GrandRapids-West Mi Homes Blog

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West Michigan Home Buyers get a new lease on FHA Purchases

West Michigan Home Buyers get a new lease on FHA purhcase with the new 203K loan product. 

Hands helping each other It seems like the only way most first time home buyers buying the Grand Rapids, Mi Real Estate market can buy a house these days is by FHA.  So you take buyers out with the FHA glasses on.  You look for the peeling paint, you look for rails that are too low, electrical that isn't up to par, etc. etc.  You hope you see it all because you certainly don't want them to pay the appraisal fee and then end up not being able to purchase the house.

The other sad thing about the whole situation is all the homes that are not able to be purchased by the average buyer purchasing in the Greater Grand Rapids area.  It just keeps more homes on the market and drives the prices down of the homes that are out there.  Or how about all the people who are needing to short sale thier home West Michigan Home?  They ahve no money for repairs.

All that has changed.  I can not wait to take my first buyer out who can look at a home, see it potential and actually be able to purchase.  So many buyers are willing to make the repairs, burt alas you usually cannot close until thre repairs are done.  So who wants to spend money on repairs without a guarantee of a close.

The FHA 203K is changing all that.  Now a buyer can go out.  Find a home that may need repairs.  Write an offer and immediately meet with a contractor once the offer is accepted.  So let's say someone finds a home on Grand Rapids, MI West side.  The house is perfect except we know it needs a roof.  We write an offer for $70K.  The offer is accepted.  Two days later they meet with a contractor to find out the roof repair will cost $5K.

The $5K is added onto the price of the home so the buyer ends up financing $75K.  The contractor is cut a check at close for half of the money and get the other half when the repairs are completed.

I think this is an incredilbe answere to getting some of the homes off the West Michigan Real Estate market.  What an incredible way to get some of the inventory levels down!  If you a new West Michigan Home Buyer and want to take advantage of this program you can do a West Michigan home search or give me a call for more detai

Copyright © 2011 by Tami Vroma, All Rights Reserved ...*West Michigan Home Buyers get a new lease on FHA Purchases"

Comment balloon 13 commentsTami Vroma • March 03 2011 08:07PM

Comments

Yes that is the change of the market people are willing to put some work into the home for the good price they are getting

Posted by Stanley Stepak, Realtor - Avon Lake, Avon, Bay Village, Westlake, (Howard Hanna - Avon Lake, OH) over 6 years ago

nice to see you back, amiga.  Where ya been?

Posted by Alan May, Helping you find your way home. (Coldwell Banker Residential) over 6 years ago

The 203k seems a perfect tool to accommodate these repair jobs Tami. Thanks for the info.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 6 years ago

Tami, it is so good to "see" you again!  I hope things are well and you will be around more.  :o)

Posted by Ann Allen Hoover, CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL (RE/MAX Advantage South) over 6 years ago

Stan- So many people are willing to do the work but the road blocks put a hault to that  . . .no more now!

Alan- thanks for missing me.  Life just gets in the way sometimes.  Got to work twice as hard to make half the money.  If I can do well enough to keep the horses in the back yard, life will be good for me!

Gary- You are so welcome!  Hope you can put it to work also.

Ann- Thanks so much--I miss your smilig face looking back at me from your comments and posts!

Posted by Tami Vroma, Realtor, Grand Rapids MI Real Estate (West Michigan Real Estate Specialist-Five Star Real Estate) over 6 years ago

this is absolutely great news and very encouraging, particularly for home buyers at West Michigan real estate market. thank you for sharing this.

Posted by Nestor & Katerina Gasset, Realtors, Wellington Florida Homes For Sale (International Properties and Investments LLC) about 6 years ago

Very informative post from an expert Grand Rapids short sale agents. This is valuable information that homebuyers in your area must read. 

Posted by Bob Hertzog, Designated Broker (Summit Home Consultants) about 6 years ago

Nice one Tami!Good way of thinking.This blog is very  encouraging particularly for those people who are interested to buy.You are definitely the top Grand Rapids Short Sale Agent.

 

Posted by Sidney Kutchuk, Property Management & Sales Experts 951-217-6745 (Property Management & Sales at REALTY WORKS TEMECULA, CA 92590 (951) 217-6745) over 5 years ago

What a postive blog here.Definitely helps out all the interested buyers.You really know Tami how to guide everyone,No wonder why you're the best Grand Rapids Short Sale Agent.

 

Posted by Jayne Clement, Los Angeles Short Sale Agents (Keller Williams Realty) over 5 years ago

Tami,this is a great news,very positive ,it helps homebuyers to be more inspired.Thank you for sharing this.Keep it up being number one Grand Rapids Short Sale Agent.




Posted by Petra Norris, Realtor, Lakeland FL Homes for Sale (CDV TransAtlantic, Inc.) over 5 years ago

Hi Tami,
I'm enjoying reading up on all your marketing Reports. Informative clean and straight to the point. You are truly one of grand rapids short sale agents finest! Thanks for these reports. Keep it up!

Posted by Bas Panch (SCV Home Buyer) almost 5 years ago

Looking for the best Grand Rapids Short Sale Agent. I can definitely recommend only the best and that will be Tami Vroma. You're blog is always informative and definitely a help to everyone. Best of luck!

Posted by Debbie Harr, Realtor Homes That Click, Worthington Ohio Homes (Homes that Click Realtors) almost 5 years ago

Hello Tami, I'm glad you guys are doing great. Keep up the good work. Great share of a comprehensive Market Report. Continue doing great as Grand Rapids Short Sale Agents!

Posted by Debra Parker, Realtor - Stuart Florida Homes for Sale (Debra Parker Real Estate, Inc.) almost 5 years ago

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