2014 Dollar Amount Of Repairs Completed: $179,425.10
It seems that now days appraiser required repairs are almost the norm. Looking back at the loans my team closed in 2014 over 33% had one repair or another required by the appraiser that couldn’t be completed prior to closing. There is a misnomer out there that conventional financing is some how shielded from required repairs, that simply is not true. Now these transaction don’t have to fall apart simply because there is a busted window or missing toilet, in fact I don’t think any transaction should fall apart because of appraiser required repairs. We have a number of options when it comes to seeing these transactions through to closing. You can read all those options here. I will say setting up a repair escrow is by far the most popular option. Infact, 93% of the borrowers that ran into repair issues chose to deal with those repairs using a repair escrow.
So we are playing a little game building a log home tracking how many loans my team gets closed that have repairs.
Each block on the house represents $500 worth of repairs we escrowed for and had completed after closing. As you can see its the end of August and the log city is coming along nicely!
The bottom line if you “Got Repairs” you got to give me a call!
The real estate market is constantly changing, leading to many challenges for buyers and sellers alike. Never has there been a greater opportunity to leverage innovative lending solutions to better serve your clients. As you know we think outside of the box. Yes we do lots of loans that fit in the box, but getting the deals done that don’t fit in the box can make all the difference in this market. During this class we will cover some more unique loan programs and ways to structure transactions to help get offers accepted in an unconventional world. This class is approved for 1 hour of continuing education thank you Devon Title for sponsoring the continuing education portion of this event!
Here is a list of some of the things we will cover during the event: