I found a house that I'd need a 203k to take advantage of, but am having problems finding a buyers' broker that has expertise in this area.

Asked by Aqqua, Chicago, IL Mon Sep 26, 2011

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25
Dominic Vale…, , Chicago, IL
Tue Sep 27, 2011
Although it's helpful to have a Realtor who's familiar with the program it's also important to work with a lender who doesn't out source the servicing of the payout distributions to the contractor doing the work. There are times during the course of a project when it becomes necessary to involve the lender to clarify, advise, mediate or just give support to a buyer. The program works best when you get pre-qualified with a lender, find a Realtor to assist you and find an FHA Consultant to help with the construction paperwork you'll need to secure your loan. Renovation can be stressful to many buyers who are using the FHA Rehabilitation program as a means to an end and not with the intention of enduring the construction process. Many times the Realtor is the first person in the transaction and should be available throughout the process until the end so choose a person who sincerely cares. Personal service is the key to a satisfied buyer and solidifies our business relationships….choose wisely.
1 vote
Warren Davis, , Chicago, IL
Mon Sep 26, 2011
Goto: http://www.HomeBuyersRehab.com and see why I am intimately qualified to help you. I am a buyers broker and my home is a gut rehab FHA203K in Oak Park. Check out the before and after pictures. I was a loan officer with Wintrust but now am a Realtor with Urban Real Estate. I have knowledge of both sides of the equation and am very familiar with the process. I have many, many very happy FHA203K clients. Call me during or after hours. ..warren 773-426-2896
1 vote
Susan J Penn,…, Agent, Weston, FL
Thu Oct 6, 2011
You need to work with a mortgage consultant that is certified in 203ks.
Susan Penn, EWM Realtor
http://www.susanpenn.com
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Thu Oct 6, 2011
Call the many fine agents responding to this post.

Good luck.

Perry
0 votes
albert burns, Agent, oakbrook, IL
Thu Oct 6, 2011
You still looking? Give me a call or e-mail me albert.burns@apreus.com :-)
0 votes
, ,
Thu Oct 6, 2011
Contact a few loan officers/lenders first. They usually have some solid relationships with reputable brokers familiar with the renovation loan and can point you in the right direction. Be sure to qualify the broker/agent to ensure they have a good understanding of the process.
0 votes
Brian Quigley, Mortgage Broker Or Lender, Denver, CO
Wed Oct 5, 2011
You also want to contact a couple of Reputable General Contractors out there to get you bids on the project. This is the part of the process that can easily bottleneck, if you cannot find a professional to abide by the deadlines and paperwork FHA has in store for them
0 votes
albert burns, Agent, oakbrook, IL
Fri Sep 30, 2011
I've done some 203K transactions and could explain and guide you through the process. Also, The 203K lender is an important part too. Let me know if you would like for me to work with you. albert.burns@apreus.com
0 votes
Brent Kluge, Mortgage Broker Or Lender, Baltimore, MD
Fri Sep 30, 2011
FHA 203K's (and renovation loans) are all I do. I have been doing them for over 16 years, and know them upside down and backwards.

I would be delighted to assist you and MAYBE, the fha 203k, ISN'T the best reno loan to suit your needs... care to find out? :)

Please give me a ring!

Brent Kluge
410.591.8300
Web Reference:  http://www.203kworld.com
0 votes
Agranias, , Chicago, IL
Wed Sep 28, 2011
Contact an architect who knows building systems and has also inspected numerous properties...

Van Tomaras
Design 21

1016 W. Madison

Chicago, Il.

1312 928 9999
0 votes
Jesse McGrath, Agent, Chicago, IL
Tue Sep 27, 2011
I not only have experience with the 203k loan process, but I am also an architect and i have 2 mortgage broker referrals who can make the process as painless and fast as possible. Please contact me.
Jesse McGrath
@properties
312-545-2775
jmcgrath@atproperties.com
0 votes
albert burns, Agent, oakbrook, IL
Tue Sep 27, 2011
You have come across the right person...me:-) I have experience in guiding buyers throgh this 203K program 312-671-0709 albert.burns@apreus.com
0 votes
Agranias, , Chicago, IL
Tue Sep 27, 2011
the absolute most important part of this puzzle is to truly know what the cost to repair would be..

have a qualified architect/builder inspect the property top to bottom.. 10 20,000 more because someone didnt "see" a problem could really kill a deal.

the rest is just math...

Andrea
0 votes
Matt Laricy, Agent, Chicago, IL
Mon Sep 26, 2011
I think a lot of agents have worked this type of property. I have a lot of experience with them. The main thing is to, that you need a lender that will give you a loan on this. Let me know if you have any more problems on this.

