203k Loan

By
Managing Real Estate Broker with Tim Riddle Broker Associate,Marsha Hardin Real Estate

Just had a one of these loans that has been going since October fall apart. ( shocking ) After three different loan officers and many questions unanswered my buyers have had enough of this delay. They moved on and  vowed never to get invloved with one of these loans again. Im exhausted too.. haha

Comments (4)

David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

The 203K Loan can be an exhausting process. Thanks for sharing today!

Feb 15, 2012 08:31 AM
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Tim, there's a lot of upside to those loans, too. I know they're a lot of work for us, but our buyer clients can get a pretty good deal using this tool.

Feb 15, 2012 09:03 AM
Nita Shinsky
Shinsky & Assoc - Azle, TX
Broker, GRI, SFR, e-Pro

I have had a number of REO homes that would qualify for the 203k program but hate to see these loans come across my desk with an offer. 1 REO 203k contract lasted 6 months and NEVER closed. Sellers ended up taking pennies when the property came back on the market and sold cash just to get rid of the thing. That was after 2 contracts using THEIR lender. This last one that also fell apart because the 203k lenders can't get them done. In today's market, it may be a very difficult transaction. When conventional and FHA financing is almost unheard of, asking an appraiser to think outside the box in the case of a 203k loan is impossible. I hope the buyer turns out to be a great buyer for you Tim. Can't wait to get this closed and move on to the next real estate adventure.

Feb 15, 2012 05:08 PM
Phil Hillerman
Crye-Leike Realtors® - Rogers, AR
Crye-Leike Realtors®

Hi Tim, the last 203k went to the third extension before if finally fell apart.  I think you need a great lender to get these done.

Apr 16, 2013 12:47 AM