Richard, Home Buyer in Philadelphia, PA

I bought a house last January, planning to use a Phil Loan to make it livable. I did some exploratory demo to

Asked by Richard, Philadelphia, PA Wed Jan 14, 2009

assess the situation to hel p with planning (I am an architect). There was more to do than the Phil Loan would cover so I began hunting for general contractors. One came highly reccommended, so I paid him to demo everything almost to a gutted shell level. Now I knew the underlying conditions and did the project. This same contractor wanted double what I estimated it should cost. I then spent 4 months to find a reasonable and trustwirthy contractor.
In the meantime, my mortgage company closed their renovation loan branch (their guy, who I had been talking to earlier on, moved to Wells Fargo so I am working with him, he's local to Philadelphia). He has taken 120 days /- and still no loan, just progressive disclosure of minutae without explanation.
Is there anyone out there who can take the paperwork as it stands and run it through a little faster? I do not want to restart the 60 day clock at this point.

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Richard,

Any property that needs work obviously carries more risk. Initial estimates rarely seem to come in and difficulties with contractors can be common. Wells Fargo is one of the premier banks with these types of loans. I would recommend a sit down with your loan officer to go over your options and your next steps. Banks are obviously being tight in terms of these tpes of loans as well as they carry more risk. The best person though to answer your questions would be your current mortgage professional.

Sometimes people get in over their head with these types of properties and just resell them to eliminate the risk altogether.

For more info, feel view to visit http://www.thesomersteam.com and http://www.phillyinvestorhub.com .
0 votes Thank Flag Link Thu Jan 15, 2009
Have they validated your contractor? It is just as important to determine if the contractor has paid his trade on time and that he has a verifiable reputation of quality and reliability. Your home must be completed within a certain number of days. Has your contractor presented all of his paperwork? I know this may sound simple, but in many cases you may have been approved credit wise, but the builder/contractor has not full filled his requiements. Has a "value added" appraisal been performed?
The lender's area manager is a gentleman by the name of Todd Owen and he is located in Doylestown. If you contact him I am confident he can get to the root of the delay.
0 votes Thank Flag Link Wed Jan 14, 2009
I will forward this to my banker and see if he can help.
If it does I will contact you. Do you have an e-mail address you can forward to me?
0 votes Thank Flag Link Wed Jan 14, 2009
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