Teacher next door program

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

Teacher next door, officer next door, etc. If you have a teacher or law enforcement officer, fire fighters, EMT officers looking for a property you may want to start here HUD FORECLOSED HOMES FOR SALE to see if something is for sale. 

1) These teachers and officers next door bid on the home just like anyone else. make your off, make a full price off + $1 or $2.

2) Once the offer is accepted HUD reduces the price by 50% for your teacher or officers.

3) They must plan on living there about 3 years to get the full benefit. If they sell prior to that time HUD may recover their gift.

4) BE CAREFUL to build your commission into the off to purchase because they won't pay a commission for these properties unless it is in the offer. 

5) For each $1 you bid over the asking price, your client will have to pay that amount over the bid price. Example: Asking price = $300,000, Your offer is $310,000 your 50% discount kicks in at $150,000 x 3.5  down payment + another $10,000 more on the down payment because you bid too high. Yes, you got the property but at what cost to your client? Better way, offer a few dollars over the listing price, something that is manageable. 

Get more details on the "Good Neighbor Next Door program" that includes teachers, law enforcement, fire fighters, and EMT workers.

 

 

 

 

Downtown

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? 

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Rainmaker
1,028,538
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Going to join fireman and apply....Hurry hurry gone.

Dec 16, 2015 10:04 AM #1
Rainer
118,754
Kaye Swain
Keller Williams Real Estate Roseville CA - Roseville, CA
Your Roseville Real Estate Agent

Thanks for the great tips! I will have to share this with some clients. 

 

 

Dec 16, 2015 01:07 PM #2
Rainmaker
613,239
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Several years ago we did one for prison guard then nine more for his coworkers. 

Dec 17, 2015 01:27 AM #3
Rainmaker
613,239
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

I can't believe all the teachers that are calling us all of a sudden. They do read. 

Dec 27, 2015 04:22 AM #4
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Mike Young

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