There's another 203k

Home Inspector with, covering the USA S0289

"There's another 203k" was a common statement from my wife for over twenty years as we were riding around the country. It didn't make any difference what state we were in if there was an obvious fixer she would be sure to point it out.  Why then is it so hard for Realtors, people in the business to see them? 

I find that odd but understandable if you have never done a 203k project before. You likely have heard old war stories that weren't too flattering. More than likely you heard them from some other Realtor who hasn't ever had any direct experience but heard stories from around the coffiee machine of some problem someone had thirty years ago. 

If it ever had a residential use with a certificate of occupancy issused at least one year prior to the renovation it is a 203k prospect.

What can you do to ensure you don't have any issues with your project? Easy to answer... use a "Team" approach. I just heard of a project from a client where the lender was doing their first 203k, they hired a new 203k consultant, and the contractor had never done one and got cold feet at the closing and pulled out so we had to find another contractor at the last minute... delay, after delay, after delay. 

Using a "Team" approach you need to find a knoweledgeable lender. A team might look like this in NorCal... 

Tom Huntley Team with Prospect Mortgage

The Mike Young Team

CCAR - California Construction and Renovation

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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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Mr. Young,  The other maybe not so obvious challenge for agents with 203k loans might have to do with the market climate and demand. In many of the areas I serve all cash buying investors are consuming these would be 203k properties. They just can't compete with an all cash 10 day close ... no contingencies.

Jan 27, 2015 12:11 AM #1
Mike Young, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Kathleen, we hear that allot but in many cases a borrower looking to live in the property is willing to pay a bit more for the home than an investor who would like to see a profit. In some cases that difference may be $50,000 as an example. The seller would stand to gain $50,000 for an additional 20 days to close... that is pretty good profit for a 20 day delay, don't you agree? Good to hear from you. 

Jan 28, 2015 06:12 AM #2
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

I can see how such a team approach can make for a successful project Mike

Jan 29, 2015 04:38 AM #3
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Mike Young

FHA 203k Consultant 916-758-1809
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