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Old 11-29-2017, 08:28 AM
 
39 posts, read 53,316 times
Reputation: 44

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The lender disburses funds based on progress after an inspection. Only 25% disbursed so far a few weeks ago. Second inspection/disbursement about to be happen. 10% held no matter what until cert. of occupancy. Lender stipulates it has to be done 6 months after closing - closed beginning of August.
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Old 11-29-2017, 08:35 AM
 
698 posts, read 567,946 times
Reputation: 864
What's the big rush? Is "fast" such a deal? What would happen if completion were on Jan 15 instead of Jan 1? It's not always easy for anyone to get reality to cooperate. Also, it tends to be the case that all of a contractor's profits come out of that final installment.

On Edit: I see you have a lender involved. Ouch.
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Old 11-29-2017, 08:39 AM
 
39 posts, read 53,316 times
Reputation: 44
Can't carry rent along with mortgage for another month.
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Old 11-29-2017, 08:51 AM
 
Location: Bloomington IN
8,590 posts, read 12,347,410 times
Reputation: 24251
Built 2 houses significantly larger than 700 sq. feet. We were always told 6-8 weeks from drywall to finish. With 700 sq. ft. I would expect at least 3 weeks IF everything is ordered, contractors are scheduled and all goes perfectly.
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