When would you use a 203k Feasibility Report over a full Consultation?

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

Once you understand what each report is you will understand their proper use.

Feasibility report - a short inspection, typically 30 minutes in length, that identifies the deficiencies in a home and what it would take to get the home up to FHA MPS (minimum property Standards) nothing more. 

Why nothing more? The seller ins't interesting in all the upgrades you may want to do even though some may be wanted by anyone buying this structure. 

Purposes of this Feasibility Report or Feasibility Analysis is to help a buyer know the cost of repairs so they can make an educated offer. It also may be purchased by a very shrewd seller who is wanting the most out of their sales price so they do their homework to determine the amount of repairs then put this report in the home that they are offering for sale.

 

Consultant's report - this is a more detailed report called a "Arictectural Exhibits" that includes a work write up, bid spec and all of the related forms and contracts the lender needs to the 203b paperwork to go to underwriting. This is why we get the big bucks.. lol 

This report includes writing the specification, bidding on the project so the client knows the cost of the work BEFORE they put it out to bid to contractors, and compiling the final report with all the changes, corrections, etc and turning it in to the lender. This further includes writing the work write up which is the summary of the Architectural Exhibits and typically is a one or two page cover sheet that explains an abbreviated version of what is about to happen on this project.

Posted by

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

To learn more about the FHA 203k loan program go to www.203kOnLine.comWhat is your fee? 

Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

Skype name: the203kconsultant

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