As a Real Estate Agent you have a great 203K marketing opportunity!
Think about it, What if you marketed yourself as the “Rehabilitation Queen?” Maybe we could improve the name but how many agents are out there seeking clients with little money and selling them brand new kitchens and bathrooms? At this time this article is being posted I can’t think of a single agent I know doing that.
I am doing that…and LOVING IT!
Here are a few tips to get started:
1 – Know your product. I recommend online research after going straight to the source:
Information from us:
The Truth About 203K Mortgages (w/ Contractor)
How 203K Financing can end the Foreclosure/REO epidemic
What’s the Difference Between a Full 203K and Streamline Mortgage?
2 - Know how to write the offer. While I do not write offers I do know the construction costs are not included in the initial offer, just the fact it’s a 203K. Typically 60 day escrows and 30 day appraisals are best.
3 - Know a good lender. There are a lot out there. If you are reading this of course I vouch for me, in California, the Bay area, Oakland, Berkeley, San Francisco, Alameda, this is where we are doing most our 203K loans. The truth is they are not hard. They take a little longer, require a lot more paperwork on our end, and do have additional costs and often slightly higher rates than standard FHA or conventional, it is a great thing for all parties involved especially the buyer and the neighborhood. That is what is important about the 203K.
4 – Sell the Bathroom and Kitchen. Find that young deserving couple this Sunday and sell that brand new bathroom and kitchen to the one that cooks, the well groomed one etc.! This is what most people remodel first. Do it before you move in!
I hope this helps your business!
For 203K info:
DRE Lic #01826247