“A 203K Loan is often the Right Alternative”
Certainly a good alternative when we have champagne tastes and a beer budget. No matter how many times I brought up this possibility, the answer was always, “I don’t want to do any work.”
A client of mine just purchased a property for $103,000 that needed work. She got a bid from a contractor for $31,600. When doing the appraisal for a 203K loan, there are two parts to it. The first is the current value which came out fine and then the after renovations value which came in at $163,000. All that means is instant equity for my client.
Hi there Joe.
Eric has gotten back in touch with me and sounds like he is feeling more pressed to pursue a 203k loan at this time, as we haven’t been able to find a property in the right price range that is affordable, something you suggested months ago. Please send me a new pre-qualification letter. He wants to make a purchase in the next 4 months for sure. I will have him follow up with you as well. He will provide lots of details when he calls.
Thank you for your help.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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