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Doing house work before taking out construction loan
Posted on 6/14/22 at 8:26 am
Posted on 6/14/22 at 8:26 am
I have property that is paid off and will be adding a house pad soon on the property. How much further can I go before having to have a construction loan? Can I do the plumbing and concrete before hand or does that make it more difficult to receive the loan? I am in no rush to move and am totally fine with doing things little by little to save on interest paid.
2
Posted on 6/14/22 at 8:28 am to tigerclaw10
My lender sent someone out to MAKE sure that there was no pre-work done. FWIW
We had done the pad work though.
We had done the pad work though.
Posted on 6/14/22 at 9:58 am to Grassy1
quote:
My lender sent someone out to MAKE sure that there was no pre-work done.
That was probably to insure that there wouldn't be any contractor lien issues. If the property is under construction before the bank gets its lien in place then the contractors have the ability to jump ahead of the bank's lien position.
if you do have work done prior to closing the loan then you would need to have the contractors sign lien waivers, or wait a specified period of time (maybe 30 days) with no work being done.
Posted on 6/14/22 at 10:16 am to tigerclaw10
Most banks won't lend if any work has been done.
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