Approved Plans Needed?

Is this part of a 203K? Most contractors working with 203K’s fudge the numbers because the Bank will have certain things that they will pay for, most buildings need far more than the 203K program finances and the house owner will need to add to the budget anyway, but the Bank does not want to see all the additional costs without proof of funds for the balance of what the contractor has estimated. The Bank does not want to hear that you are borrowing from your parents etc.. But until you have approved plans, the contractor really does not know what they need to build. The DOB may require additional items. Your whole question seems a little back to front, but by “Bid” you mean estimate? Which is all it is, an estimate.

resident2

in Brownstoner Renovation 11 years and 1 month ago

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condo13 | 11 years and 1 month ago

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My contractor gave me a bid that seems too high and I know that the bank will not approve it. He has told me that the bid can be adjusted (lowered) once the architect’s plans are approved. Does this sound legit? I’d rather not spend money on plan approval until the bank has given its approval.