watsonville: Want to sell more properties or fewer properties? Which is better?
- 03/08/14 06:54 AM
I get such a kick out of agents who just don't get it and then sit on a listing for a year or two. A major lender had a property in Oakland that had some major problems. No one knew what it would take to fix all the issues. In over eighteen months no offers came in, not even all cash offers with a low-ball price. Nothing. We were called out to do a feasibility analysis report for them. They took our report, placed it in the house and sold the home in three days. Then you get, how do I say … (2 comments)
watsonville: Santa Cruz mountains is a haven for renovation loans like the 203k
- 03/05/14 11:06 PM
Santa Cruz mountains is a haven for renovation loans like the 203k Notice that I say "renovation loans like the 203k". That is intentional as the FHA 203k isn't always the best choice for the buyer. Many times the alternatives have better terms or better rates as they are intended for people who have better credit. Even if all other things are equal there is no private mortgage insurance (PMI) which saves 1.75% on the initial down payment and many hundreds each month. Yes, I'm afraid you have to have very good credit for the alternative loans but the cost is well worth … (0 comments)
watsonville: FHA 203k Investor program
- 05/18/13 10:57 PM
HUD FHA 203k Investor program This blog post will tell you about investor programs that include renovation money. What are the basic investor programs This is a program that lets investors "flip" properties, the same thing that FHA was condemning just a short time ago... like yesterday. Wow, I've received lots of calls and emails asking me what I thought of it. it hasn't happened yet when it does be ready for more work we already have an investor program for those investors who are savvy and know how to use OPM (Other Peoples Money). I thought that more people should … (7 comments)
watsonville: what minimum upgrades are REQUIRED on a 203k?
- 04/28/13 04:08 AM
what minimum upgrades are REQUIRED on a 203k? This will show you the minimum requirements for an FHA 203k project Electrical The electrical system must be a minimum of 100 and with breakers no fuses are allowed. So if you're dealing with an older home that has a few system is a penny fuses or cartridge fuses they must be upgraded to a breaker type system with 100 A minimum 220 V.
Insulation Attic insulation must be installed if there is none present. Many homes were upgraded some years back when R19 was the norm. It's my understanding that these do not have … (0 comments)
watsonville: FHA 203k Santa Cruz CA
- 04/13/13 11:42 AM
Spent many a weekend in Santa Cruz in my teen years. Lots of fun memories there including going there the day after graduation from high school. Got an FHA 203k project near the Boardwalk in Santa Cruz. The client picked up a duplex that needed considerable work and now we're well underway. The contractor is Elite Construction and though this is the first project we have going together he's already on another project with me in San Jose and I believe he is bidding on another one for one of my crew. When we find a good contractor sometimes we show our … (3 comments)
watsonville: When would you use a 203k Feasibility Report over a full Consultation?
- 07/24/12 05:59 AM
Once you understand what each report is you will understand their proper use. Feasibility report - a short inspection, typically 30 minutes in length, that identifies the deficiencies in a home and what it would take to get the home up to FHA MPS (minimum property Standards) nothing more. Why nothing more? The seller ins't interesting in all the upgrades you may want to do even though some may be wanted by anyone buying this structure. Purposes of this Feasibility Report or Feasibility Analysis is to help a buyer know the cost of repairs so they can make an educated offer. It also … (0 comments)
watsonville: Well there is a new 203k lender in town - Santa Cruz, CA
- 03/10/11 02:32 AM
Always a fun experience to walk the beaches. It seemed so deserted yesterday when after the training session at Santa Cruz Home Finance my wife and I took a stroll on the beach at Santa Cruz. It is 'off season" but we didn't mind. I remembers many a day when I was a lad, that we were in that water waiting for the next wave. Memories are a wonderful place that we can allow ourselves to visit now and then. The boardwalk shops and rides were all closed but new life should come back to them this summer. … (0 comments)
watsonville: Lenders new to the FHA 203k loan program in Santa Cruz
- 01/30/11 05:09 AM
Lenders from anywhere actually can benefit form the FHA 203k loan program by being prepared for the volume if they do some simple things. 1) Build your team wisely. Don't wait until you have some orders before you seek your "203k consultant". Interview them and see what they do for you to make these happen faster. If all they do is provide a bid spec and a draw request, I would keep looking. We have trained a good number of consultants across the nation since 1995 and we always teach them to "provide more than you expect". 2) Be prepared in … (1 comments)
I get such a kick out of agents who just don't get it and then sit on a listing for a year or two.
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