Financing a REO with 203k or convention renovation

[Johnny Debt]

Hello everyone,

I am currently purchasing a reo with financing from a 203k or conventional renovation loan. I am a very handy man myself and am able to make a lot of repairs on a house, however I am not a licensed contractor.

I understand the process as such. Once in contract with this type of loan I will have to bring a contractor in to get a job and cost write up. An appraiser from the bank will come to appraise the house in it's current condition. The appraiser will also take the work and cost write up from a licensed contractor and will appraise once again after the work ia done.

I believe I can save a lot of money if I do the repairs myself, however this is not possible with these type of loans. My question is, who dictates what is required to be fixed in q home for these loans. I would rather minimize the fix up cost and do the repairs myself afterwards. Is there a way for me to tell the contractor I only want to fix the house to pass appraisal?

Any help would be greatly appreciated.