The document discusses renovation financing opportunities and how they can benefit homeowners, buyers, and real estate professionals. Renovation financing allows buyers to purchase a home and finance repairs/remodeling in a single mortgage. It is based on the improved property value. Benefits include ample funds based on the after-renovation value, flexibility to choose fixed or adjustable rates, and simplifying the purchase and renovation into one transaction. Working together, real estate professionals and lenders can help buyers renovate less-than-perfect homes and turn dreams into sales.
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Renovation
1. Where can tomorrow’s property values improve today’s business prospects? Renovation financing opportunities Carlos Ramos Home Mortgage Consultant NMLSR ID 460046
So, what am I doing here? Shouldn ’ t I be talking to a contractor or architect? Why would a real estate professional care about renovation financing? The answer is the last word at the bottom of this screen: opportunities!
Whose opportunities are we talking about? When renovation financing is on the table, there ’ s plenty of opportunity to go around!
Let ’ s start with you. The more listings you can move, the more successful you are. So you may find yourself picking and choosing only certain properties to show prospective buyers. Renovation financing can help make neglected or inadequate listings more attractive. Because it not only covers home purchases, it also addresses issues of needed improvements. And that gives you more properties to show — and sell!
Renovation financing creates opportunities for homebuyers. It enables them to buy a home and make needed or desired improvements right away. So what they initially see isn ’ t what they ultimately get — in terms of curb appeal and property value!
And renovation financing can mean shared opportunities for us. Working together, we can make the most of our combined real estate and lending knowledge. We can provide homebuyers the convenience of a full-service home purchase experience. We can join forces to bring more business in — and get more business done!
Your buyers look to you for information. And often, before a lender arrives on the scene, you are called upon to discuss home financing options. That ’ s why I believe it ’ s important for you to understand how renovation financing works. Once you do, I hope you ’ ll include renovation financing in your real estate toolbox and keep it (and me) in mind to serve specific home-selling needs.
At Wells Fargo Home Mortgage, our Purchase & Renovate loans truly are multi-tasking financing tools. They provide the financing to buy a home. They provide the financing to bring out the best in a home. And it ’ s all included in one loan — the first mortgage. No secondary (home equity) financing is necessary. (Answer any questions.)
Purchase & Renovate loan amounts are based on expected post-renovation property values. So there ’ s enough funds to pay for the home and funds left over to cover planned improvements — from minor upgrades to major renovations. Buyers can make any improvements they choose — from necessary repairs, like a new roof, to adding luxury features, like a pool or spa — right after closing. Then, instead of paying for the work upon completion, buyers have their entire mortgage term to take care of the renovation tab. And the interest homebuyers pay on renovation financing is generally tax-deductible. (*The interest on any portion of credit greater than the fair market value of your buyer’s property is not tax deductible for Federal Income tax purposes. Your buyers should consult a tax advisor regarding the tax deductibility of interest and charges.) (Answer any questions.)
So why would we recommend that buyers choose Purchase & Renovate loans over other renovation financing options? Options like credit cards, dipping into their savings, personal loans, or home equity loans? Because of the ideal combination of needs-specific benefits these products provide.
Our Purchase & Renovate loans are available to finance primary 1-4 unit homes, as well as second and vacation homes or investment properties (including condos). Less-than-perfect listings, rehabs, and properties in any condition are eligible. That makes this a first mortgage with the latitude to fulfill a number of home-purchase goals. In terms of benefits, you might call it the FLEXIBILITY factor. (Answer any questions.)
Buyers qualify for renovation loan amounts based on after-improvement property values. That can add up to a nice chunk of change that I ’ m guessing most people would prefer not to carry in credit card debt. Even if they have that kind of money saved up, renovation financing gives buyers the option to hang onto their savings, or put their cash to another use — like another real estate purchase! In terms of benefits, you might call it the FINANCIAL factor. (Answer any questions.)
Our Purchase & Renovate loans come with fixed- or adjustable-rate terms. And buyers can make low down payments. So buyers who need a little extra purchase power, or those who want to buy with minimal cash upfront, can still take advantage of renovation financing. In terms of benefits, you might call it the ACCOMODATION factor. (Answer any questions.)
And unlike buying a home with one loan and then taking out a personal loan or home equity loan to pay for the renovations... With our Purchase & Renovate loans, buyers make just one application, go through just one approval process, attend just one closing and make only one monthly payment. In terms of benefits, you might call it the CONVENIENCE factor. (Answer any questions.)
But let ’ s look at some examples we can both relate to. (Read slide out loud.) A Purchase & Renovate loan can cover the cost of the home plus the remodeling that will have the buyer cooking in style soon after moving in. You could get an invitation to dinner from a satisfied buyer. Renovation financing helps makes the decision for buyers with a vision!
(Read slide out loud.) A Purchase & Renovate loan can cover the cost of the home plus the emergency repairs that will bring it within safe standards before moving in. A first-time homebuyer may be able to swing a more attainable fixer-upper. Renovation financing can help dreams come true and sales go through!
(Read slide out loud.) A Purchase & Renovate loan can cover the cost of the home plus a new bathroom addition where everyone can have a chance to take a shower. A move-up buyer can live more comfortably. Renovation financing can make the decision for buyers with a vision!
(Read slide out loud.) A Purchase & Renovate loan can cover the cost of the home plus cosmetic upgrades like siding, new windows and doors... even grounds work like landscaping or a deck. The buyers can take care of that neglected maintenance right after closing, so they don ’ t have to live in the neighborhood eyesore. Renovation financing can help dreams come true and sales go through! (Ask for more examples from the agent.)
Generating repeat and referral business is tied to your customer-service capabilities. Renovation financing can help you turn rundown listings into relationship-building opportunities. You can make a lasting impression as a results-oriented real estate professional. You can counter objections of buyers who are on the fence about an “ almost perfect ” home. You can address the purchase power concerns of aspiring first-time homebuyers. You can make a suggestion that makes all the difference — and I can provide the renovation financing that makes you memorable.
I ’ d like to close with a few business proposals. First, I invite you to team up with me to make the most of our combined energy and ambition. Starting today, please consider me “ on call ” for free preliminary financing consultations. I ’ ll be happy to speak with you or your buyers about how renovation financing might be a purchase-friendly option for any property listing. Second, I ’ d like us to sit down together again soon — and on a regular basis — to set goals, brainstorm ideas and celebrate achievements. I ’ m thinking that at our next meeting we should discuss launching a joint marketing campaign — co-branded advertising or direct mail. Wells Fargo Home Mortgage has the resources to help us put it together and get it out the door. In fact, we have a compelling Open House brochure that helps prospective buyers imagine bringing out a home ’ s full potential — and future value — using renovation financing. (#102531 Renovation Streamline Financing Consumer Brochure)
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