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