now and then you hear about a 203k loan that went wrong.
I'm not going to sugar coat anything here but most of those could have gone right had they been working with a "TEAM" of experts who know what they are doing.
A team is like a well tuned engine. You don't have to be an expert if you work with experts. If you haven't done a 203k before then look for a team that in place who has closed some. If you are a lender looking to do your first 203k call a consultant and use a team they suggest.
If you are a realtor and can't find a lender, call a consultant and get a recommendation. Call any other member of a team and let them help you put YOUR team together. You will gain experience from seasoned pros...
NEVER look for 'newbies' for your entire team. It just doesn't fly. Don't miss read this statement.. we were all newbies at one time or another and we all have to start somewhere, just don't start wit an entire crew of newbies.
Years ago I had just trained Carlos Jareque and he used a lender who hadn't done a 203k yet and a realtor who was a top producer at Coon and McCreary... a few months later I was asked to speak at a training meeting for Coon and McCreary.. I had asked if that agent was in the room and though she had cut her hair and died it another color when I introduced myself she gave me a hug... turns out she was their number one agent and when I asked her to explain why that award came my way she explained..
Mike helped us close our first 203k loan. We used a new consutlant, a new lender to the 203k, and he coached all of us and it closed in 30 days...
The thing we had going for us on this one is that everyone did what they do best and no one was asking what the other was doing, they were all acting professionally and it was a great group to work with.