203K Loans
Flrodia Home Sales in Palm Beach County, Martin County, St Lucie County

203K Loan Program - Need money for repairs? If you are looking to flip a property and don’t know how to get it financed then this 203K Loan program may be for you. The program is a Federal Housing Administration 203K loan allows a buyer to borrow-and pay back in one mortgage-funds to purchase and renovate a property. the amount borrowed is the sum of the home’s price and the estimated price of the repairs.


203K Loan Advantages

Advantages include a buyer being able to keep funds in the bank while using this FHA type loan. In that way if repairs get too costly monies in savings can stay strong while renovations are being made. If it takes a while to sell the home it could deplete any savings thereby putting enormous stress on the owner.  Secondly, interest rates for Government backed loans are typically low- this gives the bottom line a shot in the arm! Lastly, the 203K Loan is designed for buyers of fixer uppers whereas traditional lenders have a problem with this and won’t grant a loan based on repairs.


Don’t be in a hurry for this loan though. It can usually take up to 45 days to get one. If you are borrowing over $35K then you must submit a repairs plan. This is added time and cost but worthwhile in the long run. Since most real estate agents do traditional transactions your offer may not be favorable looked at because some agents are not “mortgage educated” to understand the process. At Janke & Co Properties, we understand this fantastic loan program and will work to get offers accepted!


In the end you can decide whether the deal you made allows you to collect rent for a few years and create some positive cash flow or flip it for a nice profit. Not every deal is a home run…Remember if you pay cash you deplete your open to buy and still will incur holding costs such as taxes and utility costs. The value of the 203K Loan program is that it gives you more flexibility to do more deals knowing you have savings to back you up if the profits don’t come rolling in. At least you will get to first base!
Flrodia Home Sales in Palm Beach County, Martin County, St Lucie County
Why should you work with a REALTOR®?

It's a common question that we hear a lot, but it can be simply summed up with 7 simple reasons that don't even include the money gains that you stand to earn from your real estate sales. REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. If you're considering purchasing or selling a home in Palm Beach County, Martin County, St Lucie County, or anywhere else in Florida, then you REALLY need a realtor for many other reasons not even mentioned below.  There's a LOT more to it than most people realize, and the cost in time, money & energy to you for not having a REALTORS® can be staggering!

This is the REALTOR® difference for home buyers:
  1. An expert guide. Selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved, so you want to work with a professional who can speak the language.

  2. Objective information and opinions. REALTORS® can provide local information on utilities, zoning, schools, and more. They also have objective information about each property. REALTORS® can use that data to help you determine if the property has what you need.

  3. Property marketing power. Property doesn’t sell due to advertising alone. A large share of real estate sales comes as the result of a practitioner’s contacts with previous clients, friends, and family. When a property is marketed by a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally pre-screen and accompany qualified prospects through your property.

  4. Negotiation knowledge. There are many factors up for discussion in a deal. A REALTOR® will look at every angle from your perspective, including crafting a purchase agreement that allows you the flexibility you need to take that next step.

  5. Up-to-date experience. Most people sell only a few homes in a lifetime, usually with quite a few years in between each sale. Even if you’ve done it before, laws and regulations change. REALTORS® handle hundreds of transactions over the course of their career.

  6. Your rock during emotional moments. A home is so much more than four walls and a roof. And for most people, property represents the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you.

  7. Ethical treatment. Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, you can expect honest and ethical treatment in all transaction-related matters.

When looking for homes for sale in Palm Beach County, Martin County and St. Lucie County, Florida Home Sales can help you find your ultimate dream home.

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