Old friends that aren't so old... LOL - 203k

By
Home Inspector with 203kOnLine.com, covering the USA S0289

Had an old friend buy my lunch today. What a treat. Pam was active in the 203k for many years as a retail lender then went into the wholesale end of the business. Now she is creating a new 203k team as a Broker. I'm happy to say I've been invited to be on that team and proud to be. I think they will do very well with her at the helm.

It is fun to see old friends that actually aren't that old at all. It just seems that way because of all the time that passed since you last saw them. Good job Pam and I'm looking forward to working with your team of Realtors and agents.

We did make a break through today in another office when Linda B. agreed to add to her listing the words "Perfect for a 203k loan". That will be so powerful in the market as it will send a signal to agents and Brokers all over the place that the 203k should be considered. I hate to see the less learned people write on their listing "no FHA or VA" when what they really mean is "we won't make any repairs prior to closing the loan".  Say what you mean and add "FHA 203k offers will be considered". If you are a listing agent and really want to do the best job possible for your client you will listen to this as it give you the opportunity to get up to 110% of the after improved value less the cost of repairs which is likely more than your asking price. 

Having said that consider this - what if you were making an offer on a home listed at $250,000 and you hired a consultant or contractor to determine the "cost to cure" and it was $20,000 and the home was worth $320,000 after the repairs were made. You could get a full price offer in a heartbeat... but you could have gotten an offer at $290-300,000 just as easily. You would have had a bigger payday, your seller could have received more for their property, and the borrower or buyer would have still paid market price for the home which would further show values have stabilized... OR you could have done a lesser job for your seller and took the $250,000.

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

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