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FHA 203K Streamline Adventure

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Real Estate Agent with Long and Foster Real Estate VA License # 0225089470

I was out showing property yesterday to a buyer with limited means.  He has a specific location in mind, but the properties fitting his price range need help....often more than he dares to bite off. 

Yesterday we saw a great townhouse.  It was two levels.  Great deck/backyard, which was key to my buyer.  Also had a nice layout and the bathrooms had been remodeled very recently.  What was missing was flooring.  Every room but the bathrooms needed flooring.  My buyer was about to scratch this property off his list.  Then we called his lender and asked if flooring was covered under FHA's 203K Streamline loan.   The answer (yes) led to more questions.

How much will it cost to put flooring in?  Well, we went back to property.  I grabbed a tape measure and started taking room dimensions down.  Then, with those in hand, my buyer and I made a lightning fast trip to Home Depot, an FHA 203K Streamline approved vendor.  We found a knowledgable associate who was able to quote us the INSTALLED price per square foot price on three different types of flooring.

Back to the office.  Time to whip out the calculator.  Take those room dimensions, find the total square feet and then multiply that number by the cost per square foot on the flooring my client had picked out. 

In less than two hours we had measured the house, got the flooring quotes, figured out the maximum installed price and had written an offer.  Never thought I'd be going to Home Depot with a buyer BEFORE writing an offer. 

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Comments (10)

Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Chris Ann...

Wow, you really went the extra mile for this client! I hope the deal works out!

May 10, 2009 08:42 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Richard:  You do what you have to do....that I knew he wouldn't dilly dally in Home Depot.

May 10, 2009 09:50 AM
Larry Riggs
Century 21 Redwood - Frederick, MD
GRI, SRS Your Frederick County Specialist

Chris,

    The 203K streamline is a very different program from the normal 203K. In today's market with short sales and foreclosures it's an excellent solution to properties in rough shape that still don't need the 5K in required repairs. I'm glad this is working out for you and your client. Way to go the extra mile!

May 10, 2009 11:13 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Larry:  Thank God for the streamline program. Otherwise, a perfectly good house like this, that just needs flooring, would sit and sit....and sit.....

May 10, 2009 02:51 PM
Not a real person
San Diego, CA

So you turned into a Home Depot shopping consultant, too, huh? You know what that means:

  1. Chris Ann rocks!
  2. Chris Ann rolls!
  3. Chris Ann rules!
May 11, 2009 03:37 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Russel:  I'll take that and return a big THANK YOU to you Russel. 

May 11, 2009 06:46 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Chris Ann-you are thinking fast on your feet these days.  Great call to the lender and even better to be able to get the numbers upfront!

May 11, 2009 02:41 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Cindy:  I hate last minute surprises. 

May 11, 2009 02:57 PM
Mike Young
203kOnLine.com, covering the USA - Stallings, NC
FHA 203k Consultant 916-758-1809

I can tell you are considered a 'mover and a shaker' you get things done. It doesn't matter who's job it is if it is in front of you ... just do it. I love it. You have a wonderful grasp of the streamline but you shouldn't be afraid if you ever run into a full 203k. I tell my clients that they can close escrow on a full 203k as fast as they can a 203b... at least the consulting won't be the hold up. Are all those listings on the right of your blog, your listings? you do rock. M

May 23, 2009 11:45 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Mike:  At this point, after twelve months of short sales, nothing scares me anymore.  Haven't had much need for the full 203K.  Clients, right now, need as move in ready as they can get.  Funny how that "move in ready" definition has changed with the property conditions. 

May 24, 2009 09:25 AM