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.
FHA 203K Sample Cost Break down
Cost Consultant 203K Work Write Up
The work write up is summary of all the work to be done. You may have more than one contractor working on a different project so the write up will include all the work provided by each contractor as well as the cost of each project.
Here is a sample of a Work Write Up:
FHA 203K SAMPLE Work Write Up
For more detailed information about Work Write ups & Cost Breakdown check out the FHA 203K Web Cast: Interview with an FHA Cost Consultant and Sign up to listen to whole series. ( Part 3 of the interview goes into detail about Write ups and Breakdowns )
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