“A 203K Loan is often the Right Alternative”
Certainly
a good alternative when we have champagne tastes and a beer budget. No
matter how many times I brought up this possibility, the answer was
always, “I don’t want to do any work.”
A
client of mine just purchased a property for $103,000 that needed work.
She got a bid from a contractor for $31,600. When doing the appraisal
for a 203K loan, there are two parts to it. The first is the current
value which came out fine and then the after renovations value which
came in at $163,000. All that means is instant equity for my client.
Hi there Joe.
Eric
has gotten back in touch with me and sounds like he is feeling more
pressed to pursue a 203k loan at this time, as we haven’t been able to
find a property in the right price range that is affordable, something
you suggested months ago. Please send me a new pre-qualification letter.
He wants to make a purchase in the next 4 months for sure. I will have
him follow up with you as well. He will provide lots of details when he
calls.
Thank you for your help.
Cate
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