Pikesville Handyman Specials in today’s market—Part 2 of 3
What’s in an Fha 203(k) Toolbox?
In this day and age a toolbox is not just for your mechanic, general contractor or plumber. We all have to maintain a good toolbox in order to be successful. And yes, sometimes we have to improvise because we don’t quite have just the right tool for the job. Has that ever happened to you?
Usually you try the best you can to make it look right, but you know it isn’t and you hope no one notices and that it is "good enough." Some people even skip the 'I hope no one notices' part and they go straight to "good enough."
If you are a buyer trying to find a home for yourself you must have certain tools to do the job and increase your success. These tools are sometimes obvious and sometimes not so obvious. For example, you are likely to have internet access to look for houses and mortgage calculators to figure out your payments. But you also should have a property checklist, flashlight and a tape measure to make sure your breakfront fits in the dining room.
As a Realtor you are likely to have many tools including a PDA to be accessible, websites and blogs to market yourself, a good flashlight of your own, a digital camera and much more.
One of the tools often overlooked and underestimated is the team. Each of us relies on others to do our part to make a successful experience for the homebuyer or seller—our clients. If you are involved in helping someone buy or sell any kind of property that needs even a little renovation work, then you need a team that consists of a Lender-Realtor-Contractor-Consultant.
LENDER: Must be an FHA 203k expert. There is no reason to have someone learn on your watch. You need a good pre-qualification for the value of purchase + renovation so no one gets in over their head. Get a specialist in FHA 203k loans.
REALTOR: Must have an understanding of how the 203k program works and at least some idea of what things cost to fix or make sure they have a 203k Consultant available to guide them, answer questions and provide realistic cost estimates.
CONTRACTOR: Complete the Specification of Repairs as prepared by the HUD 203k Consultant in a good workmanlike manner, provide license, insurance and cost estimates in a timely manner.
CONSULTANT: Assess the property for what it needs and what the buyer wants. Prepare detailed Specifications and realistic cost estimates and be the borrower’s advocate throughout the process.
There of course are always more tools in anyone’s tool box than they ever need for one job, but knowing which tool to use and when, is the art and science of successful FHA 203k renovation projects. You can find all the 203k Services and referrals you need on our website.
Contact us TODAY for your FREE 1-Hour Consultation
HUD 203k Consultant