Seems simple enough on the surface. There are four columns to a draw request. Column 1 is what each category or section has alloted for the completion of those items. Column 2 is everything that has already been paid out in the previous draw inspections. Column 3 is the current request, and column 4 is for the consultant or lender to adjust the draw amounts if they don't agree with those items in column 3. Typically this would be a downward adjustment.
The contractor creates or fills in a request form, column 3. Then the consultant is called out to do an inspection to see those items were completed in a professional workmanlike manner.
Today was an interesting draw experience. The contractor failed to sign the draw request before we started. I would normally ask them to sign prior to inspecting but this was the forth draw and we just started inspection. We went through all the items and when it came time to sign the contractor refused. I reminded him that this is to get him some cash flow, but he felt it more important to use this as a negotiating tool against the home owner some how. I told them to work it out and let me know when he wants to proceed.
He called me about a half hour later asking me to return to the site for his signature or he could meet me. Not going to happen. I scanned and emailed the paperwork to him for his signature. Not all turkey's are running loose in the forest. 203k consultant, fha 203k consultant, 203k consultant near me, #friends
Click here for the actual HUD instructions for filling out the draw request form.