I hate to hear about sales that fall apart and offer my assistance to anyone anywhere in the USA that has a deal falling apart that has a construction or rehab element in it.
1) A conventional deal set to close in 30 days. The appraiser calls out some repairs that are needed. The seller is a bank and won't do the work needed to close the loan and the buyer won't put money into the house until they own it. Its a 203k and can still close in 30 days
2) The parties agree that this is a Streamlined "k" with work needed of about $30000. The pest report comes in at $35000 all by itself... the deal is dead... NOT. It just becomes a Full 203k and should still close on time as long as the clients can qualify for the higher amount. If they are close and can't qualify maybe add an EEM piggyback to the 203k and gain enough there to keep the deal together. This is your payday - don't let it slip away during the process.
3) Home has been on the market over 120 days and you have had lots of people looking but NO OFFERS yet. Why? It needs some work, possibly some foundation work, maybe it is just tooooooo small. These are all correctable easily as this home is "perfect for the 203k"
4) You can't find your client a home the right size in the neighborhood they want but there are lots of smaller homes there. Suggest they take a smaller home and add on to it using the 203k. That way a portion of the home will be BRAND NEW and never lived in before... Yea... that is a good thing. The loan closes in 30 days or so and the work begins. The 203k consultant holds there hand till the work is complete.
5) Contractors who are bidding a job on their own for a kitchen remodel may do well with telling their client about the 203k as well. Wouldn't in be better to make this a larger project and get a new roof, and even update the bathrooms.
These are all viable solutions to moving people into homes and giving them what they want but moreover it gets the distressed properties off the books and believe me the neighbors are going to be glad you did. M
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