THE MAKEOVER BLOG
Renovation stories, useful ideas, and perspectives to help you see what comes next.
Contracting
Once construction starts you are juggling contractors, unexpected delays, and normal family life. Here is how to manage it all without losing your mind. First. Set clear expectations with your contractor from day one. Ho…
Read article : Managing contractors, delays, and daily family lifeConsulting
This is one of the most powerful protections you have in the entire 203k process. Here is exactly how draw inspections work and why your approval matters so much. After the contractor finishes a stage of work they reques…
Read article : Draw Inspections and why YOU approve every paymentConsulting
This is one of the most important protections you have as a borrower. Here is exactly how the draw process works. Step one. The contractor completes a stage of work. This could be demolition. Framing. Rough plumbing and…
Read article : The draw process step-by-step (your money-release power)General
Congratulations. You now own the house. Here are the most important first steps to take right away. Step one. Change the locks or install a lock box. Change all exterior locks immediately for security. Or install a lock…
Read article : First steps the minute you own the house after a 203k closing.Mortgage
One of the biggest differences with a 203k is that you do not get all the renovation money at closing. Here is exactly how the escrow process works. At closing the lender takes the full renovation amount plus the conting…
Read article : 203k's - How the renovation money is held in escrowMortgage
Closing day is exciting but it feels different from a regular home purchase. Here is exactly what to expect when you sit down at the table. The closing usually takes 45 minutes to an hour. You will meet with the title co…
Read article : What actually happens at the closing tableMortgage
Realistic timeline for appraisal. Underwriting. And loan approval on a 203k. Plus how to keep it from dragging. Getting through appraisal. Underwriting. And final loan approval is one of the longest parts of a 203k. Here…
Read article : Realistic timeline and how to keep it from draggingMortgage
Underwriting is the stage where the lender reviews everything to decide if they will approve your loan. In a 203k this step is more detailed than a regular mortgage because both the purchase and the renovation are being…
Read article : The underwriting process and what lenders are looking forMortgage
The appraisal on a 203k loan is different from a regular home purchase. It is one of the most important steps in the process. Here is exactly how it works. A normal appraisal only looks at the current condition of the ho…
Read article : How the special 203k appraisal works (before-and-after value)
