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Part 4 - our 203k Loan Diary

By
Real Estate Agent with Re/Max Executive Realty

 

For those of you just reading this as the first installment, this is actually chapter 4 of a multi part blog about an actual 203k loan process as it happens!  My son is in the process of buying a home (short sale ) in the LA area.(At least we HOPE he gets to Close)   The home needs somewhere between $60k and 100k of work before it will be live-able.   A 203k construction loan is the way he’s going about this purchase.  To experience the first steps in this process , see the links below.  As a realtor who happens to work on the East Coast and has never done a 203k Loan with clients, this is all a learning experience for me as well.  Hopefully I bring some value to the process but I'm gaining much more in experience.  

My son's weddingOne thing is extremely clear.  This is a stressful process for buyers on so many levels.  As with most professionals in very demanding positions, it's hard to take the time needed to get all the 203k details addressed.  One could liken the 203k process to running a Marathon which requires speed, preparation, discipline, commitment, and dedication.  So it may not surprise you to know that the buyers married on December 4th - just 9 days ago - as they ran in the Las Vegas Marathon  - good training for the 203k race! Amazing to me that they could hold stressful position, manage to work through a short sale process, complicate that with a major 203k renovation - while training for a marathon - and a wedding! 

 

So as of last week all key 203k players were in place.  The critical player, the 203k consultant, who will be watching over the project, and making sure needed repairs are done is coordinating things.  As I understand it, he reviews the quote(s) from the contractor and requires specific info in a specific format for that information. 

 

Well we no sooner had all players up and running that we got word the contractor was bailing out.  As he explained to my son, this would have been his first 203k and he worked hard to keep the costs down.  With the added paperwork for the consultant and the limited profit he would be making, he felt it was not worth his efforts.   As my son had 5 or 6 quotes, there was someone on the sidelines who has done many 203k projects in the past and has actually worked with my son’s consultant before so this new contractor jumped in.  Only thing – Actually TWO things 1) His scope of work was different than the other contractor and had to be brought in line with the needs of the consultant and new home owners – which of course, takes time.  And 2) THERE IS NO TIME

As you know this is a short sale – and the bank is requiring a close before end of year.  For every day after the 30th there will be a daily late charge to the buyers.   And consultant needs paperwork YESTERDAY.  

 

There is one more issue no one appears to be concerned about but I saw an Auction notice on the door of the home for Dec 18th – Thanks to a great recent online course offered by our own AR's Melissa Zavala who is an AWESOME Short Sale Expediter ……. (read her blogs, you’ll love ‘em) I learned that there is a foreclosure moratorium from Dec 19th until the new year to avoid putting home owners out on the street during the holidays but this is ONE DAY BEFORE.  I’m told by the realtors working on this project that this has been pushed out – I’ll breathe more easily on Dec 19th!   Remember buyers have paid out of pocket for contractor estimates, inspections and consultant’s fees – Add into that MANY days off from work to meet contractors – They have easily spent in the thousands up until this pont.  

So we wait - Wait for the new contractor's paperwork - Wait to hear from the consultant that everything looks good - Wait to hear from the appraiser that it will appraise once all the work is completed - Wait to make it past Dec 18th and a foreclosure doesn't happen before the Short Sale Process can close.  We wait. 

Keep your fingers crossed for Part 5 – which will happen after Dec 18th

Part 3 of the 203k Loan Saga

Part 2 of the 203k Loan Saga 

Part 1 of the 203k Loan Saga

Comments (4)

David Spencer
Keller Williams Northland - Kansas City, MO
Show Me real estate in Kansas City

203K is hard enough without the time pressure.

Dec 13, 2011 05:28 AM
Marcia Kramarz
Re/Max Executive Realty - Medway, MA
CDPE,LMC,CBR

You're absolutely right, David - it's the tight schedule that is causing the stress!

Dec 13, 2011 11:54 AM
Jessica Brown
Keller Williams Realty - Dulles - Potomac Falls, VA

Wow!  What a story!  I had a buyer that wanted to buy a home that needed a 203K loan.  My buyers came with a lender already so I did not offer them one of my lenders that I like to work with.  Their lender said that she had never done a 203K loan before but she had a dept. that would help her with it and she wanted to do this for her clients.  So I did comps on the home and we went in at a good price and the bank said yes.  We did the Home Inspection to see what all needed to be done on the home.  The home needed a lot more that what we thought.  We got 2 estimates on the home and sent them to the Lender.  2 months later the Lender says she does not want to do this anymore and for the buyers to look for another Lender.  

Can you believe that!?!   I have never had that happen to me before! Ever! 

So there I was with my mouth hanging on the floor. 2 months and now we are back to square one!  The buyers were so upset that they just backed totally out of the contract.  I made the slender write a letter to the bank so that the buyers could get their deposit back.  What a pain in the rear!  So much timer wasted when they could of used my 203K specialists.

This has been one to grow on for me! 

Best of luck to all Realtors out there trying to get Short Sales,Foreclosures & 203K loans done! 

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Dec 14, 2011 01:12 PM
Marcia Kramarz
Re/Max Executive Realty - Medway, MA
CDPE,LMC,CBR

Thanks, Jessica - Terrible story for you and your buyers - but good to share - The 203k option is a very unique product and it would be wise to only pick team players (lender / contractor / consultant) that are exteremely familiar with the complexities of this approach!

Dec 15, 2011 09:00 AM