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Message
re: mortgage company dealings question for the contractors
Posted on 10/9/08 at 10:51 am to Traveler
Posted on 10/9/08 at 10:51 am to Traveler
One thing I would be aware of: Contractors are being NAILED by the credit crunch.
This puts you, the consumer in a very tight pinch - your contractor is not going to put out alot of his money on your job and wait for 1/3 draws... they can't do it like they used to.
Consumer advocates are still going to tell you not to pay in advance for work that is not yet done.
This sets up a mexican standoff. MAKE SURE you find a contractor you can put your hands on if need be - ie, he's local, has family and kids in the area in schools, maybe has an office, or a family that has other business in the area.
It's more important now than ever.
ETA: this guy is not going to be the cheap contractor either. It costs money to own a home, educate your kids and have an office.
This puts you, the consumer in a very tight pinch - your contractor is not going to put out alot of his money on your job and wait for 1/3 draws... they can't do it like they used to.
Consumer advocates are still going to tell you not to pay in advance for work that is not yet done.
This sets up a mexican standoff. MAKE SURE you find a contractor you can put your hands on if need be - ie, he's local, has family and kids in the area in schools, maybe has an office, or a family that has other business in the area.
It's more important now than ever.
ETA: this guy is not going to be the cheap contractor either. It costs money to own a home, educate your kids and have an office.
This post was edited on 10/9/08 at 10:53 am
1
Posted on 10/9/08 at 10:57 am to Meauxjeaux
quote:
your contractor is not going to put out alot of his money on your job and wait for 1/3 draws... they can't do it like they used to.
Exactly, which was the pinch I was in. I was going to have to stop work until Chase inspected, then doled out the next check. My contractor had other jobs pending and wasn't going to wait. I had already fronted $20K out of my pocket.
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