“Renovation Option”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Renovation Options”

 




Hi Joe,
As you know we have been looking for a home for nearly 6 months that was affordable for us. We came across a home over the weekend that suits our needs except for the overall condition. My sense is that we would need to put over $50,000 into the property to get it to the point that it is right for us. The best part is the property is way below the budget.
A couple of months ago, you recommended we look at homes that need some renovations, we are now at that point. I will give you a call on Monday so that we can discuss the options that are available to us. Speak soon Jeffrey.


A home that needs renovations isn’t for everyone, but it is an option for many. Jeffrey and his wife had a budget of $400,000, so looking at a home for $260,000 that needs about $50,000 in renovations is a “Great Deal” for them.

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Rainmaker
5,439,409
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Joe Petrowsky those numbers are ideal....too many have illusions of grandeur and bite off more than they should....

Sep 22, 2020 06:08 AM #1
Rainmaker
2,247,754
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Joe - if it is a steal it is good only if the buyer knows how to leverage resourses for renovation.

Sep 22, 2020 06:27 AM #2
Rainmaker
3,032,977
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Will they be getting a renovation loan or do they have the extra cash to use to renovate after purchase?  It seems that the terms of the renovation loan aren't always as desirable.

Sep 22, 2020 06:55 AM #3
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