ROLE of Gerald & Rod Stewart as Your 203-k Consultant
The 203(k) consultant is someone who has been designated by a HUD field Office for completing the Work Write-Up/Cost Estimate
and the required architectural exhibits for the borrower.
To be designated, the consultant has met the experience requirements for HUD approval and has been trained in the Work Write-Up
format of the 203(k) program. By using an approved consultant, there is no need for a Plan Reviewer to check the Work Write-Up.
We are consultants that are fee panel inspectors who have HUD approval to also act as consultants. Below is an outline of how we
guarantee you a successful project.
I. Site Visit:
- Consultant meets with the borrower at the site.
- A general examination of the work to be done determines if the project is feasible.
- If feasible, Client signs Consultant Agreement and pays Consultant a $400 retainer fee
II. Consultant prepares a detailed Report which contains:
- Clear, concise project specifications
- Construction cost analysis
- HUD required draw request forms
- Preparation of contractor bid packages
- Preparation of lender packages
III. Consultant delivers the Report Package:
- Borrower
- Lender
- Contractor
IV. Selection of a Contractor by the Borrower:
- The Borrower selects a contractor. Borrowers should be aware that many lenders may have contractor qualification criteria. Some
lenders maintain a list of contractors that have met their qualification criteria. Discuss contractor selection with your lender to learn
about their contractor requirements. If you’re considering a contractor which has not yet been approved by your lender or has never
done a 203(k), it is important that they are informed early on about the 203(k) concept as it applies to contractors.
V. Loan Closes:
- Repair funds are placed in escrow.
- Remodeling begins.
VI. Consultant Performs Draw Request Inspections:
- 1st Draw - Consultant insures permits were issued.
- 2nd and 3rd Draw - Draw request inspections are performed as work progresses.
- 4th Draw - A punch list is established.
- 5th Draw - The project is closed out and warranties and lien releases collected
Thank you for considering the Stewart’s as your 203-K Consultant
Serving, Illinois & Michigan Home Buyers
FEE SCHEDULE
| Consulting Fee | Repair Cost / Note |
$200.00
$400.00 | Verbal Assessment on Site Feasibility Study * Includes Write-up |
| $400.00 | $5,000 to $7,500 |
| $25.00 | Each Additional Unit |
| $500.00 | $7,501 to $15,000 |
| $600.00 | $15,001 to $30,000 |
| $700.00 | $30,001 to $50,000 |
| $800.00 | $50,001 to $75,000 |
| $900.00 | $75,001 to $100,000 |
| $1000.00 | OVER $100,000 |
| $150.00 | Each Draw Inspection
(Progress inspections & pay-outs) Plus Mileage @ .55/mile round trip |
| 00.55/mile | Mileage Beyond 30 miles.
Round trip from office. |
*A feasibility study is a quick inspection of the property, with a “rough estimate” or work that will be necessary to comply with HUD’s and code requirements. Written report provided.
|
