Before...
In the past few months, as prices have dropped and rates remain historically low, many buyers are taking advantage of the current market to buy home. Some saavy consumers are saving even MORE money by buying rundown homes in great locations that no one else wants. Then, with as little as 3.5% down, they are using the bank’s money to fix up the home how they want it, ending up with a fantastic, modern home for much less! This is the magic of the 203(k) program.
...After!!!
Can you show me how?
Take this home for example. A house flipper bought this home for $212,000 and sold it for $299,000 in a multiple offer scenario, putting in about $40,000 in work. A buyer using the 203(k) program could have saved themselves almost $50,000 on this home, and ended up with the upgrades they wanted. That's an enormous savings.
What about unscrupulous contractors?
One of the great features of the 203(k) program is that it is designed to protect Home Buyers from unethical contractors. Here are some of the ways how you are protected:
1) The 203(k) Consultant – This individual is a construction professional whose job is the protect YOU. Working with you, they set the budget and scope of work, as well as inspect all work to make sure it is completed properly.
2) No Deposits – Unlike with regular jobs, contractors do not receive any deposits. This means you are always ahead of the game.
3) No Payments Unless Work is Done Correctly – The Contractor is only paid for work that is done correctly AND approved by your 203(k) Consultant. No work, no money.
With the 203(k) Consultant and the Bank on your side, you can end up with a fantastic home with the upgrades you choose at a tremendous savings!
If you’d like more information on the 203(k) Program, or would like to take advantage of this opportunity, feel free to contact me directly at 609-865-5877or email me at cooper@zastko.com.
Many of the homes on this week's list would be absolutely perfect in conjunction with the 203(k) program. As you take a look at these homes, I'd be happy to provide more information or schedule a showing on any that may be of interest.
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