Nolan Kienitz Posted February 10, 2011 Report Share Posted February 10, 2011 Last one I did was ~ 2 years ago. 9 months of headaches for $600 and the lender refused to pay for last two draws. The lender kept demanding more and more paperwork asking for the same questions that had been answered multiple times, but it appeared they wanted it in different "dialects" as best I could determine. I kept trying to educate them (lender), but they could not seem to grasp the learning that was being given to them. Lender was some 3rd rate organization that may not even be in business anymore. I've had a few calls from some folks asking for consideration of a 203k job, but when I quoted even the outdated fee schedule rates they gagged and said I was "too expensive" and that they would only pay $XXX.xx which would not even cover the cost of me starting my truck and backing out of the driveway. The "k" product was quite popular several years ago and a number of us local inspectors were doing them, but they seemed to have dropped in such popularity over recent years and I'm one a few who has kept the HUD 203k designation active, but I don't do them anymore ... or at least actively pursue them. I've talked with local WF and BofA folks here, but trying to get through to the folks who actually know something about the "k" is a challenge and even then most work with the 'streamline' package which technically doesn't require a consultant. As Randy noted he is pretty well plugged in with the "k" product up in the PNW and has developed his forms/platform to satisfy the product's needs. If interested in software (kind of pricey) I suggest looking into the Corporate Niche product. Developer provides very good support and is located in my home state of Montana. I did not get his package, but in hindsight wish I had, but seeing as how I don't pursue the "k" product it is a non-issue for me currently. Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted February 10, 2011 Report Share Posted February 10, 2011 IIRC, when I bought my house the consultant got $1100. Around half for the initial consult and scope of work docs, and the balance equally divided over 4 or 5 draws. That was 12 years ago. Brokerages were really pushing them then, but they fell out of fashion for a while. If the program is gonna make a come back because of all the foreclosures out there, then I need to be on the roster. Randy, who do you market to, the lenders? Quote Link to comment Share on other sites More sharing options...
randynavarro Posted February 10, 2011 Report Share Posted February 10, 2011 That stinks, Nolan, besides being just plain wrong if almost criminal on the part of that lender. Ultimately, the lenders have to drive the program. The K is so popular now in our region because there are so many foreclosures, dilapidated properties, rates are so good etc. Sometimes the K is the only option for that home to sell. I don't think the PNW is unique in these aspects. I have been very fortunate in that I've been at the right place at the right time. I've never marketed the K. Over time, the yahoo Consultants weed themselves out. I continue to do good and thorough work. It's what the lenders need right now as they cannot sell the loan if all the details aren't in order. I think lenders are still positioning themselves to capitalize on the foreclosure and rehab. markets. I frequently get phone calls from different lenders who have recently discovered the K and tell me they're going to start pushing the product had and to get ready for the onslaught of work. It's never materialized. Really, it's been more of a slow steady climb. If a person wants to do the K Consulting, I say go for it and get yourself in a good position, but don't expect the phone to start ringing right away. Shoot, as much as I've done with the program, I still have capacity to do at least 50% more. K work is not completely filling my calender. Quote Link to comment Share on other sites More sharing options...
Marc Posted February 10, 2011 Report Share Posted February 10, 2011 I'm gonna apply to be on the 'K' roster. It doesn't cost anything and makes my credential lineup look better. If I get work from it, I'll go ahead and wrestle with them there lenders as I've been doing that already for the past 5 years as an FHA fee inspector. Marc Quote Link to comment Share on other sites More sharing options...
Nolan Kienitz Posted February 10, 2011 Report Share Posted February 10, 2011 I'm gonna apply to be on the 'K' roster. It doesn't cost anything and makes my credential lineup look better. If I get work from it, I'll go ahead and wrestle with them there lenders as I've been doing that already for the past 5 years as an FHA fee inspector. Marc Marc, Don't be surprised or dismayed if some guvmint staffer in an office far, far away stamps your application as "not acceptable" for maybe (in their view) that you are not an "architect". My application was so stamped and denied as "according to her" I was not capable of doing the job as I was not an "architect". I more than exceeded any and all of the requirements, but this particular staffer had "architect" locked in her gray matter. I appealed and was again denied. So ... I put my paperwork in a folder in my file cabinet. I dusted it off, changed the dates and resubmitted 3-4 months later and was put on the "K" consultant list without a speedbump. Guess it was a "different" guvmint worker in the Denver office who processed the package as I didn't change a thing ... save for the application dates. Go figure. Quote Link to comment Share on other sites More sharing options...
