There are Many Ways to Buy!

by on March 6, 2011

A Real Fixer-Upper

A Real Fixer-Upper

Well, it was recently brought home to me with a resounding gong why now is a great time to purchase a home. I was walking though a property yesterday with some clients. Mind you, it was a nice home in a great neighborhood but the kids of the previous owner had  been a little too free with their artwork which was literally featured on EVERY wall of the home, in crayon, black marker and just about every other type of writing utensil possible. Not only had they decorated all of the walls but had even included a few of the kitchen cabinets in their projects. Geez!

Now, at first, I thought this was going to be a major turn off for my clients, but amazingly, they could see the potential and the wife LOVED the kitchen, which featured a beautiful granite counter top, very nice linoleum and relatively new cupboards plus a state of the art vent above the stove.

It was situated on a nice corner lot and featured not one, but two, side gates where they could park their motor home, off the street and still have plenty of room for a garden and a place for outdoor parties under the covered patio. It even had a converted one bedroom garage which was in very good shape. If it’s permitted they may be able to use it to help offset their mortgage payments.

Let’s just say it reeked of potential! Then I started thinking about a new loan product out there called the FHA 203(K) and I mentioned it to my clients. They could take money out of the property as part of the purchase price to have the hard wood floors refinished, the walls painted, a new heater put in and maybe even put in a much needed second bathroom. They started to get excited. I did, too!

Needless to say, we are going to be writing an offer today. And, with any luck they will get this lovely property and turn it in to a home that they both can be proud of.

If you have ever thought of purchasing a fixer upper but did not have the necessary capital to pull it off, the FHA 203(K) might be the perfect option for you.

Feel free to call me and I will be more than happy to explain how the program works and put you in touch with a wonderful loan agent to assist you in determining if this is the right program for you.

Be Sociable, Share!

Previous post:

Next post: