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 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

    

Comments

1. Mike Young on March 18, 2009 at 5:24 AM said:
   Team work is the key to unlocking the full potential of a successful 203k. It is one thing to have a team and quite another to let it function. Whenever I work with a new lender who hasn't done a 203k before it is a known factor that they will be calling the consultant wanting to know when the inspection appointment is set... we do that automatically when it is set. I usually come back with "do you have your VOE and VOD out yet?" then they answer, "that is my job, of course I plan to have that out today". I always suggest working with a team that knows what they are doing... you are the only 'newbie' in the equation. If each member of the team is diligent and works on "their own portion" of the project, the jobs will all come together in time to close the loan in a timely fashion. Give your team some room to function and they will surprise you. My goal as a consultant is to keep the realtor looking sales, keep the lender looking for loans, and for me to stay ahead of them on the curve by keeping them in the loop. Once we make the inspection appointment we notify the team via email. Then once the inspection has been completed we may follow it up with a short note letting them know of any obstacles and a tentative date to expect our report. We may be awaiting a pest report, or a engineering report or we may be able to get it out to bid the next day. In some cases the borrower has a contractor bid on 90-95% of the work in hand at the time we make the inspection and the finished report may be turned in the next day. In any case the consultant's report will not be the cause of delay in most cases. Where it can be the cause of delay is when the lender completes all of their work first then orders the consultation... don't do that. That would be like playing a football game with no players on your side until the two minute warning. Let your team function at the same time and your time lines will intersect for a touchdown.

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