Loans
What is the typical down payment required for a conventional loan?
5% (or 3% for some programs)
A buyer you haven’t met wants you to do a virtual tour before signing an agency agreement with them. Is this allowed?
Nope
In what year was Costello Raleigh founded?
2017
What should you do when a client says, “I want to wait for rates to drop”?
Educate them on the risks of waiting and offer to connect them with a lender.
What’s the strangest thing you’ve ever seen in a showing?
Ask Jon about what he heard
What does “DTI” stand for?
Debt to income ratio
Who delivers the earnest money check?
The buyer’s agent or buyer, usually to the closing attorney or escrow agent.
Who founded Costello real estate?
John and Natalie Costello
A buyer wants to make an offer but hasn’t seen the house in person. What do you do?
Advise them of the risks and offer a virtual tour.
What’s the most common color for front doors in the U.S.?
White
What is an appraisal?
A professional estimate of a property’s value for the lender
True or False: In NC, the buyer can terminate during the due diligence period for a low appraisal and get their money back.
False
What is our motto?
Winning together
A client’s deal is falling through the day before closing—what’s your next step?
Call the lender/attorney, look for solutions, and communicate clearly with all parties.
What’s the record for the fastest home sale ever recorded?
One second (instant cash offer at an auction).
What type of loan allows 0% down for eligible borrowers in rural areas?
USDA loan
If a buyer does not deliver due diligence within three days of the contract being ratified, then the contract is automatically voided.
False. Until a notice determinate has been delivered then the contract will continue on.
Who is our longest tenured agent?
Sharese
A buyer is asking for a large sum back as a closing cost credit. What should you do before having a Seller agree to it?
Contact the lender to make sure that amount will be approved.
Jon’s college job
Balloon animals
What is the name of the program Home Savings and Trust Mortgage signed your clients up for when you close with them and what does it do?
client Giant. It sends four gifts to your clients throughout the year with your name on it so you can continue to allow your clients and build referrals.
How many days can a buyer drag out settlement for any reason after the closing date?
Zero. Buyers cannot drag out closing for seven days without justifiable calls, and then making their best effort to move towards closing.
What was the address of our first real office?
238 Millbrook
Name a couple of things that an agent should put in writing and things they should not.
The agent should put in writing what the buyer wants to counter with and get the buyers approval. The agent should put in writing anything that they are recommending to the client after they have had a discussion with them.
An agent should never put in writing things that could be misconstrued or any or frustration with an agent or the client.
Matt’s middle name
Matthew