Two contractors on the same 203k project
Recently had a call from a consultant regarding the following scenario... The borrower wanted to do self help and manage two contractors on the project. ON the surface it seemed doable. The the lender said "we don't do self help". How can we still get the 203 accomplished. Let's hear from you on this and then we'll tell you what was done.
We have completed a few with multiple contractors on the same job and they were all nightmares. We don't recommend that you do this.
The big thing is that no contractor wants to be on the job with another contractor due to the liability issue. What if Contrator A is insured and Contractor B isn't but has an accident on the job, it becomes unclear as to who is responsible and whose insurnace should cover the accident. It isn't unclear to us but it might be to a judge and a jury.
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