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203K Projects

What are the biggest challenges that you've faced with 203K projects?

Jay Lacny
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August 21 2013 - US
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The most consistence issue is getting the builder to get ALL his doc's to us in a timely manner. Otherwise we have it down to a science and really streamlined.
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August 21 2013
The biggest challenges we've faced are the lenders themselves. Because banks have become overly cautious about their lending habits, (and maybe this is a good thing), the paperwork that they ask for and the verifications they demand often push the closing well beyond its original dates.  This frustrates both buyer and seller.
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August 21 2013

@ Marc do you work with a particular loan originator on your renovation transactions?

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August 21 2013
It's definitely getting the builder on board with the process!
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August 22 2013

Make sure to hire a contractor you can work with and trust, often the buyer will move into the property while the renovation is still going on. I had one situation where the buyer moved in and got in a huge fight with the contractor and would not let him back in to finish the job. The contractor was not able to get paid because the work was not complete. The contractor ended up having to take the buyer to court to gain entry back into the house to finish the job. I never got to the bottom of the story as to why they got in the fight, but it seemed to be mutual. The buyer and contractor also knew each other prior to the purchase. This is an extreme. I have dealt with many 203k situations where the deal went extremely smoothly and the buyer got an extremely good deal, the purchase price and renovation cost together are often far less than market value once complete and you get a renovated house after the work is complete. This creates instant equity. Make sure to buy smart.

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August 22 2013
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September 14 2013
 
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