This group is designed to share ideas and information to help make your 203k experience better. With all of the foreclosures and short sales on the market today, there is a huge opportunity to help the buyer to find a property that can become their dream home at a bargain price. Let’s keep this group to sharing information and ideas. NO ADVERTISING ! ! ! ! !
Matthew S Ellis joined the group 
203k loans 1 month, 1 week ago · View
tcollins posted an update in the group 203k loans: 4 months, 1 week ago · View
I see members but no discussion…so Ill start….so what is you most successful tool in reaching your referral partners about 203k? What is your biggest challenge?
In brief start a 203 kit. It comes in a box similar to a monitor package. Inside have carpet samples, paint swatches, photos of new stainless appliances, granite or tile samples. That is the visual leave behind at the open house. The flyer created would be crafted around increasing the sales price to pay for the improvements. I’ve seen my loan officers use “artist rendering” software at the big box hardware stores and put together a slick flyer depicting the new payment on the higher loan amount. Pretty slick for small investment. The cool thing is the venders that offer the carpet and paint swatches will offer discounted services if you ask and follow through with driving business their way.
Hey Mike …Do you know any of the software they use
tcollins joined the group 203k loans 4 months, 2 weeks ago · View
garrickw joined the group 203k loans 6 months, 4 weeks ago · View
mortgagebanker joined the group 203k loans 6 months, 4 weeks ago · View
Edwil Antolin posted an update in the group 203k loans: 7 months ago · View
We are currently using the 203k to demolish additions to a home that were done without permits and in addition, were done in a way as to cause a zoning violation. Previous attempts to purchase this property had failed using normal FHA and conventional financing. Now, with the 203k, the home can finally be moved!
dbailey joined the group 203k loans 7 months, 2 weeks ago · View
Paul Welden posted an update in the group 203k loans: 8 months ago · View
What do you do to overcome resistance from Realtors regarding the 203k and have your efforts been successful?
Wow them with your knowledge of the product and how they can actually market this product with you to get more deals. Realtors seem to be hesitant because they are mis informed on the info needed on these types of loans.
Actually, what I am seeing is that Realtors are starting to want more information about the 203k. The key is simply to get out there, get in their face and tell them what the 203k can do for their customers. Take a couple of before and after pictures to help them visualize. Then you need to explain how to effectively market the 203k. Buyers are looking at the bargains out there. If the realtor learns HOW to market, their turn around time selling is cut in half and their buyers carry the excitement of what they can do forward. Some of the best referrals these days come from buyers who used the 203k to create their dream home out of a distressed property. We have some marketing ideas and tools we share with our brokers that have gotten great results.
We always sell the brand new kitchen and bathroom and the fact that they are not just for P.O.S. REO’s.
We over come by trying to show them that it is not the complicated fiasco that it has been made out to be. It’s like anything else, you find an expert who knows what they are doing and then the loan can be a very powerful tool for them for not only their buyers but for their problem listings as well….of course then I point out that I am just the expert they have been looking for…..
frosson joined the group 203k loans 8 months ago · View
Greg Herman joined the group 203k loans 8 months, 3 weeks ago · View
Don Webb posted an update in the group 203k loans: 8 months, 3 weeks ago · View
Frustrated trying to find a lender who does the full 203k? Check 1st Preference. We’ve been doing 203k loans for 22 years. Full and streamline. We can help with marketing too.
Don- Where are you located?
We are located in Maryland. We lend in Maryland, Pennsylvania, Delaware, DC, Virginia, North Carolina, South Carolina, Georgia, Florida, Texas and California.
We do both full and streamline 203k loans. We do the processing, underwriting and setup for closing. And generally can take your 203k loan from submission to close in about 30 days.
Nannette Alonso joined the group 203k loans 8 months, 4 weeks ago · View
bsaxey joined the group 203k loans 8 months, 4 weeks ago · View
Jim Poole joined the group 203k loans 9 months ago · View
meappraiser joined the group 203k loans 9 months, 1 week ago · View
Brian Short joined the group 203k loans 9 months, 2 weeks ago · View
Brian joined the group 203k loans 9 months, 2 weeks ago · View
melindarothwell joined the group 203k loans 9 months, 2 weeks ago · View
Linda Hall joined the group 203k loans 9 months, 2 weeks ago · View
Kirsten Fleenor & Devora Burger joined the group 203k loans 9 months, 2 weeks ago · View
