The FHA 203k improves your chances of making a sale
Hey there ladies and gents,
I've been observing a phenomenon in the CA market to find there are a lot of agents that are putting in their listings that they won't consider an FHA or VA offer.
Upon further scrutiny it appears this is because typically they require the property to be repaired prior to COE.
Instead they sit on hundreds of these homes in some cases many more.
The seller who has instructed them that the seller will not put any money into the properties for advance repairs to sell these properties but is wanting to get rid of the home is apparently not aware of the 203k or has had a bad experience with one, or worse yet is taking instruction from someone who knows someone who they thought might have had a bad experience. Are you getting the picture?
I can tell you that the 203k is the way to move a property... BUT... you need an experienced team behind you to make it run smoothly. If you try to do one with a lender who has never done one, and a team who is going through their learning experience YOU WILL FAIL. If, on the other hand you go with a "team" that understands the process and has closed a few you will make more sales.
The 203k can also help your sellers get MORE for their properties as it can fund at 10% higher than the "after improved appraised value". We don't want to do that but it can happen and does everyday.
So... if you are the listing agent and sales are down yet you have a few hundred listings that aren't moving. Give the 203k a try and see how it goes... then let us move them all for you. I can have one of our experienced team mates show you how this is to your and your clients advantage... anywhere in the country. Need another reason to use the 203k? There is a larger pool of potential buyers as the FHA has the lowest credit requisites.
The FHA 203k actually improves your changes of making a sale.
Uptown
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