Listing and selling a bank owned property doesn’t have to complicated!

1. Listing and selling a bank owned property doesn’t have to complicated! • With so many foreclosures in today's market, many times these houses are in need of repair are listed "as is", which in the past required a cash buyer and cash buyer only limit you opportunity to close your sale! Not using the FHA 203K or HomeStyle loans as your financing tools I believe is pure misunderstanding of the program and lenders haven’t properly prepare you the agents on how to use these great financing tool to close the deal. Listed below are just a few things your client can include in their FHA 203K Streamline or HomeStyle loans and so much more can be completed when using the FHA 203K Traditional Financing. • Repair Replace of the Roofs, Gutters and Downspouts • Repair Replace/Upgrade Existing HVAC Systems • Repair Replace/Upgrade Plumbing & Electrical • Repair Replace Flooring • Updating Kitchens and Bathrooms • Painting both Interior and Exterior • Weatherization including storm window and doors, insulation, weather stripping, etc. • Purchase and installation of built in and freestanding appliances • Accessibility Improvement for the physically challenged • Lead Paint Stabilization • Repair Replace existing/add exterior decks, patios & porches • Basement and Attic Finishing & Remodeling • Septic System and Well repair or replacement • If the property is in the right neighborhood, but doesn’t have the right number of bedrooms or they need an extra bathroom they can include the cost of these additions with the FHA 203K Traditional Loan Financing Program, as long as the market supports these additions. BIG PLUS I almost forget to mention, when your client uses the FHA 203K Traditional Financing or the HomeStyle program we can include up to 6 months of house payments in their loan, so they can continue living in at their current residence or not have to deal with payments while renovating to re-sale the unit.We’ll also including up to 15% in contingency reserves just in case your client has some additional cost and once all the repairs are complete any money left over in reserves or built in house payments will be applied to the principle of the loan. Once you have your listing approved it’s time to do a walk through. Make sure you have your mortgage planner in mind and even better yet have them on your I Phone and let them see what you are as you assess your property to figure out what it’s going to take to turn it into a home again. They will also need as many photos are you can provide to get a real feel for your listing. We also need to know about the neighborhood and what improvements you think would bring real value to your listing.

4. After you have completed your walk through and completed your FHA 203K Property Evaluation Report please include your BPO and interior and exterior photo you can provide. COMMENTS________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________