Beware! No Termite License Can Be a Terminator!

[caption id="attachment_430" align="alignleft" width="300" caption="No termite license can terminate the deal!"][/caption]

Recently a costly mistake happened that I thought would be a good idea to share with R.E agents, Sellers and Buyers. As an FHA 203k loan originator I am use to dealing with lots of moving parts and working with all those involved in the transaction. Recently though, to my surprise a transaction fell through that was already approved and over 30 days into the deal. So why did this deal crash? Because it was found out that the person who did the termite inspection was not licensed at the time of the inspection.

Wow!!! That was a first for me but never the less an easy solution. These were my options:

FHA 203K Tips - Contractors Bid and Work Write Ups

Contractors Bids

When you’re getting bids from contractors make sure the bid has a good description of the work to be done and a cost breakdown of the materials and labor involved.

If you receive a bid that is vague (lacking work details, labor and material breakdown) it will delay your loan so a clearly written out estimate would avoid any misunderstandings on what is expected and what is involved.

Here a sample of what you should be looking for when receiving a Bid from Contractor.