It seems that in our current local “buyers market” the AS IS property is becoming tougher and tougher to sell. Many buyers, and even some agents, are unaware of the FHA 203K mortgage.
This mortgage (when one qualifies) allows remodel costs to be added into the loan. One loan. One closing.
It’s a terrific opportunity, both for the seller who needs to sell and cannot “fix up” his “fixer upper before a sale, and for the buyer who is able to make an offer he can afford while still having the cash to set the home “aright.”
If you or your clients have been successful using a FHA203K loan, we’d love to hear about the experiences.
If the 203K is not available to you, many banks have in house loans that are quite similar. LIFESTORE BANK in Boone NC with four locations, is one such bank. So don’t give up. Just ask the right questions from the right folks. Usually your Realtors.