Los Angeles, CA, November 20, 2014 --(PR.com
)-- 203K Training Center is educating Americans on the important role provided by 203K consultants during a refinancing through the FHA. The company hopes to ensure that home-buyers have comprehensive knowledge on the 203K process to achieve optimal coordination with their chosen 203k consultants.
The first role of the 203K consultant is the initial site visit. This begins when a homeowner contacts the consultant through the HUD consultant roster and then schedules an appointment directly with them to visit the property. During the visit, the consultant will perform a comprehensive inspection of the home to provide their assessment on the feasibility of the project under the proscribed 203k loan requirements. Within this process, 203k consultants will analyze the condition of the home and then determine whether an agreement can be completed.
Once an agreement has been formalized, the contracts are signed and the buyer will be pay a retainer fee to begin the transaction. This fee is to be determined by the overall cost of the repair work to be completed on the property and can be figured out by using a general fee schedule. Once the fee has been set, the 203k consultants then craft a concise document that highlights the project’s scope and specifications. As part of this stage, all repair costs are broken down and documented. The consultant will then prepare the lender packages and contractor bid packages and draw-up plans for the work-orders to be completed on the property.
Once the detailed work write-up has been completed by the 203k consulting specialist, a copy of each of the documents within the package will be sent to the lender, the contractor and the borrower. The borrower and the lender must then come to terms with an agreement on the contractor to complete the repair work. Once this process has been completed and the lender’s loan conditions have been satisfied, the lender will schedule a closing date for the property and the loan agreements will be signed. The renovation work can then move forward through the draw process.
The 1st draw process begins after the consultant determines that all necessary building permits have been issued. The consultant will then make several further inspection visits and issue the 2nd and 3rd draw amounts based on the project requirements. After the 4th draw request, all outstanding renovation work to be completed is highlighted by the consultant to the contractor. The 5th draw is held as a retainer until the final inspection and then issued when there are no unfinished tasks for the project.
This is a full description of the work completed by 203k consultants on a renovation project. To learn more on the process, please speak with an expert from 203k Training Center directly or visit their business website