I’m newbie. My Mortgage officer told me that if I do work on my house myself all the money would go to the Contractor that made the bid even if he did not do any of the work. I wanted to know if I could be my own General Contractor and hire the subs myself. In other words is there certain qualifications the Bank look for a General Contractor to have. My subs would pull thier own permits.
Well that really depends on the bank. Hard money lenders Do allow you
to G.C. yourself with a builder’s risk insrance policy. If the loan is with a
larger company like WellsFrgo for example, they want to deal with Only
Licensed contractors that are listed on bid and will pay That contractor
no matter who does the work (in most cases). You can however request
a change in contractor if things don’t work with original person. It slows
down the process so have all your ducks in a row before you close…
Thanks for the response. Too late I already closed, my orginal GC has not returned my phone calls. I know I moved to fast without making sure everything was fine. This is my first property like this. It took over two weeks to close after REO Bank recieved the money. I’m just trying to continue. Now I’m looking for sub contractors (out of pocket expense) to be there when they say, not change the prices, etc… This experience is not good currently but I’m sure everything will work out. If any one knows a good GC in Cleveland, Oh let me know.