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A contractor for your 203k project

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

A contractor for your 203k project

We get calls weekly asking us for a list of contractors for one reason or another for projects outside our own projects… we don’t like to just pass out names or lists of names.

It isn’t what we do, sorry. We manage our contractors an pay attention to the amount of work load they have as we don’t want to over burden any of them. We can have a great contractor that we just pass their name out everywhere and all of a sudden we start getting complaints that they just aren’t responsive to the needs of their clients.

Therefore when someone calls us for the name of a contractor or two for one of their projects we would like to know a little bit about the project, location would be nice as we do like to keep the contractors close to home whenever possible. How large is the project? If it is very small some contractors don’t want to waste their time with it and other like those smaller jobs. It helps us recommend the “right contractor” for you.

Since the home owner is making an investment in a neighborhood or community we like to keep the contractor we recommend within that community as well as they also have made a commitment to that area, they hire from that area and create jobs from there, and all this helps support the infrastructure of that community.

Once in a while the community becomes secondary to price. The client may be more interested in saving tens of thousands of dollars than using someone close who might rip them off.

Part of our duty in an FHA 203k transaction is that we tend to protect our clients, the borrowers. As we put together a bid we also bid the job so when the contractor bids start coming in the client knows where the numbers should come in within a proximity to them in any case.

You can do business with anyone you want, you don’t have to use the lowest bid, in fact sometimes the lowest bid isn’t enough to get the job done and when the contractors realizes this they may jump ship and run. A fair price for what your project is makes everyone gain from the experience.

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.comWhat is your fee? 

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

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Comments(2)

Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Mike,

I'm always amazed at stories regarding owners being asked for additional monies that aren't due to changes in the scope of work.

Great post on the topic,

Steve

Aug 20, 2011 03:13 AM
Mike Young
203kOnLine.com, covering the USA - Stallings, NC
FHA 203k Consultant 916-758-1809

Steve,

I had one contractor years ago that wanted additional money for the upgraded kitchen cabinets. When I looked he had installed exactly what I had called out. When I pointed that out to him he immedately came up with another item where he thought he could steal the contingency. He came with the buyer so he actually never made it to our list. YOu would be surprised at how many contractors view the contingency as their money. HUD and this program forces it to be exposed and if not used, it is the borrower's money to pay down on their mortgage.

Thank you for the comment, 

M

Aug 20, 2011 06:29 AM