Les Posted February 10, 2011 Report Share Posted February 10, 2011 Here in Michigan my company keeps about 8-10 open 203k files open at any given time. Nothing gets done on any file until the initial fee is paid and we stick pretty much to the HUD guidelines. We do not use the software from any company. Many lenders initially require "software", then back off when they see that it really does nothing other than look pretty. We use all public domain forms from HUD. We do not and will not manage a project. We are consultants. Not a ton of money, but is a cash flow item. Quote Link to comment Share on other sites More sharing options...
Marc Posted February 10, 2011 Report Share Posted February 10, 2011 Thanks for the heads up. I can't post what I really wanted to say...it'd be too political. Is using the word 'political' too political to post? [] Marc Quote Link to comment Share on other sites More sharing options...
hausdok Posted February 10, 2011 Report Share Posted February 10, 2011 Is using the word 'political' too political to post? [] Marc Only if you politicize it. ONE TEAM - ONE FIGHT!!! Mike Quote Link to comment Share on other sites More sharing options...
Scottpat Posted February 10, 2011 Report Share Posted February 10, 2011 As you can see the responses are all over the board. Some have had very good experiences like Randy, others have not. My suggestion for what it is worth is to visit this HUD site http://www.hud.gov/offices/hsg/sfh/203k/203kmenu.cfm Immerse yourself in the website. Read the publications and look at the forms. I don't think that Randy's experiences and they way he charges for his consulting is the norm around the country. Over on Linked In and on Facebook you can find two groups of 203k inspectors from all around the country. It might be worth the time to join the groups, listen, read and take part in their discussions. It might give you a tad bit more insight to the program. Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted February 10, 2011 Report Share Posted February 10, 2011 I anyone is interested, there is a free 203K webinar for existing and prospective consultants next Thursday. The link to the registration page is at: http://www.hud.gov/offices/hsg/sfh/events/events.cfm Quote Link to comment Share on other sites More sharing options...
Ben H Posted February 10, 2011 Author Report Share Posted February 10, 2011 I anyone is interested, there is a free 203K webinar for existing and prospective consultants next Thursday. The link to the registration page is at: http://www.hud.gov/offices/hsg/sfh/events/events.cfm Thanks. Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted February 10, 2011 Report Share Posted February 10, 2011 Your welcome. See you there[] Quote Link to comment Share on other sites More sharing options...
gtblum Posted February 17, 2011 Report Share Posted February 17, 2011 I anyone is interested, there is a free 203K webinar for existing and prospective consultants next Thursday. The link to the registration page is at: http://www.hud.gov/offices/hsg/sfh/events/events.cfm A reminder. Quote Link to comment Share on other sites More sharing options...
Marc Posted February 17, 2011 Report Share Posted February 17, 2011 Well, I'm in the webinair right now and I don't hear a dang thing! [] The video consists of the Power Point which I've already digested. Be nice of the feds to accomodate the deaf a little better. I'm still intent on studying the background documents and completing the application. I seldom have a problem talking to people on the job, it's just these phones. Marc Quote Link to comment Share on other sites More sharing options...
Mark P Posted February 17, 2011 Report Share Posted February 17, 2011 Marc You missied nothing. All they did was read the slides aloud. Quote Link to comment Share on other sites More sharing options...
Marc Posted February 17, 2011 Report Share Posted February 17, 2011 Marc You missied nothing. All they did was read the slides aloud. They don't lecture during the polls? Marc Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted February 17, 2011 Report Share Posted February 17, 2011 No. But you did miss one thing, one of the presenters spoke as if he had a mouth full of marbles. One would think that the ability to speak would be a prerequisite to presenting. Quote Link to comment Share on other sites More sharing options...
Ben H Posted February 17, 2011 Author Report Share Posted February 17, 2011 I don't suppose I'm lucky enough for someone to use a capture program during this am I? I forgot all about it...[] Quote Link to comment Share on other sites More sharing options...
