Why not move your listings faster than your competition. We have home buyers looking to purchase your fixers as well as financing for investors. Our lenders can close in 30-45 days and some in 21-30 days for owner occupants.
That is the name of the game isn't it?
Actually it all comes down to KNOWING what it will cost to make the repairs on THIS home. If you have a "fixer" you are trying to sell and you have identified the cost to cure or make the necessary repairs then you have a salable home again.
No one wants to step into the unknown particularly a "first time home buyer" get your bank to cut loose with a little money to have us do a "feasibility analysis" which will identify the cost to make the repairs to bring this home up to the Minimum Property Standards as that is all you are going to negotiate.
I know most of you are likely selling 50-1,000 homes per year but wouldn't you like to sell another 250-500 on top of that? By the way, you would be doing your employer a service by getting the "hard to sell" properties off their books faster as well. Everyone wins !
Who can do a feasibility analysis? That is easy, every FHA 203k consultant can do them. They don't all want to do them but FHA says if you are a consultant you MUST offer that service.
What does it cost for this service? I can't speak for other consultants on this issue but we have a set fee of $350 for the first unit on a project & $100 each for units 2-4. If you order both at the same time, a bare bones feasibility for a "first time home buyer" who may be on a very tight budget then that is all you need.
Some of the agents who handle lots of REOs for asset managers are finding that even if they pay the fee they move many more houses and that is what they are supposed to do. We had one for Wells Fargo where they hadn't received a single offer in eighteen months, with our report it sold in three days.
-Mike Young, 203k Team Leader