firefighter9208
Platinum Member
Obed,
The house looks great and the baby is adorable.
Word of caution: Make sure that you keep a check with the appropriate county lein office. I have a friend that had a contractor building his house. In the middle of the build he noticed that the subs quit showing up. The contractor had quit paying the subs and for materials.
My friend got a lawyer and terminated his contract with the contractor. He completed the house as his own GC.
When he went to close on the construction loan he found that several leins had been levied against the house. Including one for over $30,000 in building materials. He also had leins from various subs that hadn't been paid.
In order to close on the house he had to pay off the building materials and all the subs that had not been paid. This was on the advise of a lawyer. He then had to sue the GC to recover these costs. Guess what??? The GC went bankrupt and left my friend holding the bag.
He ended up paying out almost $80,000 (out of savings) for items that had already been drawn against the construction loan. Basically he paid for many items twice.
I'm not trying to rain on anyone's parade. I just wanted you to be aware of his situation.
Chris
The house looks great and the baby is adorable.
Word of caution: Make sure that you keep a check with the appropriate county lein office. I have a friend that had a contractor building his house. In the middle of the build he noticed that the subs quit showing up. The contractor had quit paying the subs and for materials.
My friend got a lawyer and terminated his contract with the contractor. He completed the house as his own GC.
When he went to close on the construction loan he found that several leins had been levied against the house. Including one for over $30,000 in building materials. He also had leins from various subs that hadn't been paid.
In order to close on the house he had to pay off the building materials and all the subs that had not been paid. This was on the advise of a lawyer. He then had to sue the GC to recover these costs. Guess what??? The GC went bankrupt and left my friend holding the bag.
He ended up paying out almost $80,000 (out of savings) for items that had already been drawn against the construction loan. Basically he paid for many items twice.
I'm not trying to rain on anyone's parade. I just wanted you to be aware of his situation.
Chris