203K Rehab… A Diamond in the Rough!

September 16, 2009 · Posted in News For Homebuyers

Click here to view the embedded video.Well….I figured I would give YouTube a whirl… I finally got around to putting some before and after photos together from a K loan I closed on 12/28/2008.

Purchase Price $192,000

Cost of Renovation $32,642

After Improved Value $260,000

Equity After Renovations $35,000+…..$33,000 can make a HUGE Difference!
I sent my clients a link to my blog when I posted it….This was her response:
“Wow, so cool that you used my pics A month ago another lady was driving by and said she was an appraiser using my house as a comp. She came in to see the improvements and then when we queried her on what she thought we’d be able to get for this house today she hemmed and hawed, then said, prices have dropped since we bought so we’d probably lose money…. because she can see we’ve put in a ton of money (not true, but that’s what she thought). Then she said in this market with the economy so bad, I’d be able to get $350,000
That made me very happy ” -Owner of the home in the video