Finding & Financing Fixer-Upper Bargains
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The document discusses finding and financing fixer-upper properties through FHA 203k loans. It describes how to find fixer-uppers such as REO, pre-foreclosure and for sale homes. It then explains the features of FHA 203k loans which provide financing for both purchase and renovation of a property with just 3.5% down. Examples are given of homeowners who purchased distressed properties, renovated them and increased their value using 203k loans when conventional financing was not available. Resources like RealtyTrac's 203k center are provided to help buyers take action.
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Finding & Financing Fixer-Upper Bargains
- 1. © 2013 Renwood RealtyTrac LLC Finding & Financing Fixer-Upper Bargains
- 2. WHAT WE’LL COVER TODAY • How to find potential fixer-uppers – REO, pre-foreclosure, vacant pre-foreclosure, for sale – Don’t forget the home you live in! • The renovation loan that is real estate’s best-kept secret – Basic features of the loan – Opportunities to use the loan – What buyers and properties qualify • Resources to take action • Q&A © 2013 Renwood RealtyTrac LLC
- 3. FINDING FIXER-UPPER BARGAINS: OLDER REO INVENTORY © 2013 Renwood RealtyTrac LLC
- 4. FINDING FIXER-UPPER BARGAINS: OLDER REO INVENTORY © 2013 Renwood RealtyTrac LLC
- 5. FINDING FIXER-UPPER BARGAINS: VACANT PRE-FORECLOSURES © 2013 Renwood RealtyTrac LLC
- 6. FINDING FIXER-UPPER BARGAINS: VACANT PRE-FORECLOSURES © 2013 Renwood RealtyTrac LLC
- 7. FINDING FIXER-UPPER BARGAINS: VACANT PRE-FORECLOSURES © 2013 Renwood RealtyTrac LLC
- 8. FINDING FIXER-UPPER BARGAINS: FOR-SALE HOMES © 2013 Renwood RealtyTrac LLC
- 9. FINDING FIXER-UPPER OPPORTUNITIES: YOUR OWN HOME! © 2013 Renwood RealtyTrac LLC
- 10. “REAL ESTATE’S BEST KEPT SECRET”
- 11. FHA 203K FEATURES Funds for purchase or refinance & renovation © 2013 Renwood RealtyTrac LLC
- 12. FHA 203K FEATURES 3½% down payment – Can be gifted - Assumable © 2013 Renwood RealtyTrac LLC
- 13. FHA 203K FEATURES Easier qualification – Less than perfect credit – Higher ratios © 2013 Renwood RealtyTrac LLC
- 14. FHA 203K FEATURES FHA loan limits - $271,000 to $729,750 © 2013 Renwood RealtyTrac LLC
- 15. FHA 203K FEATURES Owner-occupants & non-profits © 2013 Renwood RealtyTrac LLC
- 16. FHA 203K FEATURES 1 to 4 unit & mixed use buildings © 2013 Renwood RealtyTrac LLC
- 17. FHA 203K FEATURES Standard & Streamline versions © 2013 Renwood RealtyTrac LLC
- 18. GREAT OPPORTUNITIES FOR TODAY © 2013 Renwood RealtyTrac LLC
- 19. OPPORTUNITIES FOR TODAY Distressed properties – need renovation! © 2013 Renwood RealtyTrac LLC
- 20. OPPORTUNITIES FOR TODAY 85% U.S. homes 20yrs or older © 2013 Renwood RealtyTrac LLC
- 21. OPPORTUNITIES FOR TODAY Need repairs for FHA financing © 2013 Renwood RealtyTrac LLC
- 22. REAL-LIFE EXAMPLE : $33K IN CLEVELAND’S SHAKER HEIGHTS © 2013 Renwood RealtyTrac LLC
- 23. REAL-LIFE EXAMPLE: 510K IN SOCAL’S COSTA MESA © 2013 Renwood RealtyTrac LLC
- 24. As-Is Sales Price: $450,000 Property Condition/Issues: •Missing kitchen appliances •Missing portions flooring throughout house •Needed electrical and drywall repairs Total Renovation Costs: $35,000 Purchase Price (As-Is): $450,000 Total Renovation Costs: $35,000 Total Cost: $485,000 FHA 203k Base Loan Amt. (96.5% LTV): $468,025 Down Payment (3.5% of Total Cost): $16,975 After-Renovated Value: $620,000 Renovation Financing - FHA 203k ACTUAL FHA 203K EXAMPLE © 2013 Renwood RealtyTrac LLC
- 25. SOLUTIONS FOR TODAY Conventional financing unavailable © 2013 Renwood RealtyTrac LLC
- 26. SOLUTIONS FOR TODAY Great deals for millions of Buyers © 2013 Renwood RealtyTrac LLC
- 27. WHO ARE 203K BUYERS? © 2013 Renwood RealtyTrac LLC
- 28. 203K BUYERS First time buyers © 2013 Renwood RealtyTrac LLC
- 29. 203K BUYERS Move-up & move-down © 2013 Renwood RealtyTrac LLC
- 30. 203K BUYERS Urban location close to work shopping entertainment © 2013 Renwood RealtyTrac LLC
- 31. REAL-LIFE EXAMPLE: 183K CONDO IN DOWNTOWN CHARLESTON © 2013 Renwood RealtyTrac LLC
- 32. 203K BUYERS Changing needs family, home office © 2013 Renwood RealtyTrac LLC
- 33. 203K BUYERS Looking for discounts, sweat-equity © 2013 Renwood RealtyTrac LLC
- 34. 203K BUYERS Occupant investors – 1 to 4 units © 2013 Renwood RealtyTrac LLC
- 35. © 2013 Renwood RealtyTrac LLC
- 36. 203K BUYERS Smart buyers! © 2013 Renwood RealtyTrac LLC
- 37. RESOURCES TO TAKE ACTION © 2013 Renwood RealtyTrac LLC 1. RealtyTrac 203k Loan Resource Center: www.realtytrac.com/203k • Much more details on the loan • Find a local 203k loan specialist • Cool infographic on how 203k works 2. Search for homes: www.realtytrac.com