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Old 10-27-2008, 12:43 PM   #1
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How much will the bank let ME do?

In reference to building my new home, I originally wanted a builder to come in and do it all. This was more as a favor to the honey who doesnít want me to procrastinate on our new home, but given the market activity, times have changed. Iím thinking about looking for a builder who will come in and build me a house sans flooring and kitchen. All I want in the bathrooms are the tubs and just the tubs, not the large one piece. I want to come in myself to lay all the flooring, tile, and kitchen install. Has anyone worked this route before? And if so, how do you handle the financing?

Iíve all ready taken a slightly different approach in finding my builder. I put a web-site together, hosting my plans and desires, and sent out mailings inviting people to bid on my house. Itís received a pretty good response and helped me avoid wasted time on the phone at early stages. Once I have my list down to 5, Iíll arrange sit down meetings for final negotiations.


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Old 10-27-2008, 04:06 PM   #2
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I'm not doing a new construction.... I'm rehabbing a foreclosed house... but the bank was nice enough to give me a construction escrow to cover repairs and renovations. I'd assume you have something similar where money is set aside by the bank to pay contractors as the work is completed.

In my case, I asked my bank, "what if I do some the work myself"? They said that was fine as long as any permits needed were pulled and inspections done etc.. And, in the end when the work is done, any savings would get reamortized back into my mortgage. A pretty sweet deal, really. Essentially, they've given me a budget and if I can undercut that budget, it'll reduce my monthly payment.

So, I'd say talk it over with your bank and see what their stipulations are about you doing the work.


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