Sat in on a seminar yesterday... lets clear the air
I heard another person (consultant) telling clients they get $1250 for a 203k and you can get it all reimbursed in the loan back to the client. This simply NOT true, sorry, but the only fee that is reimburseable per the guideline is the consultation fee and feasibility report, NOT a separate home inspection fee. READ the guideline and you will see that a consulation includes a "203k property inspection". If you charged the client for a home inspection too then you should also provide a full home inspection report of quite a number of pages, if so you can get your full consultation fee. A feasibility cannot or at least should not be charged unless you provide a feasibility report as well and most of the time you do not.
If you charge separately for a full home inspection and deliver one, then you are entitled to be paid for your service but NOT from the 203k escrow, that would be against the guideline. I received a call from a HOC the other day where I was told we cannot sell any ansilary products as it would be a conflict of interest. No termite report, no engineering report, no architectural services, yet we all have been doing all of the above as needed to get the job done faster. I dissagree. I am an engineer or architect, I can be a consultant therefore they are clearly wrong.
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.
Skype name: the203kconsultant
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