Matt Laricy
Americorp Real Estate
Managing Broker/Partner, e-PRO
mlaricy@americorpre.com
708-250-2696
Web Reference:  http://AmericorpRe.com
0 votes
Trudy Holmes, Agent, Chicago, IL
Mon Sep 26, 2011
Youre quite welcome and thank you.
0 votes
Warren Davis, , Chicago, IL
Mon Sep 26, 2011
You're very welcome, and when it comes to the financing I have to mention Ryan Mecum of Wintrust. He’s only the top FHA203K originator in the country. Check him out below..

Ryan Mecum, Sr Mortgage Associate
NMLS #755885
AVP Product Training
Wintrust Mortgage
Ryan Mecum Group - The #1 FHA Lender in IL in 2010
http://www.scotsmanguide.com/TO/2010/fha_volume.asp
Find us online at http://www.ryanmecumloans.com

..warren

Warren Davis
Real Estate Consultant

urban REAL ESTATE
400 East Randolph, Suite 500
Chicago, IL 60601
773-426-2896 [ Direct ]
773-890-5481 [ fax ]
warren@urbanre.com
http://www.urbanrealestate.com
0 votes
Warren Davis, , Chicago, IL
Mon Sep 26, 2011
You're very welcome, and when it comes to the financing I have to mention Ryan Mecum of Wintrust. He’s only the top FHA203K originator in the country. Check him out below..

Ryan Mecum, Sr Mortgage Associate
NMLS #755885
AVP Product Training
Wintrust Mortgage
Ryan Mecum Group - The #1 FHA Lender in IL in 2010
http://www.scotsmanguide.com/TO/2010/fha_volume.asp
Find us online at http://www.ryanmecumloans.com

..warren

Warren Davis
Real Estate Consultant

urban REAL ESTATE
400 East Randolph, Suite 500
Chicago, IL 60601
773-426-2896 [ Direct ]
773-890-5481 [ fax ]
warren@urbanre.com
http://www.urbanrealestate.com
0 votes
Aqqua, Home Buyer, Chicago, IL
Mon Sep 26, 2011
Thanks, all! A ton of great info. Really appreciate it!
0 votes
Trudy Holmes, Agent, Chicago, IL
Mon Sep 26, 2011
Hi there, I am working with a lender and we are currently doing a 203k purchase. I have also successfully completed 203k purchases previously. They are becoming more necessary as you see to take advantage of a great buy. Long story short, I can connect you to him if like.
0 votes
Eileen A. El…, Agent, Chicago, IL
Mon Sep 26, 2011
All the above answers seem solid. My input is, it's not about the Buyer's broker. It's about the mortgage capability and the home qualifying.

Eileen A. Ellis
http://www.eileenellis.net
0 votes
Gregory Shep…, , Chicago, IL
Mon Sep 26, 2011
Call me, 708-955-6172. I can help you, I work with a 203k specialist.

Gregory Shephard
Broker Agent
0 votes
Bradley Egge…, Mortgage Broker Or Lender, Oakbrook Terrace, IL
Mon Sep 26, 2011
Aqqua,

Send me a message. I have a few Realtors in Chicago I work with on FHA 203k loans that have expertise depending on what area of the city or suburb you are looking in.

If you need a lender, I can help you with that. I have plenty of experience with the FHA 203k rehab loan. If you need information on the loan program, visit my website at http://www.203kloanschicago.com.

Bradley Eggers
Senior Loan Originator
Midwest Equity Mortgage
bradley.eggers@ardain.com
847-744-0168
0 votes
BJ Tregoning, Agent, Chicago, IL
Mon Sep 26, 2011
I've done a few of them with clients. I am an FHA certified appraiser, real estate broker and have done my fair share of remodeling, so I would consider myself pretty well versed in the 203k. I would be happy to help if
you are looking in my area. It's a great loan product and you often times my clients come out with 20% equity and can refinance and drop the PMI. Give me a call or email me if you'd like to talk.
Web Reference:  http://www.bjtregoning.com
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Mon Sep 26, 2011
This is a good place to find someone. I have experience with 203k loans and am a buyer's broker. I would be happy to help. What area area you looking at?

Feel free to contact me.

Suzanne Hamilton
Independent Broker Owner
RE Marketing Consultants
888-788-9544
suzanne@remarketingconsultants.com
0 votes
Jen Pfeffer, Agent, Charleston, SC
Mon Sep 26, 2011
Have you tried calling your local association of Realtors? Or if you call a brokerage and speak to the broker in charge, most brokers know many of the agents that specialize in certain areas such as the 203K. It is a specialized area as not a lot of agents get a lot of experience in on a regular basis. Hope that helps!
0 votes
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