203k consultant in San Jose CA

The consultant's job is to write up the bid specification and that has some "due dilligence" that goes along with the responsibility. It is often interesting to me how the RE agent and sometimes the Lender will push to get this done in 3 days and start calling every day thereafter to push this to an end. Lets look at the process...

1) Lender gets the loan started, they typically have it a week or two then pass it to us

2) We make an inspection and inform everyone that it should take about 4 days to a a week to gather all our data and put to gether the bid specifications... then it goes out to bid to the contractor

3) Contractor may take a day or two (many times a few days more than that to provide their bid to us

4) The contractors numbers are input and checked to see they are reasonable.

5) The report get finalized and sent to the lender so the appraisal can be ordered.

6) The appraiser takes about 4 days to complete their report, then

7) The loan closes

Before 1994 the process took about 3 months or more to close a 203k in many cases, In 1994 when consultants were brought into the system it was designed to take about 6 weeks, but none of these 6 weeks was for the consultant, just the lender, etc... lol. NOT.

The consultant must do their due diligence too. Give us a week on smaller projects and up to two weeks on larger projects, and you won't be dissapointed. Just don't get everything else completed and give us 3 days to do all our work, there is more to it than that...

The 203k loan process can go quite fast if you provide a reasonable time for the inspectons and report writing.

M