palm springs: Why is my termite inspection company charging so much for the work?
- 11/13/13 11:38 PM
I hear from clients numerous times per month about why the termite company charges so much more than the general contractor. This is a garage we saw yesterday. When you think of a pest company and what they do it becomes evident that they work in rotted out structures all the time and in doing so it is likely their worker's compensation insurance is going to be higher than that of a contractor who builds homes and is working with new wood most of the day. Worker's compensation can be a very high cost to a business and can drive that … (6 comments)
palm springs: FHA 203k draw inspection process - how does the contractor get paid?
- 07/12/13 12:32 AM
FHA 203k draw inspection process - how does the contractor get paid? The first draw is very important to the FHA 203k contractor as they typically get money up front to start a project and with the Standard 203k loan program being a "reimbursement" program the contractor has to use their own good credit and buying ability to get materials and get them installed so they can get that crucial first draw. The contractor wants to see some "skin in the game". Permit and Architectural fees are called "soft costs" by most of the lenders and dont' require a draw inspection … (4 comments)
palm springs: I'm a contractor, can I work on my own 203k project?
- 06/16/13 01:58 AM
I'm a contractor, can I work on my own 203k project? My first question would be what kind of contractor are you? Then, is that the kind of contractor that's needed on this project? If your project requires a general contractor, and you are a general contractor, then you likely can do your own work. But do you really want to? I know it sounds like a good idea because you think you can save yourself money. In reality it takes you away from what makes your money. Your project will take a backseat to every other paid job you get … (0 comments)
palm springs: Can I replace a failed septic system with the 203k loan program?
- 06/15/13 02:52 AM
Can I replace a failed septic system with the 203k loan program? Yes, but it must be a FULL or STANDARD 203k. This work would be considered "structural" and therefore should not be attempted with a streamlined k loan. Now that I have said that there is a major lender that says they have done hundreds of septic replacements all under the streamlined k program. This could bite the borrower as it doesn't then comply with the program guidelines. I actually received a call from a HUD official instructing me to get the word out that this repair is ONLY available … (0 comments)
palm springs: CREIA Conference Ontario CA
- 05/03/13 07:38 AM
Meeting lots of old friends and some new ones at the CREIA Spring Conference in Ontario CA for home inspectors. Lots of interest in the FHA 203k loan program as always. There were a few consultants in the room when I gave a talk this am. I hope they went away with some new ideas to kick their businesses into high gear when they go back to their respective areas I'll be speaking at the Corona CA Association of Realtors on Monday 4/6/2013, hope to see some of you there. One of the existing 203k consultants, Robert from Idyllwild, CA may join us … (0 comments)
palm springs: Why would a Realtor recommend the FHA 203k or HomeStyle loan programs?
- 04/19/13 02:37 PM
Why would a Realtor recommend the FHA 203k or HomeStyle loan programs? Why not? Several reasons come to mind 1) why sell a home that needs a roof or new floor coverings when you can sell it pristine? When you're selling a home and the roof is marginal at best. Why not have your clients get a brand-new roof after it closes escrow, but include in the loan amount? It doesn't make sense to put yourself at risk. In the event a roof leak occurs, the following winter, it could save you from being involved in a lawsuit. We all know … (4 comments)
palm springs: Seller's Agent 203k advantage from South Portland Maine to San Diego
- 11/11/12 01:49 AM
A seller’s agent should know that a 203k buyer can get a loan up to 110% of the appraised value after the rehab is complete. To get the most out of a property for your seller you should know the cost to repair and bring the property to the HUD Minimum Property Standards (MPS). How can you do that? Hire a 203k consultant to perform a ‘feasibility analysis’. You can estimate the after-improved value for the purpose of this segment of the process. If you know what the cost of the rehab is to be, then merely deduct that amount … (2 comments)
I hear from clients numerous times per month about why the termite company charges so much more than the general contractor. 
;)
;)
;)
