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Old 08-28-2008, 01:06 PM   #1
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Lien waivers?

Okay... so I bought this "fixer-upper" foreclosure house from a heroin addict. lol... no, really.

Anyway... the bank was nice enough to float me a construction loan where they'll roll any improvements into my mortgage. The thing is... they want lien waivers for any work I get done. Fine. But, here's the thing... I asked the bank, what if I do some of the work myself? They tell me that's fine and they'll reimburse me for materials. Awesome! I just need to make sure I get a lien waiver from Home Depot, Lowe's, or wherever when I buy the stuff.

Ummm... I have the sneaking feeling I'm going to mention this to the ditsy cashier and they will have to get a manager and they'll all scratch their heads until I get frustrated and leave.

Has anyone done/heard of this?


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Old 08-28-2008, 02:16 PM   #2
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With the mortgage mess in the States now you will have to jump through more hoops than ever. Simply the bank wants to make sure they have sole claim on the home and you. Lord only knows what they will come up with next.


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Old 08-28-2008, 03:56 PM   #3
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Most of the big box stores (BBS) also do contracting... they should be familiar with the lien laws in your state. Start at customer service, contracting desk, or the manager on duty.

Your paid in full invoice or cash register tape should work for the bank...
Tape the register receipt to a sheet of paper...write down what work you did with the materials... ( the bank should love your sweet equity)

If you are buying on credit from BBS they could give you a conditional wavier of lien.. you take it to the bank... Bank write the BBS a take it back to the BBS... they give you the release of give that to the bank... ( the bank might work with the conditional release since they will have proof of payment once their check clears) The BBS will still have you charge this on their credit card they issue to you... lot's more protection for them. Don't be late will not want to pay late fees.

In Florida you might be required to hire a GC, GB, or RC to work on investment property if the work requires a permit.

Last edited by Big Bob; 08-28-2008 at 04:01 PM.
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