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Listing all posts with label 203k loan Capitola. Show all posts.
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What if we don't complete our 203k project on time?
You may need an extension of time to complete the project.Each construction project has an estimated date of completion set by the consultant or the lender and based on the amount of construction and not to exceed 6 months at the onset. Variables exist that include the current schedule of the contractor at the time of the closing. If the contractor is notified the loan closed and they can start working asap, does't mean they have to drop everything and begin your project.
1) What really happens is that the contractor is notified of the closing,
2) The contractor checks their schedule and decides that they have a project completing in a week or two and that crew will be sent to the new project at that time.
3) Materials procurement then takes place, the contractor starts gathering the items they will need to complete you project. While this is going on the contractor will likely set up a meeting with the borrower's to lay out a plan of attack to get this porject completed asap. The contractor makes more money per hour the faster he gets the project completed. Therefore they will be anxious to get started and to get finished.
All this is happening in the background and the borrower doesn't see very much happening and might be getting anxiety about their project. This shouldn't happen as they have been told what is happening behind the scenes.
Once the project begins construction the contractor is under contract to maintain a crew on the job each day thereafter to insure a speedy conclusion to the project. At no time should the contractor cease work on the project for more than thirty days. I wouldn't let them wait more than a week before you call them and find out what is going on. There must be a draw inspection for work completed each thirty days from the close of escrow.
If we look at this logically the first draw is typically is smaller than the future draws as there is less than thirty days of work. If the project is was originally set up to be completed in 4 months and we get to the 3.5 mark you will need to create and execute an extension request. The extension request should include the following:
A) Reason for the delay
B) Time line with a list of items not yet complete and an estimate of when they think each line item may be completed. This time line should be on the contractor's letterhead and signed by both the contractor and borrower.
C) New estimated completion date.
If your project was originally set up for 6 months you could get up to five months additionally in this manner. Some just take a little longer but it is no one's best interest to drag the completion of a project manager.
Mike Young Team Leader
We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. It really doesn't matter as we have associate offices in most every state in the USA. Find a consulant anywhere in the country.
To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.
Got a 203k project giving you "fits" contact www.203k911.com. If you are looking for quality 203k software for consultants to speed up the underwriting process..
Skype name: the203kconsultant
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FHA well requirements Existing Construction
My comments are inside the [ ]s
Guidline excerp from 4000.1 handbook which became effective on 14 September 2014
Requirements for the location of wells for FHA-insured Properties are located in 24 CFR § 200.926d (f) (3).
The following tables provide the minimum distance required between wells and sources of pollution for Existing Construction: Individual Water Supply System for Minimum Property Requirements for Existing Construction*1 Property line/10 feet [Must be at least 10 feet inside your property line]2 Septic tank/50 feet [There must be at least 50 feet between the well and the septic tank]3 Drain field/100 feet [Leach lines]4 Septic tank drain field reduced to 75 feet if allowed by local authority [exception]5 If the subject Property line is adjacent to residential Property then local well distance requirements prevail. If the subject Property is adjacent to non-residential Property or roadway, there needs to be a separationdistance of at least 10 feet from the property line.* distance requirements of local authority prevail if greater than stated above
Mike Young Team Leader
We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. It really doesn't matter as we have associate offices in most every state in the USA. Find a consulant anywhere in the country.
To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.
Got a 203k project giving you "fits" contact www.203k911.com. If you are looking for quality 203k software for consultants to speed up the underwriting process..
Skype name: the203kconsultant
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It may sound like a good idea. I get my hearing aids next week, then maybe but for now... please use our order form. The GFE is also on page 2 of the order form.
What happens if I'm sitting at my desk? It is great but the names I had thrown at me today were so difficult to understand for a partially deaf man. I felt like a fool having to repeat what I thought I heard several times.
So I think I finally have it... did I have to pull myself away from the project I'm working on and become a receptionist. Sure enough. You might say "don't answer the phone then." Right, you know what happens to a home inspector when they call and you don't answer that phone. They call someone else. It is always best to place the order in writing, we have a handy order blank and it makes it so much easier and I don't have to listen to the form and say "what?" too many times.
I am also an inspector and see homes 3-4 days per week. The other day I was in the basement when they called an order in. Fun to say the least. It keeps my life interesting. I think I'll try to turn on the microphone on my phone and see if it will transcribe the information. what an idea. Go ahead and call those orders in. LOL -
I really enjoy speaking to realtors and agents in groups. I like to ask them if they ever get a client in their office that tells them they have no down payment... they all say "Yes" then I ask "do you send them out the door quickly?" and the laughter is overwhelming. I then ask them to take the newest agent in their office and send those would be borrowers to them instead of kicking them out the door. then I ask if the new agent will just bring those people to one of our FREE open to the public seminars and we'll turn them into real buyers... with our network.
Everyone stops laughing about that time and want to know when we are having our next FREE seminar. It is amazing that just a moment ago they were ready to kick that borrower out the door and now won't turn it over to a new agent.. ha. I like new agents because they don't have pre concieved ideas and are more easily taught. Come join us at a seminar and we'll show you how it is done... We really like making deals in that room on the spot. You will too.
This 203k basic's training seminar is wonderful for networking and getting your homes that need TLC sold quickly. We'll talk about the streamlined k now referred to as the "Limited 203k" and the Full 203k, touch on the EEM and how you can use it to actually get more money than the maximum mortgage limits set by HUD.
