A Secret Tool To Help Sell Your Properties That Need Work

The HUD 203K program is awesome for selling your houses when doing short sales and foreclosures. It can also be great if you’re buying and holding.

It is to be used with properties that need repairs or need to be rehabbed. The HUD 203k program does not loan the money, they insure the money for the lender making the loan.

It is excellent for investors in the foreclosure and short sale arena, because you can now sell to potential buyers who get qualified for the HUD 203K program. It’s also a great tool for real estate agents that deal with short sales and foreclosures.

This loan program is different than a typical rehab loan, because the loan is made in full and set as a long term loan from the beginning, based on the estimated “after repaired” value. The purchase is made, and repair funds are put into escrow and used as needed.

The eligible property must be a 1-4 unit property that is more than a year old. Also, a single family home can be converted to multi-family, up to four units, or a multi-family can be converted to single.

You should know about it when doing your short sale and foreclosure investments, or even just wholesaling! It is a great tool for when it comes to finding buyers, or providing ideas for their financing. It also keeps you from having to do rehabs yourself before selling.

Just find it, get it under contract, and sell it! This is an excellent tool for short sale and foreclosure businesses.

You can get more info at: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

And don't forget, if you have rentals, you can get loan mods on them and increase your cash flow without raising the rents. We have one lady who has ten houses she wants loan mods on. You don't even have to be in arrears either! Get more info by filling out the form in the upper right hand side here.