I was looking forward to meeting you at the closing but our ships passed. Looking forward to meeting at the next seminar.
That makes no sense to me. The 203 K loan program allows for 110% of the appraised value. the reduction of work included would need to be done if the borrower didn't qualify for the loan. I closed 5 of these loans in January and all but one generated $10K plus in instant equity.
If the property was sold at a fair market value and the borrowers did not try and over improve the property, what you experienced should not have happened. I wrote a blog on Zillow that not all loan officers are created equal. I think this may have been the case.