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 .
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.