Well we have done some interesting properties this year already. 3 modular homes which are a little unique in that we had to use the existing foundation and remove the original modular home that was on those foundations on two of them but the third was an older, small stick built home on a permanent foundation where it was coming off and a larger modular home, was being put in it's place. The wonderful thing about modular homes these days is that the costs are so well controlled since they are built in a factory that the home owner reaps the benefit of a better built home at a much reduced cost over a stick built home.
Saw a 203k in Clearlake Oaks, CA yesterday. As we were driving in and out we noticed quite a few very small homes along the way. They appeared to be 400-500 SF. Everyone knows these are too small to get an FHA loan on but what many don't know is that we can "add on" to an existing home to make it larger so it does qualify for the FHA 203k loan even in Clearlake Oaks... lol. We stopped into a RE office and talked about this program with Don and Tom and saw they had lots of listings on their listing board... mostly lots and land but quite a few very small properties we we discussed how, even if the home was pristine but small we could use the 203k loan program to create the additional SF to get it up to a more appropriate size. This is a wonderful place to live but many homes are just too small for the needs of a modern family. We introduced them to our "Perfect for a 203k" concept as well.
I was up there with Martin Greenwood of Greenwood Home Inspections. Marty and I are your 203k team in Napa and Lake Counties. If you need free informational seminars or full blown business plan on how to build your business sales up using the 203k loan program please give us a shout.
Next week we have a 203k loan in Sebastopol. I was in Rohnert Park a few months ago giving a talk on the 203k loan program to the Association of Realtors there and it was so interesting to hear them talking about all the properties they had on the market that weren't ready to be shown if they were doing "business as usual" I was able to explain that the "fixer" actually may be a better deal for their buyer. The buyer gets to make all the repairs, update the kitchens and bathroom, choose all their own colors where in a home that was already fixed up they would not likely be able to do that. In any case I'm glad someone was listening and called us for Sebastopol. We'll stop by and see our friends Michael Regan and Patricia Regan in Santa Rosa who are not only top producing loan consultants but just fantastic people as well. Shirley and I think the world of you. She wants to make the trip up there next week with me but has a hard time getting up that early... lol. See you soon.