RSPS, BPOR, HI & PE

I've had a lot of experience dealing with contractors Mike and have heard a lot of stories, promises and outright lies. Nothing like eyes in the field when it comes to progress and completion inspections. 

Dec 31, 2016 10:49 AM #1
Rainmaker
2,562,968
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Mike, sometimes I wonder what some people are smoking 

Wishing you a Very

Dec 31, 2016 11:04 AM #2
Rainmaker
476,058
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

The 203k loan is an under-utilized tool. Many buyers could create equity by using the FHA/203k loan to buy and renovate homes that need some work.

 

Aug 11, 2017 09:06 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
599,661

Mike Young

FHA 203k Consultant 916-758-1807
Want to close your 203k loans faster?
*
*
*
*
Spam prevention

Additional Information