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Updated 9 months ago on . Most recent reply

User Stats

57
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22
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Tamara Taylor
  • Ayer, MA
22
Votes |
57
Posts

203k loan - help with contractor's estimate

Tamara Taylor
  • Ayer, MA
Posted

Does anyone have an example of what a contractor's detailed estimate of work should look like for the bank? My contractor just gave me a list of things to be fixed with $37,000 written at the bottom of the page. I don't think that will fly as a detailed estimate for the bank. 

Thanks for your help!

Most Popular Reply

User Stats

57
Posts
22
Votes
Tamara Taylor
  • Ayer, MA
22
Votes |
57
Posts
Tamara Taylor
  • Ayer, MA
Replied

@Wayne Brooks My lender said that as long as he's a licensed contractor, which he is, then he can do the work. I'm getting the streamline 203k so he doesn't need special certification. I've seen his work and I'm pretty sure I can trust him. I've known him for about 10 years. It's just that he's got too much on his plate at the moment and I kind of pressured him into taking on the project. He hasn't done a 203k job before so we're just winging it. 

@Dante Pirouz I found an example of the form online and filled it out with most of the things he had on his list. I took out some work that didn't really need to be done, at least not right away. I also added some numbers that I could figure out for myself and he can fill in the rest. At this point I don't know that I could find another contractor. I have tight deadlines. I did let him know that if he doesn't want the job he can back out now. So who knows, I could be looking for a new contractor tomorrow! At which point, I'll be back on BP with a new question ;)

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