It isn't a secret but you might think is was the way people "haven't heard of it before". Even the ones that have heard of it don't really know about it's nuances.
I over heard and agent telling a client that the septic tank and leach field were not functional and the deal was about to fall apart. I waited patiently for them to get off the phone, appologized for over hearing but here problem was "Perfect for a 203k".
Another agent was telling me about a home where the entire kitchen cabinets had been removed and they couldn't get a FannieMae loan on it. If it was a FannieMae foreclosure they owned, it could be a HomePath Renovation loan and there would be money for the replacement of the cabinets. If not, then it is "Perfect for a 203k"
I have a question before me today "How much would it cost for a 203k consultation on a triplex?" That all depends on the amount of construction to be completed on the project. We work right off the HUD guideline charges up to $125,000 then we go to 1% of the construction cost + $100 each for units 2 and 3 and a mileage charge. A $50,000 construction cost would yield a fee from us of $1,000 plus mileage breaking it down it was $800+100+100+mileage. I should also let you know that we typically save our clients more than our fee with our knowledge and cost cutting ideas on their project.
See you at the Mortgage Revolution May 6-7 in SF
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