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Listing all posts with label The best 203k Training available. Show all posts.
  1. The HUD guideline allows a consultant to charge what is common and typical for that service area.
     
    There seems to be some confusion on this issue as when the so called "new guideline" and that is all it is, a guideline, when it came out it hadn't fully addressed our draw inspection fees. There are several other issues that we'll talk about in the next couple of weeks to help you see some other major flaws in the "new guideline" that just came out too soon, they hadn't taken the time, though they had plenty of time, to complete their work.
     
    The guideline actually states that on going draw inspections can be financed and can be whatever the typical and normal fee is for the area.


    Specifically from the guideline as follows: Page 355 if you want to look it up.
     

    D) Standard 203(k) Financeable Repair and Improvement Costs and Fees


    The following repair and improvement costs and fees may be financed:
    · costs of construction, repairs and rehabilitation;
    · architectural/engineering professional fees;
    · the 203(k) Consultant fee subject to the limits in the 203(k) Consultant Fee
    Schedule section;
    · inspection fees performed during the construction period, provided the fees are reasonable and customary for the area;
    · title update fees;
    · permits; and
    · a Feasibility Study, when necessary to determine if the rehabilitation is feasible.

    >END<

    All of our fees are published and have been for years. These are our typical and normal fees for all areas throughout the USA where we deliver these services. In an effort to be consistent.  Our published fee - click here
  2. The new HUD Guideline

    I'm getting lots of calls about how HUD can shove it and it has lots of consultants in a tizzy. STOP, please stop, let the dust settle a little bit. I was talking to a HUD official in DC the other day and was assured that thing are on the commissioners desk for signatures that changes all that we are reading with regards to our future fees. 

    In any case our fees are not determined by HUD, they are determined by each and every one of us as individuals. If you want to charge off the guideline and get 1994 pricing go for it. It isn't any more than an amount that HUD has determined is the maximum that they are willing to include in the loan amount. Yes it is grossly out dated and no, it doesn't come close to reality. 

    If these prices go into effect there will be so many areas where the public can no longer be served by this progam and that isn't typically HUD's idea of public service on their programs. Just "chill" for a bit and lets give my DC contacts some consideration and then, if it was a lie, the court system will be the next likely step. 

    Any lender that tells you what to charge is setting themselves up for a rude awakening. They have been trying to control our fees for at least twenty years that I know of and this rude awakening is likely the next step. If you want to be part of the cure, then get out your check book and be ready to spend a hundred bucks when that time comes. If we all do that, we will not only show unity but we will also so them we can no longer be pushed around.

    This is only HUD and not Fannie Mae so all isn't lost. If you want to be part of an even larger loan program that works like the 203k with limits up to $3 Million let me know and join the Mike Young Team of consultants nationally.

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    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 www.203k911.comIf you are looking for quality203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug

  3. Create inventory to meet your clients needs.Single story home

    What I love about this business is that we see a different house or two every day and watch it as it transforms to meet the buyer's expectation.

    Yep, that is my Chrysler 300 in the driveway. 

    into a two story home

    This is the "after" scene of the same house. Nice neighborhood but there were no homes in that neighborhood that fit this family's needs. So they added SF to the home to get the home they wanted and in the neighborhood they wanted.

    When inventory gets low this is a viable solution to many home buyers. 

    This can make the difference in an average Realtor and an exceptional Realtor. Providing your client with the home they are looking for, even when it isn't readily available. 

    You have to be looking at your inventory differently than you may have ever looked at it before. This is why I enjoy working with "Rookies" as they aren't "set in their ways" where they can't see the potential. 

    In all cases the work happens after the close of escrow. The Realtor gets paid, and goes to the next buyer. The construction starts and we stay with the buyer to the end of the process. We are happy to copy you on the progress photos if you like so you can stay in tune with the progress and create a portfolio of before and after photos. If you want to do that now to help you get started feel free to request photos for that purpose. We have thousands of archieved photos for you of homes we have completed. 

    REO Realtors, provide us with addresses of your hardest to sell properties and we'll give you some marketing ideas to help you sell those unwanted properties. We can even do manufactured homes with some minor stipulations. Even if they were built prior to 1976? That is the question isn't it?

    POSTED BY

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    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 www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug
    T
    his is a reprint of my ActiveRain blog post earlier this date 9-8-2015


  4. The new HUD Guideline comes out shortly. On 9-14-2015 the new Guideline comes out. This is NOT a reflection on the prices a consultant can charge for their services. HUD doesn't restrict what we can charge, only an amount they are willing to take on as a risk to the loan at this juncture.  Whatever they come out with on the 14th of September doesn't reflect a mandatory fee, only an amount that can be underwritten into their loan.

    If the loan is for a total amount of $350,000 they can only stand to add $XXX to that and make sense in their model for insuring that loan. That merely means we have to pick all of our fee up front at the time of the inspection and only $XXX will be included in the loan amount. This is actually reasonable for them to do. We need to select a representative down the road to represent us. A level headed person who has "negotiating" ability. NOT someone who merely whines about our fees being too low. That isn't and hasn't been the right arguement ever. We can't win that arguement once you realize there is more to them increasing our fees than just pleasing us. 

    Each of us has to determine what a "resonable fee" is for our work and realize that HUD is only telling us the part or portion of our fee that they are willing to underwrite and add to the loan for a 203k. I hope that is understandable as it actually does make some sense. Don't let any lender tell us what to charge that would open them up to a class action suit from us IF WE GET AND STAY ORGANIZED.

    There may be some lenders or home owners that look at the guideline and think this is all we can charge, that is false. It is all that can be underwritten into the loan. 

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