List Of Repairs?
When giving the list of repairs to the bank I have been using a blank sheet that says "list of repairs" at the top and then lists all items along with a price and a total at the bottom. Contractors are such a pain to actually get them out there and give you an estimate within the time frame you need.
So here is what I am thinking, create a letterhead for a fictitious construction company and make it look like a real bid from a reputable construction co so that I get the same affect from having a real bid done without having to wait on flaky contractors.
Anybody have any thoughts on this, would this be legal to do? Thanks!
Why not create a real company- Qwest Rehabilitation or whatever- that you own and make a "real" estimate? Doubtful you would have to disclose that it is an affiliated business, and this would avoid the potential of fraud- assuming you used real, justifiable numbers...
Chris
That is a good idea. This could be as simple as a DBA which is almost free to do.
You dont need to create a rehab company ... Just give the lender your list of repairs with your opinion of costs.
They will compare the BPO with your list and if in line youll be fine... I have yet to have a lender ask for a "Contractors" opinion...
Michael
BTW if you need a BPO or repair list I have them.
Michael Quarles
Have you ever heard of the term "loan fraud"?
A short sale is not a loan. I have done some strange things to get a seller to sell to me rather than a competing, higher offer, but it was not illegal. Applying for a loan is highly regulated, but negotiating a price is not. However, fraud is fraud in any transaction. But there is nothing fraudulent in not disclosing that the company you used to estimate costs is owned by you if such disclosures are not requested.
However Michael says you can just provide a list of costs, so why bother?
Chris
[ Edited by ypochris on Date 01/15/2008 ]