Getting out of a 203k loan

3 Replies

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?

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

Well, if you don’t have a Lender Approved Contractor under contract for a price that falls within the appraisal, and they filled out the proper lender forms, you will Not be approved for the loan.....end of story.  I assume you had a financing contingency and if that is still in play simply cancel your contract under the financing contingency.