Updated about 8 years ago on .
Estimating Renovation Cost During Escrow
I just placed an offer on a SFR. It will be owner occupied. It will be a major rehab and I will be doing additions to the house. I am currently prequalified for a rehab loan (homestyle) and the bank needs to know renovation cost to determine loan value. I am not sure how to estimate renovation cost as I/GC will need architectural drawing to determine SOW. How should I handle this situation? Do people usually get architectural drawing during escrow? Can I get a reasonable estimate from GC before architectural drawing is completed?