Homes 101
The main 2 types of foundations of on a house
What is a slab/crawlspace?
The vocal skill important to mimic in sales
What is tonality?
This insurance program implemented by the government to encourage banks to make home loans after the depression. Borrowers are only required to make a 3.5% down payment
What is an FHA loan?
The name of the appointed person over an estate
What is a personal representative/executor?
The trim that runs vertical on the edge of the roof
What is fascia?
The type of questions that should be asked when in discovery
What is open ended questions?
When a borrower is looking to get a new mortgage to lower the interest rate
What is a rate refinance?
The process that gives the attorneys insight on previous history of owners and mortgages
What is running title?
The part of a home is generally a triangular portion of a wall between the edges of intersecting roof pitches.
What is a gable?
This tactic is important to do when a prospect is taking
What is active listening?
When a lender reimburses funds for construction or rehab in periodic intervals after you pay first
What is a draw?
The process that must happen if a property was bought at a tax deed auction
What is a quiet title?
A roofed structure usually containing a window that protrudes vertically from a pitched roof
What is a dormer?
This tactic is used by being quiet after dropping a bomb on a seller
What is dynamic silence?
The items in a monthly payment (Hint: acronym PITI)
What is Principal interest taxes and insurance?
The document that is filed at the start of PreForeclosure
What is a lis pendens?
The kind of siding is no longer used and costly to remove
What is asbestos siding?
The longest you should go without talking a potential lead
What is 30 days?
A borrower wants to get equity from their home but they do not want to refinance their existing mortgage
WHAT IS HOME EQUITY LOAN (HELOC)?
The term for right of government to take private property for public use
What is eminent domain?