203(k) Loan Requirements Disclosure
Borrower – You’ll be asked to sign quite a few documents on the road to residential rehab. The following are borrower acknowledgements, instructions and disclosures for the FHA 203(k) Loan. The borrower and the lender are asked to sign HUD-92700-A prior to obtaining the loan. If you have, in fact, not seen this info, ask your […]
Oscars for Remodeling – More Drama Than a Kardashian Divorce
I ran across this piece submitted by Paul Lesieur of Remodel Crazy. Great pun on the drama that sometimes surrounds a residential rehab project. How about giving out Oscars for remodeling? We could have 4 categories. Best Dramatic Performance by a Homeowner or Contractor. Nominees are: Mrs. Buttwig, homeowner and president of Women for Chocolate. For […]
They’re Flocking to Buy These Energy Efficient Homes – Really?
Buyers are flocking? …is that sort-a like a stampede? I read a recent blog article promoting energy codes and how appraisers are recognizing energy efficient homes. The author stated: “consumers are flocking to buy these homes over conventional homes”. Really? The concept of energy savings is very closely related and is affected by an increase in Delta […]
‘Rehab’ Loans to the Rescue
In the end it was another loan that came to the Mercados’ rescue: the Federal Housing Administration’s 203(k), also known as the F.H.A. rehab loan, which is designed to cover not only buying the home but also renovating it, and is then paid back like a regular mortgage. A hybrid that has been around for more than 30 years, the loan program has recently surged in popularity.
Successfully Selling a Rehab
The challenges sales agents face continue to plague the market. With the high number of foreclosures on the rise many sales agencies are realizing the benefits of FHA 203K Rehab loan. But how do you sell it? What sets this loan program apart from a standard sale?
There are pros and cons to every market condition. We’ve compared the