Nice upscale city with quite a few "famous people" living there, who would have thought to use the FHA 203k loan in Santa Barbara? Well lets see, Jose Vasquez with Wells Fargo Home Mortgage and Prospect Mortgage for two. I'm sure their are others as well.
We are doing our first Santa Barbara inspection this year for a 203k loan. Remember that the maximum mortgage amount is $729,750 and you can actually go another $8,000 on top of that if you piggyback the EEM (Energy Efficient Mortgage) with it.
I'm back. Met a new contractor but when they found out that my job is to be sure his bid is reasonable, he backed off this job... wow, who wouldhave guessed.
We made the inspection on this one and it appears the buyer is getting a great deal. How about a purchase price plus renovation costs and about $100,000 - $150,000 built in equity, how about every day.
I ran into a Realtor last year who wanted a home in a particular subdivision and was at a Realtor Association meeting asking everyone if they had any pocket listings and telling everyone that he was aware of a real dog that was available but he just couldn't show that one... WHY NOT? He client gets to choose their own colors on everything, all new amenities, new cabinets, updated bathrooms, etc, I ask again "WHY NOT?"
What you may have to do is scour the neighborhood for a similar looking home that is all fixe up and take a photo of it... show the prospective buyer the photo of the nice house, and ask, "can you see yourself in a home like this?"... once they say yes, then take them a little farther and let them know if they purchase this fixer we can make it look just like this one they saw the photo of and choose everything fresh and new... wow, it doesn't get any better than that.
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