203k Consultant — What It Involves with Home renovations
If you are a home buyer looking to secure FHA 203k financing, then you will have to work closely with a 203k consultant and coordinate your efforts with them throughout the process. Considering a residential property for purchase, you will have to look at the need for repairs and how much work needs to be done. It should not exceed the 203k streamline guidelines.
What Does the Site Visit Involve?
First, you will call up the local 203k consultant. Beryl Project Engineering of Tampa Bay, Florida, can help you to set up an appointment for an on-site visit. They will check off a list of things about the site to give a thorough examination. We will provide our clients with a tangible assessment and feasibility about the 203k loan requirements. Should we decide that the project will be a feasible option, then we will write up a formal agreement that will need signing, and the buyer will pay for a retainer fee. What you have to pay will depend upon the cost of the repair work.
After the Visit
Once we have visited your site, we will look for input regarding the buyer’s plans for renovation. Our 203k consultants will provide you with precise and accurate documentation that looks at the specifications and the scope of the project. We will also look at the detailed cost breakdown for what each repair will cost, and our 203k consultants will prepare a lender package that contains everything previously mentioned. In the final stages of our work plan, we will draw request forms that are based upon the work plan. We will submit all the information to the lender, the contractor and the borrower so that everyone understands what will take place.
After that has been done, a contractor will have to be chosen, and you will next look at the bids of the contractors. However, before you accept a bid, be certain that your 203k consultant has agreed to the contractor. A 203k consultant will pre-screen the eligible contractor and stipulate how the work gets done. We always advise that you work with a contractor knowledgeable in the 203k guidelines.