Marc Posted February 17, 2011 Report Share Posted February 17, 2011 I don't suppose I'm lucky enough for someone to use a capture program during this am I? I forgot all about it...[] Download a pdf version of the power point here. Marc Quote Link to comment Share on other sites More sharing options...
randynavarro Posted February 17, 2011 Report Share Posted February 17, 2011 Pretty lame. I should have known better. More troubling was there were a few points mentioned that run counter to what the guidebooks specify and what is actually happening in the real world. Four people were involved in that presentation from their end. They advertised two hours and it barely lasted one. I'm glad I'm not a bureaucrat. Quote Link to comment Share on other sites More sharing options...
Mark P Posted February 17, 2011 Report Share Posted February 17, 2011 So Randy, how do you create the repair estimates? Do you get contractors to give you written bids and then transfer that to your own documents? Quote Link to comment Share on other sites More sharing options...
Nolan Kienitz Posted February 17, 2011 Report Share Posted February 17, 2011 I continue to have questions about details of what the 203k Consultant is required to do. In that some of the items (depending upon interpretation) can run up against other State Agencies in Texas. 203k Consultant has to comment about "termites" ... you must be licensed by the Texas Dept of AG to perform a WDI inspection/report. As a licensed "home inspector" (I'm not a pest inspector) I have to be very careful of what I say in my reports about such WDI items. 203k Consultant has to perform a "home inspection" and advise of adequacy of certain items. That falls into the territory of control of TREC and one has to have a Professional Inspector's license to do such an inspection. Then we have to use the TREC-mandated inspection template. Granted what we look at from the TREC view is far more detailed than what HUD 203k is looking for, but then there are other things they are needing that TREC does not touch on. Bottom line is that any property sold in Texas and if someone needs/wants an inspection ... the inspector HAS to have a TREC license. I'm seeking clarification with the Denver HOC so hope to hear from them yet today. Quote Link to comment Share on other sites More sharing options...
Marc Posted February 17, 2011 Report Share Posted February 17, 2011 I continue to have questions about details of what the 203k Consultant is required to do. In that some of the items (depending upon interpretation) can run up against other State Agencies in Texas. 203k Consultant has to comment about "termites" ... you must be licensed by the Texas Dept of AG to perform a WDI inspection/report. As a licensed "home inspector" (I'm not a pest inspector) I have to be very careful of what I say in my reports about such WDI items. 203k Consultant has to perform a "home inspection" and advise of adequacy of certain items. That falls into the territory of control of TREC and one has to have a Professional Inspector's license to do such an inspection. Then we have to use the TREC-mandated inspection template. Granted what we look at from the TREC view is far more detailed than what HUD 203k is looking for, but then there are other things they are needing that TREC does not touch on. Bottom line is that any property sold in Texas and if someone needs/wants an inspection ... the inspector HAS to have a TREC license. I'm seeking clarification with the Denver HOC so hope to hear from them yet today. I think HUD was unaware of such state requirements when they used the term 'home inspection'. They're not aware that it's a legally defined term now, otherwise they would have given it a different name. If such an issue were to come before the Louisiana State Board of Home Inspectors, my guess is that's how they would respond to it. A similiar question that I put before a board member years ago turned out that way. Marc Quote Link to comment Share on other sites More sharing options...
Ben H Posted February 17, 2011 Author Report Share Posted February 17, 2011 I too have a few questions. When 203k "home inspection" is performed, what do you actually do? It can't be the same scope of what we call a traditional home inspection. Not for $100 or $200 dollar fee they are paying. I'd have to imagine some of the homes that folks are getting these loans for are damn near hand grenade status.... I'm sure those pictures at the end of the slideshow where extreme examples, some of them looked like they simple bulldozed and started over. If any of you fine chaps would be willing to explain this, perhaps even on the phone, PM me. Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted February 17, 2011 Report Share Posted February 17, 2011 I think Randy should do a webinar for us. I'm certain he'd start on time, explain the program rather than misread the slides, and we'd actually learn something in the process. Oh, and if he set us up for 2 hours of training we'd get a lot more than 45 minutes. Thank God it was only 45 minutes! Quote Link to comment Share on other sites More sharing options...
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