- Jan 20, 2002
- Professional Status
- Certified Residential Appraiser
Ok here we go. I did an original appraisal per plans and specs. Then the bank wanted me to do construction inspections. According to their schedule we would complete 3 inspections. Recently the bank fax me a request to do an inspection, but not for a construction draw. When I contacted the owner, he told me he had fired the contractor on the job because he was greedy. After looking at the property I could not figure out what progress had been made for the last 4-6 weeks. Then the contractor called me and told me that the owner has been adding THOUSANDS OF DOLLARS OF EXTRAS TO THE HOUSE (MANY). All these extras are on the rough in phase of the project. Electrical, Security and heated floors, according to the contractor approx 25-30K. The owner was not borrowing the whole amount for the construction of the house. I'm VERY CONCERNED whether this guy will have enough money to finish the house. According to the fired contractor this owner has several screws loose, and I've had that feeling all along. The owner has already called the licensing board of contractors and try to get his license, but had no just cause. This guy is a loose cannon. How would you handle this guy and the bank? The contractor told me to be very carefull.