Should a renovation buyer obtain a contractor’s bid before writing an offer—or secure the property first?

In this episode, Jennifer “The Reno Gal®” Goldsby explains why there isn’t one correct answer. The best strategy depends on the local market, the level of competition, the seller’s willingness to cooperate, and the information the borrower needs to make a sound decision.

You’ll learn:

• When waiting for a contractor’s bid could cause a borrower to lose the property
• When the market may allow time for a contractor to inspect the home before an offer is submitted
• How carefully written contract contingencies can help protect the borrower
• How buyers can estimate renovation costs without knowing the price of every detail
• Why the selling agent’s assessment of the property’s current as-is value matters
• How to distinguish thoughtful planning from premature commitment

Jennifer also explains why renovation borrowers don’t need every answer on day one. They need enough reliable information to make the next decision, knowing the plan can be refined as additional information becomes available.

Don’t let the pursuit of perfection prevent a borrower from pursuing the right opportunity. The mortgage loan officer’s role isn’t to eliminate every unknown before the process begins—it’s to help the borrower make sound decisions throughout the journey.

Sponsored by Land Gorilla.

renovatED for Lenders is the podcast dedicated to helping mortgage lenders build, improve, and scale successful renovation lending platforms.