Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.

Renovation Loans -- Part 2

Attention home buyers! If you are thinking of buying a home in Buks county call me to be your buyer agent.

Read this great post for information on renovation loans.Please read part 1.

In my first post on renovation loans, I explained how the dollars are broken down.  In part 2, it's about the process.  Staying organized with the process is the key.  I truly believe that the most important part is the contractor.  A good contractor is worth their weight in gold and I do not care where in the country you are, good contractors are never easy to find.

 

One piece of information which I often hear is that people think that there is some sort of special approved list.  This is FALSE.  There is no special approved list which must be used.  Some lenders have their own list, but that is THEIR requirement then.  If you want to do a renovation loan, find someone who is going to return calls, properly licensed and will show up to do the job which they agreed to.

 

Now to the process.

 

Step 1 -- Make the offer on the house in the AS IS condition.  What would you buy the home for in the condition which it currently sits in?

 

Step 2 -- Get your home inspection done.

 

Step 3 -- Get your contractor out there to quote the job.

 

Step 4 -- Order the appraisal (the lender does this and the appraiser appraises the home AS IF all of the work was done).

 

Step 5 -- Close the loan.

 

Step 6 -- The work begins.

 

Keep it simple and follow that process.  If you do (along with having a good contractor), the loan is a breeze.  45-days from start-to-finish is what I typically say.

 

If you have a buyer who needs a renovation loan or just have questions, get ahold of me at 1-216-780-1103.

 

I am licensed in Ohio, Michigan, Florida, Illinois, Pennsylvania, Virginia, Maine, Georgia, Oklahoma, Colorado, Texas, Arizona, California and Washington.  North Carolina and New Jersey are on their way soon!!

 

I am not only a loan officer, but I am also an underwriter, my company is a lender (we underwrite all FHA, VA, USDA and conventional loans in-house) and I own the company (so I have a little bit of pull). I do not have to shop around for answers. If you want an answer right now, call me right now. I love difficult transactions and other deals which were declined at the last minute by other lenders. I specialize in loans for people with 5% down or less, manufactured home loans, renovation loans and people who have had a bankruptcy or foreclosure or some other credit / income / employment issues.

 

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When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

Comment balloon 10 commentsGita Bantwal • September 02 2018 12:31PM
Renovation Loans -- Part 2
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