The perfect home
One of the hardest things to face, when buying a home, is that there really is no perfect home. With almost dead-on certainty, I can tell you that the home that meets every single one of your needs and desires simply does not exist. Choosing a home means figuring out how your priorities rank, and picking the home that meets the greatest number of high-ranking priorities.
Of course, with enough cash, most deficiencies can be corrected. What if, though, you could take a home that is clearly lacking in one of your priorities and fix it without having to come up with the cash up-front? What if you found the house of your dreams, but it had the crappiest kitchen you’d ever seen? Would you pass on it, or buy the house and work on the kitchen later, after you’d saved up for the renovation? Would you use up your savings to fix the kitchen?
What if you could buy the house and get the renovation taken care of as part of the process? Would you think about it . . . or would you jump at it?
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Oh, the possibilities . . . with a 203k Rehab loan
Here’s the thing — it is possible. Under the Federal Housing Authority (FHA), there is a loan program that lets you buy a house that you consider substandard and roll the costs of fixing it into the loan. With this rehab loan financing your purchase, you don’t have to save up for repairs, and you don’t have to eat up yours savings, either. The program, called the FHA 203k rehab loan, has been around for quite a while, and I’m truly surprised that more people don’t know about it. There is even a stream-lined version of the program — cleverly called the FHA 203k Streamline — that makes the process even smoother when the scope of renovations is smaller.
So what’s the catch? Well, you have to find a lender who participates. Unfortunately, there are a lot of lenders who don’t. These days, with a market that is inundated with substandard properties, I believe not participating in this rehab financing program is a mistake, but who am I to tell someone else how to operate? The good news is that participating lenders are out there. I know one who makes this program a large part of his business. Guaranteed, because he specializes in this, he can make the process go as smoothly as it possibly can. Let me know if you’re interested in knowing who he is.
In the meantime, take a look at this picture from one of my listings in Littleton a few years ago. It was a foreclosed property, and the picture was taken after it was cleaned up, and the bank had decided that it was “market ready.” Would you buy a home with a kitchen like that? I was truly astounded by the number of people who walked away because it would be too costly to make the needed repairs. Had their agents only known, or believed me when I told them, about the FHA 203k rehab loan.
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If you have any questions or comments about the process of buying real estate in Highlands Ranch or the Denver metro area, feel free to give me a call at 720-258-6211, or fill out this little form and send it to me. I’ll get back to you as soon as I can, but remember that I can’t answer your questions if you don’t ask them. If you’ve got something on your mind, let me know, and do it now before you forget.
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