Mike Young, 203k Team Leader
With offices coast to coast and HQ now at 1351 Oliver Road, Fairfield, CA 94534 - 704-451-1599
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203K Training Center Offer an Overview of How 203k Consultants Complete a Feasibility Analysis Process
Throughout a 203k project, stakeholders must complete the required documentation to ensure that the project is completed according to the industry regulations. During the 203k consultation process, 203k consultants will complete a feasibility analysis, which will determine the scope of the repairs required on the property. This complex process serves a unique purpose for both homebuyers and sellers. The team at 203k Training Center provides a comprehensive overview of the analysis process.
Feasibility Analysis Provides Buyers a Foundation for their Decision
Buyers will need to know, before the repairs take place, whether the value of the repairs will help them to receive a return for their investment. Properties must meet the minimum living standards set by the HUD. This often requires properties to go through significant levels of repair and means buyers must closely review the required repairs and the price of the property to ensure value is achieved. Buyers can also use the feasibility analysis as a means for seeking out specialist contractors. Many 203k consultants also work with buyers as they pick out contractors for the work, this is because the 203k project experts have experience in this process and can help to mitigate problems with poor workmanship and rising costs as the project moves forward.
Analysis Could Help Streamline Negotiations
With complete clarity of the levels of repair required within a 203k project, home sellers might be more willing to negotiate a deal with the buyer, thereby minimizing delays in the transaction. The feasibility analysis will highlight the costs required and will compel the seller to consider whether they are willing to pay for the repairs or hand the property over to a buyer to complete the property upgrades.
Sellers can Achieve True Value Through their Feasibility Analysis
A 203k feasibility analysis report will help sellers discover the true value of their property. With the information on the repair work required at their disposal, they can then present buyers with the facts on the property and determine whether they themselves wish to pay for the repairs. If the repairs are completed through the seller, they will then have leverage when selling the property in future.
Realtors can Promote Properties More Effectively with Tangible Data
The facts concerning the property within the feasibility analysis will also be of great benefit to the realtor. Giving the full amount of information to buyers at the beginning of the purchase process will help to improve communications between the buyer and the seller, thereby making the realtor’s job far easier and ensuring a more efficient working process.
It’s important to work with trusted and qualified 203k consultants for a comprehensive feasibility analysis. To learn more on the process and its benefits, visit http://www.203ksoftware.com/. Qualified experts are standing-by to respond to questions.Mike Young, 203k Team Leader
We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact us at www.203k911.com. If you are looking for quality 203k software for consultants to speed up the underwriting process.Skype name: the203kconsultant
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I'm still amazed at the number of asset managers that still insist that they won't take FHA offers. I was just listening to a weekly radio show featuring the 203k and the moderator hits them right between the eyes...
Asset managers, wake up and smell the roses, please. If you are excluding the FHA 203k you are not getting all the sales you could be getting for your clients. If there are any banks out there that have distressed properties... lol. Let someone familiar with the 203k list them for you... You will find that you will sell them faster, get more money for them, not have to fix anything, all work happens after you are paid and out of that asset. Yikes! It is everything that you want...You want to get the economy back on it's feet fast then stop giving big banks bailout money they don't need. Let the banks, who have already written off the losses, donate their properties to the counties where they exist and take another write of. The counties then sell the homes fast at any price... satisfying their "affordable housing" requirements, gaining tax money, gaining new tax basis, and getting fixers out there on the market so local contractors get very busy, lots of them will have to hire people to get these home fixed up... home prices will stabilize and go up... maybe that is too easy.
I heard a person on a radio show a moment ago saying that the best economy ever was in 2000... NOT. Think back a little farther back as I remember it was when we lowed taxes and let the people spend their own money... locally. If we are looking for more stimulus reduce or eliminate the corporation tax on small corps or LLCs that don't make $200,000 this year... the people will start thousands of little businesses and many will hire one or two but that will calculate to hundreds of thousands of jobs at the local level and not all highway jobs. Sorry, but all corporations are not big companies
I'm telling you, if you want to stimulate the economy then let's take the houses that have been foreclosed and turn them over to the cities in which they sit. Let the cities get the homes that the banks have already written off against other profits. If that were to happen you would see every community getting money into their local economy and creating jobs in their own neighborhoods, and providing meaningful work down at the grass roots level. Imagine if we put these jobs back on the market how fast we would see people shopping in the stores and the economy returning to a more normal situation.
Those of you in Santa Cruz be aware that Santa Cruz Home Mortgage has just made a commitment to do a lot of educating and 203k loans in that area. In fact Tammy Blanchard is in the middle of one right now. I'm sure if you give them a call you will find them receptive to bringing their training to your RE office to enlighten you.
Mike Young, 203k Team LeaderWe have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact us at www.203k911.com. If you are looking for quality 203k software for consultants to speed up the underwriting process.Skype name: the203kconsultant
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Your 203k Consultant can make or break you. Typically you want someone who has done a few. They shouldn't be experimenting on you. Now that I've said that you don't always get what you want. If it isn't available or you have a new consultant who has just contacted you that "enthusiasm" can be worth a lot. If your new consultant has done their homework and taken the time to get some training you may be just fine.
We have had people call from areas where there were no consultants on the HUD list but the need was there. They had a contractor in some cases or a home inspector in others that knew how to make the inspection, we took those qualified people land were able to train them in how to conduct the consultation and write the finished report in such a way that they appeared like seasoned pros with their first consultation. We are in the process of doing that again right now in a remote area of Northern CA. If you are a lender and have been copying the required HUD forms from the 203k handbook, filling them out by hand, and turning them in with your underwriting submission, you are wasting your time. Our trained consultants do all that for you.Mike Young, 203k Team LeaderWe have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact us at www.203k911.com. If you are looking for quality 203k software for consultants to speed up the underwriting process.Skype name: the203kconsultant
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