Financing in 75069>Question Details

John Hyland, Home Buyer in Portland, OR

Are there realtors that specialize in home renovation for homes that need a complete remodel? Or how to find one? (Dallas Texas area)

Asked by John Hyland, Portland, OR Sat Dec 3, 2011

I mostly need some one that know the in's and out's of the loan process for these type homes (i.e. construction, 1st mortgage's with 2nd for renovation needs) The home I am looking as is around 100k I have 10k down and low 700s score as a first time buyer. I am going to be doing the majority of the work my self with the exception of the foundation if it does not pass inspection. Any help would be appreciated.

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A Realtor can guide you to the people who can help you - what you really need is a top notch lender who knows all these programs as they are the experts in this field. Lenders are the ones who specialize in finding the type of loan you are looking for. If you need some links to a couple or lenders, let me know I would be happy to send some. If you are working with an agent they should have this information for you. If you need an agent (I am in the McKinney area), let me know as I love working with first time buyers and would be glad to be of assistance. Just drop me a line or give me a call. Good luck to you on the purchase of your first home.
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1 vote Thank Flag Link Sat Dec 3, 2011
It sounds like you need to speak with a lender first and then a realtor can help you find a home that suits your needs.
0 votes Thank Flag Link Thu Mar 26, 2015
I think a question like this would best be asked to an agency. So from what I understand, you are looking to renovate your home right now? It's cool that you'll be doing most of the work yourself. Don't be afraid to ask for some help from your neighbors though!…
0 votes Thank Flag Link Thu Mar 26, 2015
Yes, and I'm one of them! I've helped my clients update their homes for top resale dollar since 2006. My company, Affordable Home Renovations, can show you exactly "what to do, where to do it, who to hire and where to shop" to make your home look spectacular on a very small budget. Julie Montgomery, Denver, CO
0 votes Thank Flag Link Tue Dec 2, 2014
Yes. There are a few realtors that specialize in renovation real estate, but not many. I am a licensed real estate agent, and an active investor in northeastern Ohio. I have done four projects this year which included acquisition, renovation and resale. What you are looking for requires the realtor to have the skills or contractors on the team, to be able to develop a renovation plan with cost estimates, and also be able to project the After Repair Value just as an investor would do before laying down their cash.

My business plan going into 2014 calls for me to seek out buyers and owners in need of a renovation specialist. Some houses need only cosmetic renovation, while others require the whole package. I have chosen not to job out the contractor services to my clients, but instead maintain objectivity by remaining in a advisory capacity, will a willingness to remain part of the team until the renovation is completed and fully funded.

The renovation lender specialist is another important part of the team. However, don't be sucked into looking only at the 203K FHA loans. Lenders that specialize in these types of loans also have conventional renovation loans available. I am not affiliated with Wells Fargo, but they have three types of renovation loans available to qualified buyers.
0 votes Thank Flag Link Tue Nov 19, 2013
Wells Fargo Mortgage has Home Mortgage Consultants that specialize in the program and hold certifications. Only work with a Certified Renovation Specialist from Wells Fargo would be my advice.
0 votes Thank Flag Link Tue Apr 30, 2013
As stated below the FHA 203k loan is the best option to finance the repairs...but in your situation you may consider another option. (Since the 203k will REQUIRE you to use approved contractors for the work.) If you want to do the work on the home yourself, you may consider putting less money down (minimum downpayment is usually 3.5%) and then use the remaining money you have set aside for the downpayment toward the repairs. You may even be able to do these both together. For example, if the foundation and roof are a problem you could get a 203k loan (with 3.5% down) that includes those 2 repairs (since you will likely get a contract for them) and then the paint, carpet, etc could be done using the remaining funds. However, you may find that having all of it done by a contractor isn't that much more expensive than doing it yourself.

I will also reiterate the advice you already have.....make sure that you choose a lender that has experience with FHA 203k loans. They are more time consuming, they have more paperwork, and you really need someone whith experience working for you.

If you need further assistance, please feel free to check us out on-line and give us a call. Our agents would be happy to help you!

Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
0 votes Thank Flag Link Sun Dec 4, 2011

I don't think you can get a 2nd for rehab. Probably what you need is FHA 203k, which allows for loan with rehab money on draws. However you must use a contractor and cannot do the work yourself. They're tricky. I would only use a loan officer who is very very familiar with these types of loans....otherwise people will just wast your time. You also have to find a seller that is willing to work with you as these can take extra time and effort to close.

The first step is to get with a lender and make sure you can qualify for the 203k and discuss with them the ins and outs and see if it is something that works for your situation. I can give you a referral to one of our experts in this area if you are interested.

If it works for you then we can go scouting for homes.
0 votes Thank Flag Link Sat Dec 3, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
The ideal type of loan for renovating a home is a 203k which allows you to purchase the home and even move in while you renovate it. However, you are required to use a general contractor for the work & the work must be completed within a certain time frame. You might work out an agreement with the contractor to do some work yourself. I have one that could possibly do that for you. 203k loans are a pain, come with a whole bunch of mandatory Inspections that cost you money, & you must be sure that the appraisal will justify the value of the repairs, but I can help you through that process. I'm also very well qualified to analyze the condition of properties find a home a home that will work for your needs.
Patrick Jackson
REaltor, ABR, E-Pro, GRI
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0 votes Thank Flag Link Sat Dec 3, 2011
Happy to assist you I have owned homes required rehab work on them and a general contractor. However you will need a lender to approve this type of loan

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Dec 3, 2011
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