203K Consultant

203k Consultant in Tampa FL

Beryl as your 203k Consultant is an integral part of a successful 203k loan transaction. The role of Beryl as your 203k Consultant is vital to the timely completion and closure of 203k Loan applications. Accurate estimating and rapid turnaround time are qualities that will assist both borrower and lender in achieving their mutual goal of a timely closing. The following is included in the Beryl 203k Consultant Rehabilitation Loan Consultant Process by choosing Beryl as your 203k Consultant.

You don’t have to be turned off by fixer uppers or overwhelmed by the work required to bring some homes up to today’s standards. You don’t have to go it alone. That is where Beryl’s 203k Inspectors come in to the picture.

203K Consultant Overview in Tampa FL

Beryl has the right home inspector or structural engineer with the right tools for your needs in construction inspection, residential home inspection, roof consulting, or 203k Consultant or Structural Design. Beryl has locations in Tampa and Clearwater.
Beryl meets or exceeds InterNACHI’s Standards of Practice while providing you easy-to-read computerized reports and photos within 36 hours. Beryl’s home inspections are scheduled with your flexibility in mind and we are a multi home inspector fully licensed, insured, and certified company.

What is a Streamlined 203K Loan?

It used to be that you bought a home and then applied for a home equity loan to fix the home up. This approach resulted in two loans. However, many lenders won’t make rehab loans at closing if there is no equity.

The answer was the Limited 203K Loan, which is figured into the original loan balance. Now you have just one loan. This Streamlined 203k Loan can be an adjustable-rate or fixed-rate mortgage. The mortgage balance of a 203k Loan can exceed the purchase price of the property.

Feasibility Analysis Report by Beryl’s Streamlined 203k Inspector

For home buyers looking for financing through a Limited 203k loan, a Feasibility Analysis Report serves one specific purpose: This report helps you make a quick decision regarding the cost involved in renovating the property to meet the HUD minimum property standards. This Feasibility Analysis Report by Beryl’s Streamlined 203k Inspector is one of the initial steps in the process.

A number of important and essential details regarding a property in need of repair work is provided in Beryl’s Limited 203k Consultant’s Feasibility Analysis Report. The scope and the extent of the rehabilitation is clearly documented in the report along with the cost of repairs. Costs are separated into three categories, Mandatory, Recommended, and Desired. We meet you at the property for this inspection, and walk you through the HUD 4240.4 Rev-2 Checklist.

A seller may also be more willing to negotiate and adjust their sales price according to the findings from a Beryl Limited 203k Feasibility Analysis Report. Most prudent sellers will realize that they cannot sell their property if it doesn’t meet the minimum property standards set by HUD and will adjust their selling price accordingly.

Performance Specifications and Scope of Work Packages by Beryl’s Streamlined 203k Inspector

The Streamlined 203K loan allows for simple repairs that can be easily estimated and completed. Many are considered light cosmetic repairs, but some will require hiring a licensed Contractor. Knowing about the tasks and the scope of the needed work in renovating a residential property can help you proactively seek competitive bids from contractors to complete the repair work.

Beryl’s Streamlined 203k Inspector provides you a detailed Performance Specifications and Scope of Work package that informs the Contractors what needs to be done to the property and asks them to price their services out by Labor and Materials. Below is an approved list of repairs / improvements from HUD:

  • Roofs, gutters and downspouts
  • HVAC systems (heating, venting and air conditioning)
  • Plumbing and electrical
  • Minor kitchen and bath remodels
  • Flooring: carpet, tile, wood, etc
  • Interior and exterior painting
  • New windows and doors
  • Weather stripping & insulation
  • Improvements for persons with disabilities
  • Energy efficient improvements
  • Stabilizing or removing lead-based paint
  • Decks, patios, porches
  • Basement completion and waterproofing
  • Septic or well systems
  • Purchase of new kitchen appliances or washer / dryer

You select the Contractor

While Beryl’s Streamlined 203k Inspectors have contacts with several vetted Contractors available for you, you ultimately select the contractor. Beryl’s Limited 203k Inspector is willing to assist you in reviewing the bids submitted by renovation contractors.

If you’re considering a contractor which has not yet been approved by your lender or has never done a Streamlined 203k rehabilitation, it is important that they are informed early on about the Streamlined 203k rehabilitation concept as it applies to contractors.

Disbursement of Payments for a Streamlined 203k Loan

There is a maximum of two payments to each contractor or “self-help” plan. The first Limited 203k payment is 50% in advance. However, a self-help” allowances does not include labor, only materials costs. The final Streamlined 203k payment is paid after submission of evidence of payment to sub-contractors / suppliers or other possible lien claimants.

Don’t Go with a Free Estimate from a Contractor

Quite often, one may consider just calling up a contractor and getting a free estimate regarding the repair work. This may be a reasonable option if the contractor is known to be trustworthy and has worked with you in the past. If that doesn’t happen to be case, do not opt for this. You will usually get what you pay for and since you are getting it for free, it may not be worth all that much.

As the contractors are motivated to earn your business, they may initially present a proposal with a lower cost estimate than the real amount necessary to finish the work. The real cost and addition repair work may be revealed to you after you have already come to an agreement and the contractor has already begun work.

Then you will have to come up with money out of your own pocket instead of utilizing the Streamlined 203k loan. This kind of behavior is widely prevalent and the only way to avoid falling into this common trap is to seek an independent and honest feasibility analysis report from a Beryl Streamlined 203k Inspector.