Contractor Woes

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So this past week has been a little crazy. We found out that our contractor, which we had been planning on working with since we bought our house, decided that he did not like the banks draw schedule and is going to pull out of the deal.

This is annoying on several levels. Not only does this mean, a few weeks before we were to begin, I have to find another contractor, but I have to find a contractor that will work with our bank and with our pre-assigned budget.

It is annoying that he had 2 months to look over the draw schedule and now he gets cold feet. He is also annoying because he was supposed to talk to the bank and work it out but apparently he never called them back (I know this because I spoke to the bank) before he decided to pull out. Maybe this is a sign that we should not be using him anyway. The first thing was that he lied about having his license. When the bank asked for it, it was still be "approved" by the DC permitting office. So that was a delay.

It also annoys me that the bank is basically holding our loan hostage. They don't want to give out any (well less than 4%) starting funds for us to begin. How are we supposed to pay for things when everyone in the industry wants 30% down?

Anyway, I have started the whole contractor searching thing again and have a few leads.

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