Realtor related

Training Chicago Area Realtors on how to work with FHA 203k and Homestyle Renovation Loans

One of the biggest issues for buyers looking for new homes in the Chicago area, has been the shortage of inventory for quality properties. Homes that show well and are priced right have been selling quickly all year long. But there are a lot of other properties that may be in good neighborhoods, that are sitting on the market a lot longer. These are the properties that might have some issues. Sometimes it is deferred maintenance, sometimes the home is just outdated and doesn’t show well. Either way, most borrowers are looking for homes that are in move in condition, and these homes don’t even show up on their radar. But these homes can be a great opportunity for buyers with imagination. These homes are neglected because they don’t have the amenities today’s buyers are looking for, but with a renovation loan, you can fix and improve a home, changing it into the home you…

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Chicago, Illinois FHA 203k Mortgage -What Realtors Need to Know When Working With an FHA 203k Loan

      Here in the Chicago area most Realtors have never worked with an FHA 203k rehab and renovation mortgage. This is a great mortgage for many uses, but even more so now, with inventory of good, ready to move in properties so short. Some properties are true fixer-uppers (most Realtors still think that an all cash offer is the only option in order for these properties to sell), others might just need a new kitchen, bathrooms, or maybe new flooring. I know some Realtors don’t want to even show these homes to their buyers because they think that these properties are too much work for their buyer, and that even if they could get financing, it would not be worth it. The truth is, a big portion of the buyers in the market today are looking for the bargains, and this often means foreclosed properties, and out dated homes and even if…

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Chicago FHA 203k – The Biggest Concern for Realtors and Sellers When Working With an FHA 203k – Will the Loan actually Close?

        A common question I hear when one of my clients presents an offer for an FHA 203k rehab loan, is yes, but do these things actually close? The answer I always give is Yes. The Chicago area FHA 203k rehab and renovation loan is a great product and we close them regularly. But the reason this is such a common question is because so many contracts are written with an FHA 203k and something falls apart before it gets to closing. This leads to a lot of frustration on the part of Realtors and sellers, because no one gets paid if the mortgage doesn’t close. The problem isn’t with the mortgage itself, the main issue is more often about how the loan is handled, and who is handling the loan. The truth is, most loan officers have never worked with an FHA 203k before, and most…

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