The contractor hasn't started work an we closed our 203k last week
By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
How many times to we hear this? I always tell the client at the consultation that THEY must tell the contractor when the loan closes because they just signed the paperwork. If they fail to do so the pot will boil over a bit and everyone gets upset yet NO ONE has told the contractor it closed escrow. We always tell the client that they are responsible to let us know when it closes, and we are more than happy to tell the contractor but in all cases the borrower is the boss and the boss should notify the contractor when it is time to start work. What happens once the contractor learns it has closed escrow? 1) The contractor will set up a meeting with the borrower and lay out a plan to get this project completed, 2) The contractor then buys and gathers materials for the project construc...