Wells Fargo Bank held the $30,000 -- and the banker, and our realtor both advised us to release the money in advance of the work being done so the contractor would be able to pay for all he needed to complete the house. But he used the money on other houses he was building...and says he doesn't...
We bought a "spec" house from a contractor in late November 2007. The house wasn't complete when we bought it and moved in, but it was written into the purchase agreement, initalled and signed by the contractor/seller in front of the banker, realtor and title company, that all would be...