203k Loan Procedure

What happens when a 203k closes escrow.... 

The first thing is that no one knows it closed until it closes... sounds odd but only then does the buyer and his lender know it closed. I had a call from a client a while back who, after four days was upset that the contractor hadn't started work yet. The contractor and I don't have a clue that the loan has closed until someone lets us know. Only upon notification of the close does the contractor then begin coordinating the materials for the work, and work out the logistics of how the work will be done. assess who he has to run this particular project, and get a schedule planned. 

Lets be sure to notify the contractor of the loan closing to give them the time to plan. This "planning time" is crucial to making this project flow properly. If you are going to be plastering, you can't be painting at the same time so the plaster must be dry before you paint, as an example. You also want to paint the interior prior to laying the carpeting. These are not big issues but important ones and most contractors are experts at planning that project to "FLOW" smoothly once they do start.