203k for Realtors and agents

Nice turnout at the Modesto event... met lots of nice people. Jim Browning, another 203k consultant hosted us with Carrollton Mortgage, Paul Carroll was the lender host and does both the Streamlined "k" and the Full 203k. Several other lenders were present as well and most do both in this area. If you missed it you may want to join us tomorrow in Oakdale. See ya soon

Oakdale Association of Realtors 8-12-2010 brought lots of good questions. I love the story of the perfect house with blue carpet... if you only need to change the carpeting... it is "perfect for a 203k" and whats more it is a Streamlined "k" and with that simple change you can increase your loan amount to 110% of the after improved value. Lots of good questions from this group. The biggest problem seems to be that of the asset managers and their listing agents who all seem to be oblivious to the 203k. Many continue to put "NO FHA AND NO VA" in their listings. This will be a problem until they get off their (many times) high horse and look around. If they would say "perfect for a 203k) instead it tells us all there are some problems and we aren't going to pay for them. The 203k loan is an "ALL CASH TO SELLER" program. So why then do they continue to put "no FHA or VA offers" in their listings? Simple answer is that they are soooo busy reviewing offers they haven't the time to learn about the 203k. 

If you are an asset manager... please instruct your listing agents to say "perfect for a 203k" as that tells the industry that

1) you know about the 203k,

2) you understand it will be an all cash to seller,

3) it can close is 30-45 days more often than not,

4) your bank or holding company will have less negotiating because the buyer can go to 110% of the appraised value. That means while other deals are falling apart because the appraisal comes in low. More of your deals are staying together because of this simple feature of the 203k program.

A smart listing agent who does this will see that they can get all of their properties sold, not just the good ones.