Have you been parading around the Greater Seattle Area touring numerous homes, but none seem to fit your standards? A home only has two bedrooms when you need three? The layout is odd and you are looking for an open-concept living space? Well, Team Troy has an awesome solution to your frustrations!
The FHA 203k home loan is designed for individuals who want to repair, improve, or upgrade a house so they can live in it as their primary residence. FHA financing allows you to include money needed for repairs and related costs in the mortgage, such as contractors fees, labor, materials, etc.
How does this process work? Let’s walk through an example. Potential buyer Bob wants a 3 bedroom, 2 bathroom home with an updated kitchen and sliding glass doors to a back deck. However, in his $400,000 price range, he can’t seem to find anything that fits his needs. This is how buyer Bob proceeds:
We let him know that it will be extremely difficult to find a home that meets that criteria in his price range, and offer to show him a property that he can transform in to his dream home
Bob views a home that checks most of the boxes, but the kitchen is a disaster. BUT FHA Financing can fix that.
Bob makes and wins an offer of $300,000 on the fixer property ($100,000 below his max budget!).
After working with an FHA consultant, property appraiser, and a Team Troy real estate agent, Bob receives a loan for $350,000
This is the price of the home, coupled with $50,000 of project cash for Bob to completely revamp the kitchen. Bob can now hire a contractor to complete the work and move in to his renovated dream home for below his initial budget!
Every FHA 203k loan and subsequent rehabilitation project is different – Therefore it is best to talk with an expert to see if this financing option is right for you. Are you looking to buy a home in the Greater Seattle Area and take on a renovation project through FHA 203k financing? Call our Seattle Real Estate Agents today to discover more about this program including who is eligible, what renovations can be performed, the minimum qualifying standards, and more. Ask us how you can go 6 months without paying a penny on your mortgage!
Author:Troy Anderson Phone: 206-940-2834 Dated: August 29th 2013 Views: 485 About Troy: ~Married with 2 children
~Turned grey prematurely
~Fetish for all things Apple
~Urban chicken far...
TEAM TROY, we are a bunch of fanatics that happen to be really good in the Seattle real estate business. Sure we could exploit systems, alter perceptions, and make more money for the sake of having more, but that’s boring – everyone does that. We’ve come to realize that work should be about increasing our standard of giving, not our standard of living. What keeps us going is our daily fear of dropping dead while doing something useless. We continually aim to be better agents, better neighbors, better partners, better parents, and better people with the singular goal of making folks like you better off than you were before you met us.
Discover our 9 point difference:
“Here at TeamTroy we have found that when we make our only goal, that of making others around us better off than they were before they met us, then everything else just falls in line. This simple mindset protects us from the status quo in real estate, and keeps us obsessed with results.”
Reach out to us today, and find out what you have been missing!
//WISE. Good judgement. Make important choices despite ambiguity. Always strategize.
//OPEN. No walls. Ensure everyone we meet has the same idea of who we are.
//IMPACT. Life is never about us. We strive to make a difference in at least one person’s life daily.
//CURIOUS. Hate the status quo. Learn something from everyone.
//CREATIVE. Challenge the traditional. Incessantly innovate around obstacles and design simplicity.
//BRAVE. Today is not just another day. Never be afraid to try what no one else will do.
//TENACIOUS. Never quit. As others drop back, we run faster.
//CANDID. Honest and blunt. Never alter perceptions but adjust the context.
//SELFLESS. Be salt. Make everything else taste better.
Frequently, when talking about any new real estate market, you go in b
"Calm, Cool, and Collected. We had a tough sell with several bumps in the road. We lost a couple buyers due to problems on their end, and Troy was able to keep everything on track and eventually get our house sold for a great price. I believe he always had our best interests in mind, kept us positive, and gave us a great result. In his words, it was a bumpy ride with a smooth landing. Thanks Troy."