203K Inspections Long Island, NY
Unlike other kinds of home inspections, 203k inspections are designed to specifically target those who intend to apply for a 203k loan for property repair and rehab. When other inspections focus more on improving the immediate value of property concerning aesthetic appeal, features, and decorative remodeling, 203k HUD inspections concentrate more on determining the extent of damages on a given property including what requires to be done to renovate and restore it to ideal conditions. It also provides evidence that the property is indeed in bad shape and could benefit significantly from the loan.
Advantages of 203k Inspections Long Island
1. Long Island 203k Inspections are quite evident and straightforward. These inspections are a requirement to prove eligibility for a 203k loan for your property. Without sufficient evidence, it is challenging to get a 203k loan, but this is not the only benefit.
2. The inspection service also details the cost estimates covering all the main and minor aspects so you can apply for a loan that will facilitate your projected outcome. In simple terms, a 203k inspection will convince the lender to award the loan and also make sure the amount granted covers the entire repair and remodeling costs.
3. These inspections bring safety, security and a peace of mind to the borrower. It is also advisable to work with 203k consultants so that the legal aspects are not left out especially since there are various activities involved in repairing old and damaged property.
The 203(k) consultant is an individual that has been designated by a HUD field Office to complete the Work Write-Up/Cost Estimate and the required architectural exhibits for the borrower.
Duties of 203K Consultant
I. Site Visit:
- Specialist meets with the borrower at the site.
- A general examination of the work to be done determines if the project is feasible.
- If feasible, Client signs Consultant Agreement and pays Consultant a retainer fee.
II. Specialist 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:
IV. Selection of a Contractor by the Borrower:
- The Borrower selects a contractor.
- Buyers, please note, banks have certain requirements for contractors, 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 ensures permits were issued.
- 2nd and 3rd Draw – Draw application inspections are conducted as work progresses.
- 4th Draw – A punch list is established.
- 5th Draw – The project is closed out and warranties and lien releases collected.
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