Good Morning Bigger Pockets!
I'm in a pinch. I spent the last 3 months getting a 3 flat under contract using an FHA 203k loan, as well as doing a lot of problem solving and going back and forth with the HUD consultant, the Contractor and the Architect.
On Thursday I finally did it and got all 3 on the same page! (a lot harder than it sounds) The architects plans and contractors scope of work was finally aligned and both the HUD and contractor agreed to the bid price.
However, on Friday, the contractor called me and said he refused to do the job as the FHA paper work said no upfront starting cost would be paid, (this is a standard rule for the size of repair needed, $196k). No issues were mentioned until Friday and the contractor advised he has done quite a few FHA 203k loans.......
Long story short, does anyone in Chicago know of a FHA 203k contractor they can recommend in short notice?
With all the back and forth between the HUD consultant, the Contractor and the Architect I am a month behind schedule and the owner is considering killing the deal.
I’ve already got $5k into this deal and if I don’t find a new contractor ASAP ill lose the $5k and the 3 flat due to a contractor not reading a contract and canceling at the last second….
Look forward to hearing your recommendations!!
Also if it helps, im already approved for the load and all paper work is done. (with the exception of the contraction now). I just need a contractor....
Thanks for any sugestions.
@Eric La Pratt maybe you can recommend your FHA contractor
@Phillip Faries Anyone can be an FHA contractor, it's just additional insurance requirement, go get a builder, pretty sure he knows how to read an FHA contract, adhere to it, and has money to start with. The 196k repair should get anyone's attention.
I've got a few, @Phillip Faries . Shoot me a message.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.