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Chase Bank is saying I have to have a licensed contractor to repair my house
Posted on 9/26/16 at 1:22 pm
Posted on 9/26/16 at 1:22 pm
The work is under $75,000 and they state doesn't require a license for work under that amount. Chase doesn't sound to sure of their position either. Anyone else dealing with this?
14
Posted on 9/26/16 at 1:26 pm to Franktowntiger7
Why wouldn't you want someone licensed and subsequently bonded?
Would you trust a teenager to do your electrical work? No.
Would you trust a teenager to do your electrical work? No.
Posted on 9/26/16 at 1:27 pm to idlewatcher
guessing the OP wants to go with the amigos for this job.
Posted on 9/26/16 at 1:28 pm to Franktowntiger7
I was looking at a loan to get a place up to speed and the bank wanted to see actual contracts, with dates for each step of the way.
does not seem unusual.
does not seem unusual.
Posted on 9/26/16 at 1:28 pm to idlewatcher
Or maybe the OP wants to do some work himself and save some money.
Posted on 9/26/16 at 1:31 pm to Franktowntiger7
The bank is just protecting their investment. They don't want shoddy work done.
Posted on 9/26/16 at 1:31 pm to The Egg
quote:
guessing the OP wants to go with the amigos for this job.
Home Depot parking lot's finest
Posted on 9/26/16 at 1:32 pm to Franktowntiger7
Banks want a bonded licensed contractor.
Posted on 9/26/16 at 1:33 pm to Franktowntiger7
I thought any job over $50,000 required a commercial contractor? Also you will need permits on something that expensive.
Posted on 9/26/16 at 1:37 pm to bayoudude
quote:
I thought any job over $50,000 required a commercial contractor?
Not commercial and it's not really a license but anything under $75K the person has to be registered
quote:
Home Improvement Registration
What does this registration cover?
Home Improvement projects with a value exceeding $7,500 but not in excess of $75,000 including labor and materials. This registration does NOT cover swimming pools.
LINK
Anything more than that and you get into an actual licensed contractor.
Posted on 9/26/16 at 1:41 pm to stout
It has been a while since i took the business and law test for the state board of contractors. Just remember $50,000 sticking with me and $1 for asbestos
Posted on 9/26/16 at 2:01 pm to Franktowntiger7
Send them an invoice for work completed on your attorney's letterhead. Demand payment. screw their SOP's. Was it in a contract that you signed with them? No, it was not.
Posted on 9/26/16 at 2:05 pm to Franktowntiger7
Bank of America told me any insurance check under $20k they will endorse and return. Anything over $20K they put in escrow and send payment with invoices from licensed contractors. If I do work myself they will release the funds at the end with proof of completion. I'm not required to hire and contractor and my insurance doesnt require a contractor but if I do it myself I wont get paid until completion. Im doing a little of both, taking on what I can but hiring contractors for most.
Posted on 9/26/16 at 2:06 pm to Sid in Lakeshore
May get more responses on Money Talk.
I am assuming you have a mortgage. What does the fine print say about repairs?
I am assuming you have a mortgage. What does the fine print say about repairs?
Posted on 9/26/16 at 2:06 pm to idlewatcher
quote:
Why wouldn't you want someone licensed and subsequently bonded?
Posted on 9/26/16 at 2:06 pm to WilsonPickett
quote:
Bank of America told me any insurance check under $20k they will endorse and return. Anything over $20K they put in escrow and send payment with invoices from licensed contractors. If I do work myself they will release the funds at the end with proof of completion.
Chase told us the same thing. It's them protecting their investment and I get it.
Posted on 9/26/16 at 2:09 pm to Franktowntiger7
If you have the means why pay for repairs yourself then that will force them to just cut you a check.
Posted on 9/26/16 at 2:10 pm to jamboybarry
quote:
It's them protecting their investment and I get it.
Chase got badly burned after Katrina from homes not getting repaired and customers pocketing the isurance money and walking away from the house. They not falling for it again.
Sorry, the good suffer for the bad.
Posted on 9/26/16 at 3:02 pm to LSUBanker
quote:
Chase got badly burned after Katrina from homes not getting repaired and customers pocketing the isurance money and walking away from the house. They not falling for it again.
Oh yeah I can see a lot of folks trying to pull this...I'd assume its not just Chase doing this huh?
This post was edited on 9/26/16 at 3:04 pm
Posted on 9/26/16 at 3:15 pm to The Egg
obviously an un-American no-MAGA type thing to do
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