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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