What does a 203(K) Consultant do?
The 203(k) consultant is someone who has been designated by a HUD Homeownership Center for the purpose of completing the Work Write-Up/Cost Estimate and the required architectural exhibits for the borrower. Below is an outline of how we guarantee you a successful project.
I. Site Visit:
• Consultant meets with the borrower at the site.
• A general examination of the work to be done determines if the project is feasible.
• Client signs Consultant Agreement and pays Consultant a retainer fee.
II. Consultant prepares a detailed Report which contains:
• Clear, concise project specifications
• Construction cost analysis
• HUD required draw request forms
• Preparation of contractor bid packages
• Preparation of lender packages
III. Consultant delivers the Report Package:
• Borrower
• Lender
• Contractor
IV. Selection of a Contractor by the Borrower:
• The Borrower selects a contractor.
• Buyers please note, banks have certain requirements for contractors. You should find out what they are.
V. Loan Closes:
• Repair funds are placed in escrow.
• Remodeling begins.
VI. Consultant Performs Draw Request Inspections:
• 1st Draw – Consultant insures permits were issued.
• 2nd and 3rd Draw – Draw request inspections are performed as work progresses.
• 4th Draw – A punch list is established.
• 5th Draw – The project is closed out. Warranties and lien releases are collected and submitted to lender.
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