Sarasota Foreclosures - Home Buyer's Financing Secret
- Author Mike Payne
- Published January 29, 2011
- Word count 679
Real estate investors (yes, even Sarasota foreclosures bargain hunters) leak secret financing tool used to scoop up ugly properties no retail buyer ever would consider...until after the investor shines it up and scores a huge payday.
Jim is not such investor who is NOT scared off by an ugly property's "as-is" condition.
He possesses a secret weapon…so powerful he bought a house no one else would touch.
He bought this house at a STEAL…a mere 84% of after repair value (ARV).
So what’s this secret weapon Jim possessed allowing him to RECEIVE the $100,000 this house needed to transform it from a dump into a jewel after renovation?
If you want to STEAL a home no one else wants, not face heavy competition from rabid investors throwing cash at all offers & getting the money you need to renovate the house, you need this secret weapon.
Now it's time you get the inside scoop on this powerful secret weapon helping savvy house hunters steal great opportunities.
IT’S NOT A DUMP FOR LONG….
No more suspense: Jim's and all other savvy (insider) buyers’ secret weapon is FHA’s 203(k) program!
What is it?
It’s a little-known Federal Housing Administration loan program that’s been around since 1978 and it’s taking the fear out of "as-is."
Ironically, it’s still a big secret.
Many mortgage lenders, experts claim, are not up to speed on it…though it’s been around since ’78.
As I mentioned, Jim found a house in "rough" condition priced waaaaaaaaay below market. Why?
Its condition scared off all potential buyers, except Jim that is. Jim grabbed this property for about 74% of after repair value (ARV) BECAUSE even savvy buyers didn’t know about 203k’s.
Jim’s property clearly required about $100,000 in LEGITIMATE repairs, i.e. foundation, roof, HVAC, etc. Yep, easily $100k….
With the help of the FHA’s 203(k) renovation financing loan program, Jim rolled this $100,000 repair estimate into his mortgage.
Jim KNOWS he would not have this incredible opportunity without the 203k program. In no way could he cough up $100,000 in repairs on top of his down payment & closing costs.
Key 203k Points:
The work has to be done within six months after escrow closes.
Borrowers have the option of putting up to 6 months of mortgage payments on the end of the loan if they don’t want to live in the house while the work is being done.
Repairs must undergo stringent oversight — no inflating repair costs to skim off the top.
FHA home loans require certain health and safety standards be met and that needed repairs identified during the inspection process be completed before escrow closes. *Minor repairs and improvements costing between $5,000 and $15,000 can be done after escrow closes for borrowers who opt for a streamlined repair program.
203k also can pay for new appliances, remodeled kitchens and bathrooms, and additions as well.
As great as 203(k) financing is for some buyers; it’s not for all buyers. A buyer will have to work with contractors and may have to wait several months before moving in. That alone doesn’t appear to many savvy, informed buyers. Further, competition for "tear downs" is heating up as the 203k’s go mainstream.
203k is still a secret to many mortgage professionals and buyers alike. You might want to keep this powerful secret weapon in your back pocket…you might need it when you come across a jewel in the "ruff." Do you want to buy or sell a house in the Sarasota area? Please call me. I want to assist you. Have a question, comment or experience regarding FHA 203k? Scroll down & share your experience. I want to hear from you!
Foreclosures - including Sarasota foreclosures - don’t scare off savvy, informed buyers who negotiate even BETTER prices on houses no one else wants. These savvy, informed buyers turn around & get the money they need to renovate these homes, bringing them back to pre-distressed condition. An otherwise horrible situation turns good for the house, the neighborhood & the buyer of course.
Mike Payne is a Sarasota real estate agent who helps buyers relocating to Sarasota, Florida, and homeowners avoid foreclosure. If you or someone you know is facing foreclosure in a judicial foreclosure state, you need to know the truth about walking away or letting the bank foreclose. Unless you want debt collectors chasing you for up to 20 years, you need to see my video @ http://www.sarasotahomesforsalenow.com/sarasota-foreclosures/Article source: http://articlebiz.com
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