October 26th, 2011 2:29 PM by Bob Rutledge
In you’re a Real Estate Agent chances you are in some capacity, working with Foreclosures, Short Sales or other types of distressed property.
If you’re not working that market yet then maybe you want to add it to your bag of tricks! If you work that market then you and your clients could be better serve if you have an understanding of the mortgage products that are needed to finance that purchase.
The king of distressed property mortgage loans is clearly the FHA 203K Loan! Before I get into the details on what you need to expect, how you write the 203K offer and the other caveats to FHA 203K financing, I want to say one thing – please WORK WITH AN EXPERIENCED RENOVATION LOAN OFFICER. Now that we have that out of the way, on to the task at hand.
Writing a FHA 203K Purchase Offer
What to Expect During Your FHA 203K Transaction
Now, get out there and sell someone a foreclosure already! By the way, FHA 203K Loans are not just for distressed property, you can use them on move in ready homes as well. Don’t limit yourself, sometimes your buyers need some help seeing the vision.
Need a FHA 203K PRE-APPROVAL? It’s one small click away
If there is anything I can do to help with a home buyer or a seller using the FHA 203k to buy a new home or sell their home please do not hesitate to contact me.