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Remodel & Renovate in 32224 : Real Estate Advice

  • All19
  • Local Info2
  • Home Buying8
  • Home Selling3
  • Market Conditions1

Activity 8
Fri Dec 20, 2013
Jeff Metcalf answered:
Have you heard of an FHA 203K loan? If you are buying a home with financing and it is in need of repairs you may be able to qualify for a loan that includes the costs of renovations to the home. I am not a mortgage lender so I am not qualified to give you requirements and details but if you contact several lenders in Jacksonville such as Wells Fargo, BOA or PNC they will be able to go into detail for you and even start the pre-approval process. Good luck!

Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
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Thu Nov 10, 2011
Tim Moore answered:
If it goes to auction at the courthouse you could bid on it then. Otherwise you are best off to wait for the foreclosure process to end and see if the bank gets it back at auction. If so they will get around to listing it for sale as a bank owned property where you can make an offer to the bank for it. To try to figure out who to speak with at the bank that has the mortgage will only be wasting your time. The bank can't sell it to you - they don't own it - yet. ... more
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Thu Nov 10, 2011
Leonard Vitel answered:
Tue Oct 25, 2011
Rob Burns- Your Realtor answered:
Im assuming you are worried because you did not have a permit to do the work? Best case scenario you pay a fine and have to have the work inspected and they pass it, worst case they make you tear it all down. You may want to contact the building department directy. ... more
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Thu Feb 25, 2010
Bryan Gates answered:

I not sure that the question going to be answered accurately by real estate agents. I would check with home improvement stores. One thing I can state is to follow the advice of your REALTOR in the choices you make for carpet and paint or hire a design consultant. The improvements you make might appeal to you but in this case you want to appeal to the masses. Sometimes improvements to a home in a buyer's mind can be like receiving a gift card to a store you don't like.

Call me at the number listed on my website if I can help you.


Bryan Gates
Watson Realty Corp.
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Fri May 30, 2014
Lynn Brier-De La Cruz answered:
Hi Kareem,

Yes, I work with a gentleman at Wells Fargo who can help ~ he does these 203K Rehab Loans consistently. Please email me & I'll give you his contact information...


Lynn Brier-De La Cruz, REALTOR
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Thu Oct 22, 2009
It would be a good idea to provide an invoice and receipts, but the actual requirement varies from lender to lender....Wells Fargo assigns a real person in the draw dept. to communicate directly with the borrower. Wells is great at this part of the process and has a devoted draw dept. to make the transaction run as smooth as possible. ... more
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Mon Oct 19, 2009
Below is the contingency guideline for the 203k Streamline loans in general:

Streamline 203K- Funds held back in contingency reserve must be used solely to pay for the proposed repairs or improvements and any unforeseen items related to these repair items. Any unspent funds remaining after the final work item payment(s) is made, must be applied to the mortgage principal.

Customers cannot just add items or upgrades such as....hard wood floors, appliances, or material upgrades.
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