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Updated over 9 years ago,
203k Nightmare ! HELP !
I will elaborate further if asked, but I would appreciate some advice and help.
December of 2014 I closed on a property using a 203k loan. The repairs required by FHA were rolled into my mortgage. The repairs were to include Roof Repairs, Exterior Trim, All Windows, Cellar Glass Block Windows, A pre-hung steel rear entry door, smoke detectors, some ventilation work such as the hot water heater vent, some electrical work such as defective wall outlets, Drain Tile ... The total of the repairs were approximately $20,000.
The contractor has completely botched some aspects of the job.
Again I will elaborate further if need be.
My two main concerns right now are getting a professional inspector with experience in this area to inspect the repairs that have been done in order to inform me of exactly what has and has not been completed properly.
I also need to retain an attorney, in Buffalo NY, that has experience with 203k loans in order to finalize what will or will not be owed to either party in order to move forward with a new contractor to have the job done correctly.
I also would like to talk with any interested contractors that realize they would not be paid up front for repairs once I will be able to have a new contractor on site. Unfortunately, all funds would be paid by BOA once the repairs are completed and inspected.
Thank you kindly.