All Forum Posts by: Brett Martin

Not selling my house. Its rehab loan

I closed on a loan In may. 203k loan. The specification of repairs with all work is 54900.00 with 4 grand in contingency. Our original contractor lost his license due to copyright infringement. We have had 6 contractors state that the s.o.r. quoted price of 54900.00 is about 30000.00 to low. For the actual work to be done it would cost upwards of 90000.00 They have all pretty much come up with those figures. No one is going to do the work at our quoted price. I've reached out to mortgage company and explained. They dont give a ****. My lender said he should be able to get me out yet is having difficulty. No work has been done. No money disbursed. Why the hell can't I get out? Whether take the loan and pay it back or something. This has been a nightmare. My deadline is October 10. This has caused tremendous stress . Any have any ideas for me? Thank you

The job is contractually written for 54900.00 . But for each project to be done he completely dumbed the price down. The materials are twice as expensive as he wrote. 5 contractors agreed that the job would cost 30000.00 more. The bid is low balled. And the plans drawn up are completely wrong. 

Makes no sense. I could email u both. My original contractor lost his license. There is zero chance of finding a contractor to do job for that price. Materials alone are much more expensive

The s.o.r. according to all 5 contractors we've met with said that it looked like 3rd grader drew it up and the actual quote of 54900.00 to do the work was off by 30000.00 . Low balled he'll out of it. The contract should be null and void right?

I'm wondering how much to construct a 10'+ / - dormer including frame interior for new left side bedroom doorway sheath siding roofing window. Was quoted at 13000. Including labor and materials. For a 203k loan. One contractor said that price was way outrageously low

My wife and I reside in norton mass. We are looking for a contractor knowledgeable in 203k projects. Our contractor is being sued leaving us in need.  Can anyone recommend a contractor?

No legal options? He violated the contract

No clause

I closed on a 203k loan almost 3 months ago. Present time the only work done has been a wall knocked down. I took out a 65000 loan built into my mortgage. My mortgage is 600 dollars more monthly. I was to have a new bathroom put in. My 2nd bathroom redone . New countertops. New floors. Dormers . As well as insulation. The contract states all work to begin no later than 30 days after closing and deadline is October 10 unless delayed.  Every week my lenders tell me he is doing this and that Trying to pull permits etc. I finally had enough and emailed the contractor 3 weeks ago. First time I spoke with him. He said he is being sued for copyright infringement and must cease all work until he can reopen his business under new name. He stated an interest in completing project. I have been trying to find a new contractor . No one is free or does not want to be involved. I tried reaching out to the actual contractor . He will not answer. My lenders have been useless. Throughout this whole ordeal they have been completely distant. I have had to rip their phone up to get answer.  That contractor agreed through signature ( legal document) to do work. No money luckily has changed hands. What are my options?