What does the 203k Consultant do?

203k Consultants are HUD approved inspectors that will inspect the property for "Health Safety, & Security" issues affecting the property.

The 203k Consultant creates a list of the items that need repairs, additionally the consultant can include items that the owner wishes to include in the rehabilitation to make the house the home they always wanted.

The Consultant prepares a cost of repair estimate that the lender uses for the loan.

The loan will include the purchase price plus the cost of the repairs and improvements.

The owner and if possible the contractor selected by the owner should be involved in determining the items to repair and the cost of those repairs.

2013k Draw inspections

The Draw inspection is to review the progress of the renovation and pay the Contractor for work completed to date.

The first 203k Draw inspection, the Consultant/inspector will go to the property with a list of the items to be repaired and cost of each of those items to review the work completed to date.

The first inspection the owner or contractor gives a copy of the building permits to the Inspector.

After determining the items that have been repaired and the proper amount of money due the contractor, the inspector/consultant obtains an invoice from the contractor.

The owner, Contractor and Consultant sign the required documents to turn into the Bank for payment to the Contractor.

Final inspection

On final inspection the inspector will visit the property just like the Draw inspections.

On final, copies of the Job card signed off by the City Building inspector will be requested by the Consultant to turn into the Bank.

They will complete Draw Documents the same as the Draw inspections.

The owner will be requested to sign a "Final Notice of Completion" letter indicating the work is completed as required and they are happy with the project.

• Detailed explanation of 203k Draw Process