When you see a fixer upper, or even an outdated house…

When you see a less than perfect property, no matter whether it is just tired, or needs a complete renovation, it is helpful to understand how to approach making a transaction happen using renovation lending. Here are some logical steps…

• Get the buyer pre-qualified with a renovation loan specialists. This will set them up for not only the financing, but I always walk the buyer through the process, and help them set expectations.
• Run comps for the buyer to get a feel for what the property could be worth once renovated.
  (optional) If possible, get a contractor in there before writing an offer. However, don’t do this if the property is hot, and many are expressing interest.
• Write the offer, but use contingencies that are specific to the renovation process. Too many to include in this email, but call me anytime.