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Maria Luisa Castellanos, R.A.'s Blog

By Maria Luisa Castellanos, R.A. | Real Estate Pro in Coral Gables, FL

PROTECTING THE HOMEOWNER FROM AN INEXPERIENCED OR AN UNSCRUPULOUS CONTRACTOR

Many foreclosures are left in very bad shape.  Often the new homeowner has to remodel the property before he can live in it or rent it.  For an article on how a homeowner can protect himself from an unscrupulous or inexperienced contractor, go to http://www.unitedarchitectsinc.com/hiring_a_contractor

For what needs to be permitted and what doesn't (for unincorporated Miami-Dade County), see http://www.UnitedArchitectsInc.com and then go to "Remodeling Foreclosures".

Comments

By Royal Kennedy,  Sun Apr 19 2009, 03:27
Ther are many good remodeling contractors out there the main thing to do is be sure that you know who your dealing with . Check references , see that they have insurance . The low ball price is most often the worst deal of all .If the deal sounds to good to be true than it usually is . http://www.albanyremodeling.com Frank R kennedy & Son Construction
By Rosie West,  Tue Jan 26 2010, 18:02
Whenever I sell a foreclosure or a short sale that needs a lot of work I suggest to the buyer that they should finance the house by applying for a 203K rehab loan. The contractor must be approved by the lender who will do the neccesary background check making sure that the contractor is legitmate. The advantage of the 203K Rehab loan is that the lender will inspect the work and pay the contractor in stages; the final payment is not paid until the lender sign of on the work (the rehab money is held in escrow at the closing it is included in the loan).
By Maria Luisa Castellanos, R.A.,  Tue Jan 26 2010, 21:13
Rosie,

That is a good start, but I have seen such crazy things that people do in regards to contractors, that I recommend that people read my article. Like all human relationships, a relationship between a contractor and an owner needs to be worked with and ground rules must be established. In addition, if it is a large project and the owner does not know a great about construction, hiring an architect to oversee the construction by doing periodic visits, reports, and reviewing the invoices can be a lifesaver to the homeowner.
By David & Samuel Rifkin,  Thu Jan 31 2013, 11:14
Thank you very much for this great information.
-David

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