Tagged : 203k

Found 4 blog entries tagged as "203k".

I recently heard a story of one tough contractor.  He was apparently working off of a ladder in the home of a client, installing some framing at or near the wall and ceiling line.  As you might expect he was using his Paslode nailer to secure a 2x10 to the wall and the homeowner walks in.  It was at this split second that the nail left the Paslode gun and prior to entering the 2x10 entered the finger of the contractor; firmly securing his finger to the 2x10 and wall.  But this was one tough guy; he turns to the homeowner and listens to them while being nailed to the wall.  Once the homeowner finished talking the contractor removed his hammer and pulled the nail from the 2x10 and from his finger, and let a scream that could be heard from miles away.  This

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With all of the foreclosures and great deals on the market having the right tools on hand when looking at a property can save you lots of time and money. By knowing the tools and by having them on hand, you will be able to properly evaluate a home on the first visit, resulting in being able to make an offer afterwards, without the assistance of an inspector or engineer, and without needing to return for a second or third visit prior to making an offer. This alone will allow you to make offers more quickly and will result in more deals going under contract.

The Basic Tools

A Flash Light
I can’t tell you the number of times would be buyers show up with a pin light on their key ring to look at property. A heavy duty flash will allow you to examine

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While virtually all of the 100% financing programs have evaporated there still remains a great resource for securing a good value on your next home purchase and an unbelievable deal on financing.  Homes which have been foreclosed on and taken back by HUD under the FHA insurance guarantee program provide virtually 100% financing for qualified borrowers.  

These homes are made available through various designated asset management companies throughout the country.  These asset management companies then market homes for HUD through locally approved Brokers and an ONLINE bidding process.  We have recently become an APPROVED BROKER for HUD home resale’s. 

What Types of Homes are Available?
Homes available for purchase through HUD reflect the loan limits

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With the onset of the current market crisis and the number of homes that are currently on the market in what can only be described as less then “move-in” condition, the use of the HUD/FHA 203K loan program has gained in popularity.

The 203K loan program (standard 203k or the 203k streamline loan) are programs that allow the borrower/homeowner to include the cost of repairs/upgrades in the homes financing to get the home in livable condition.  This gives the borrower/homeowner the needed funds to complete the renovations.

The appraiser’s role in these types of loans is quite simple.  The appraiser is given a list of items being considered for repair.  This is typically in the form of an estimate by a contractor that lists out all the items being

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