Monday, October 8, 2012

Final Inspection for 203k Loan

Scheduled final inspection with the appraiser who came to my property at the very beginning. The entire process lasted about 30 minutes as she went around taking pictures of the work that was completed and specified on the contract by my contractor. She said everything looked really good, and as we were walking outside from the front units home, she saw that there was still termite wood damage on the roof eaves. She pointed at me that the contractor did not complete that work and that he did not completely paint throughout either. She said that HUD is very big on flaky paint due to the LEAD danger it imposes on the kids. She took pictures of it and said that what's going to happen now is that she is going to send her report to the bank and they will review her finding and most likely they will request for me to fix the problem and have her re-inspect AND pay for her revisit!

I obviously didn't want it to go this way, I wanted her to come, take pictures, and say everything looked fine and be through with everything! I started looking at the damage wood she called out, but in reality it isn't damage wood, it's damaged paint. My contractor DID cut the edges of all the wood that hangs over the roof, but this section didn't look as smooth as the other sections because the nails that were used to put the facing went different directions on the back with made the wood appear as it was termite damage... it was damaged alright, but it nail damage.

In any event, my draw center specialist called me the next day and informed me that the final check for my last contractor will be mailed out that day or the following! She didn't mention anything about the things my inspector/appraiser said! They probably realized that it was nail damage and not termite damage!

My draw center specialist also advised me that my contingency amount was not used and therefore it will reduce the balance of my mortgage loan. The reduction will lower my loan amount, not my monthly payments. At the end of my 30 year loan, I'll probably won't have to pay the last 3 months due to the contingency amount! 



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