Comments for Gary N Smith.net http://garynsmith.net Home Inspections | Energy Ratings | Construction Consulting | Serving Central MS since 1974 | 601.691.1496 Thu, 26 Jan 2012 14:34:16 -0600 hourly 1 http://wordpress.org/?v=3.3.1 Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by Gary Smith http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1039 Gary Smith Thu, 26 Jan 2012 14:34:16 +0000 http://garynsmith.net/?p=1266#comment-1039 Thomas, yes that is definitely a good perspective...thanks for that testimonial. It's a no brain-r for the buyers. I can't find a better value in this marketplace. Thomas, yes that is definitely a good perspective…thanks for that testimonial. It’s a no brain-r for the buyers. I can’t find a better value in this marketplace.

]]> Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by Thomas Reinhart http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1038 Thomas Reinhart Thu, 26 Jan 2012 13:54:49 +0000 http://garynsmith.net/?p=1266#comment-1038 As a Real Estate Agent and a 203k Consultant I have a good perspective being on both sides of the fence. I have sent countless hours showing short sale properties. I am at the point where I don't want to encourage buyers to consider then because of the unlikelihood of purchasing within a reasonable time. Why would you want to put anyone through that! Lenders take forever deciding on an offer because of the layers of approvals, not to mention the stacks of paper processing.... Sad but true, sellers agents often stack offers giving the lender more options, good for the lender, bad for the buyer. A buyer has a much better chance purchasing a 203k project even though some pain is involved, there is also a great deal of satisfaction, on the buyers side and those who helped! As a Real Estate Agent and a 203k Consultant I have a good perspective being on both sides of the fence. I have sent countless hours showing short sale properties. I am at the point where I don’t want to encourage buyers to consider then because of the unlikelihood of purchasing within a reasonable time. Why would you want to put anyone through that! Lenders take forever deciding on an offer because of the layers of approvals, not to mention the stacks of paper processing…. Sad but true, sellers agents often stack offers giving the lender more options, good for the lender, bad for the buyer. A buyer has a much better chance purchasing a 203k project even though some pain is involved, there is also a great deal of satisfaction, on the buyers side and those who helped!

]]> Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by Gary Smith http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1036 Gary Smith Tue, 24 Jan 2012 18:34:03 +0000 http://garynsmith.net/?p=1266#comment-1036 Michael, thanks for the bump! Michael, thanks for the bump!

]]> Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by michael murray http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1035 michael murray Tue, 24 Jan 2012 14:36:43 +0000 http://garynsmith.net/?p=1266#comment-1035 Great Stuff Great Stuff

]]> Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by Alan Trauger http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1033 Alan Trauger Mon, 23 Jan 2012 16:30:38 +0000 http://garynsmith.net/?p=1266#comment-1033 This is true scenario. Although Most Real Estate agents really do not know or understand how the 203K works. If the agent does not understand how the process works or has a different perception of the loan process and it's benefits they will never share this with their customers or discourage them from doing a 203K. Real estate agents main function is to sell. Many will look at the 203k as another objection to overcome in order to sell the home. Several agents that I have talked to may have had a bad experience, i.e. deal did not happen and therefore they do not want to "spin their wheels" on this process again. EDUCATION of the real agent is key. Until agents understand the process - they will not engage their clients to buy homes that need rehab. The 203k is not for everyone - home buyers that do not want smelly, dilapidated, or deferred maintenance problems will not opt for the 203k. MANY home buyers want move in ready homes. The K opens up a lot of options for a real estate agent - not just selling move in ready single family homes. Most agents are really only "order takers" and do not have the vision to explore the expanding facets that the K offers. NAR needs to emphasis this to it's members! 203K Consultants can provide a pivotal role to NAR for Realtor Education. This is true scenario. Although Most Real Estate agents really do not know or understand how the 203K works. If the agent does not understand how the process works or has a different perception of the loan process and it’s benefits they will never share this with their customers or discourage them from doing a 203K.

Real estate agents main function is to sell. Many will look at the 203k as another objection to overcome in order to sell the home. Several agents that I have talked to may have had a bad experience, i.e. deal did not happen and therefore they do not want to “spin their wheels” on this process again.

EDUCATION of the real agent is key. Until agents understand the process – they will not engage their clients to buy homes that need rehab. The 203k is not for everyone – home buyers that do not want smelly, dilapidated, or deferred maintenance problems will not opt for the 203k. MANY home buyers want move in ready homes.

The K opens up a lot of options for a real estate agent – not just selling move in ready single family homes. Most agents are really only “order takers” and do not have the vision to explore the expanding facets that the K offers.

NAR needs to emphasis this to it’s members! 203K Consultants can provide a pivotal role to NAR for Realtor Education.

]]> Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by Gary Smith http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1032 Gary Smith Mon, 23 Jan 2012 01:12:43 +0000 http://garynsmith.net/?p=1266#comment-1032 Ralph, thanks for the offer and yes, I'll take you up on that! Look for my link on your great looking site!! Ralph, thanks for the offer and yes, I’ll take you up on that! Look for my link on your great looking site!!

]]> Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by Gary Smith http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1031 Gary Smith Mon, 23 Jan 2012 01:11:29 +0000 http://garynsmith.net/?p=1266#comment-1031 Brian, the buyers are WINNING here in Mississippi. I've seen three buyers move in with "substantial" equity build in...it's the best deal going in today's market. Brian, the buyers are WINNING here in Mississippi. I’ve seen three buyers move in with “substantial” equity build in…it’s the best deal going in today’s market.

]]> Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by Gary Smith http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1030 Gary Smith Mon, 23 Jan 2012 01:05:18 +0000 http://garynsmith.net/?p=1266#comment-1030 I'm curious about the motivation as it relates to real estate participation. I believe the lower tier listings could use a % increase on the listing side to help incentivize the sales process. I’m curious about the motivation as it relates to real estate participation. I believe the lower tier listings could use a % increase on the listing side to help incentivize the sales process.

]]> Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by Brian Singer http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1029 Brian Singer Mon, 23 Jan 2012 00:59:08 +0000 http://garynsmith.net/?p=1266#comment-1029 Hi Gary. Great article... From the buyers perspective. But I would like to see that same concept directed toward the realtor. I still believe there is great opportunity for realtors to nudge out their competition by selling 203k homes. If they choose to market foreclosure homes to buyers, it opens a larger pool of homes available for sale. A foreclosure no longer has to be an all cash sale for investors only. Any buy can turn it into their dream home with the 203k. Its better for the seller, the buyer, the neighborhood, the agent, the asset manager, etc. it's a win-win for everybody. Hi Gary. Great article… From the buyers perspective.
But I would like to see that same concept directed toward the realtor. I still believe there is great opportunity for realtors to nudge out their competition by selling 203k homes.
If they choose to market foreclosure homes to buyers, it opens a larger pool of homes available for sale.
A foreclosure no longer has to be an all cash sale for investors only. Any buy can turn it into their dream home with the 203k. Its better for the seller, the buyer, the neighborhood, the agent, the asset manager, etc. it’s a win-win for everybody.

]]> Comment on A Perspective on the Standard Sale vs the 203K Rehab Sale by Bo aka BoKnowsMortgages http://garynsmith.net/2012/01/a-perspective-on-standard-sale-vs-203k-rehab-sale/#comment-1028 Bo aka BoKnowsMortgages Mon, 23 Jan 2012 00:35:18 +0000 http://garynsmith.net/?p=1266#comment-1028 Great article and thanks for taking the time to address this Gary as you and I know this is a challenge especially in our market. Great article and thanks for taking the time to address this Gary as you and I know this is a challenge especially in our market.

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