FHA 203k Feasibility Analysis - Oakland

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

Well there is no rest for the Wicked as my Mom used to say. It's Sunday and we are relaxing and, of course, the client needs it this weekend. lol

All kidding aside as much as we like to enjoy our Weekends there are many times our clients just can't affort to miss time during the working week so yes, we work weekends when necessary.

Today seems like we have an interesting in Oakland with an Edwardian tri-color home.

Purpose of a feasibility analysis - as you may know we are attempting to get a renovation estimate so the buyer knows what it might take to bring this property up to the  FHA MPS (Minimum Property Standards) of liveability. That means nothing more typically than taking care of the health, safety and "of necessity" items. 

What a Feasibility is NOT - it is not to take into account all of the nice things a buyer might want to add above and beyond the minimum property standards. It can be that but not if you are looking for a guide to a purchase offer. The seller likely isn't interested in what YOU might want to do to the home but more "what will it take to get my home up to a salable safe condition" so an FHA loan can be made. 

This will become a 203k loan so the work all happens after the close of escrow on the borrower's dime. This is a tool used to help the buyer and their agent arrive at a fair offer that should be accepted and notify the seller, quite often a bank, of the deficiencies that they may not have been aware of and now they are aware. It is a very effective tool. Did I say they are now aware of those deficiencies and should be disclosing them to the next potential buyer as well. 

This typically takes about a half hour at the site, and is turned in the same day or the next day. Many times a seller will get a feasibility done so they know and can provide info to a prospective buyer of the cost to cure the deficiencies on this home.

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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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gabe Sanders 07/29/2012 09:13 PM
Real Estate Sales and Marketing
California Alameda County Oakland
Keller Williams 'Rainers
Century 21 Network
Coldwell Banker Group
Sacramento Real Estate
203k consultant
203k loan oakland

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Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

I typically work on the weekends, but that's okay with me! I really don't mind. That seems to be when people want to look at lake properties. Who can blame them?!  ☺

Aug 02, 2012 04:33 AM #1
Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO

Great post! Excellent information;s on 203k FHA loan.

Thanks for sharing.

Nov 06, 2012 11:50 AM #2
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Joni, We all need to work weekends if we are serving the working public. It is just the nature of the beast.

Nov 06, 2012 09:38 PM #12
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Mike Young

FHA 203k Consultant 916-758-1809
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