203(k) and the Realtor
Working with a team who knows and understands the 203K process is critical. Make sure that your lender doesn't only offer the Streamline version. Should the project end up requiring a Consultant K, you don't want to have to change lenders and have to start all over.
Chris is a great resource to keep the process on track.
FHA 203(k) ~This is the most important program in your life...
As a Realtor, you want to help SELL the house - and when you see one that needs work, or is in disrepair, a walk-thru can be a scary thing. And you can really lose your footing once it is under contract with everyone wondering how to put the place back together again. It is VERY important to call a 203(k) Consultant, and we can do a FREE phone interview to help you.
First things first. Say the words "FHA 203(k) Loan", because you just made a sale.
There are only 2 types of 203(k), a Streamline, and a Full 203(k). One requires a Consultant (Full K), and the other doesn't, but you need to realize that the industry is changing - and we are seeing the Consultant required on more and more Streamline 203(k) loans. As this countries housing stock slips further into disrepair, repairs and remedies aren't as easy as they used to be - and the pressures on Contractors aren't the same either. As a Realtor, it is important to realize that the Consultant is part of your team, and completely supports the Buyer.
The moment you have a property under contract, that is leaning toward needing improvements, have your Borrower call us immediately - as we know the best Lenders in the South East who can actually CLOSE a 203(k). And believe me, we have some stories about slow motion train-wreck situations that were completely preventable. We can help them take the next critical steps with choosing a 203(k) lender, finding a Validated contractor, and knocking out the FHA Package that the Underwriter is expecting to see. In just few minutes, we will give the Buyer the information they want, and the confidence they need to get through the weeks and months ahead. This is very important - you need to rely on the 203(k) Consultant.
When you finish, we are only just beginning...
Here is the real bonus~ 203(k) is a Monitored Loan. Whereby the Consultant sticks with the project and releases money across the duration of the construction - and inspects the Contractor's work to approve funds for release at every step. The Borrower is not left alone with the Contractor after the loan closes.
Why is all this important to Realtors?
The FHA 203(k) Consultant is a professional, and will help the loan to close - and is absolutely vital in making sure that the property is improved just as the Contractor had promised. Gravity has over 10 years with 203(k), so please leverage our abilities and knowledge to help make the sale.
Christopher Colvin, www.GravityConsultingGroup.com, 404.680.5773
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