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WHAT FORM IS NEEDED TO ADD 3+ BUYERS TO A CONTRACT? (RPA)
ADDITONAL SIGNATURE ADDENDUM
How much can you charge your buyers on compensation?
Whos pays?
whatever they agree too
buyer or seller
IF THE SELLER WISHES TO OCCUPY THE HOME FOR LESS THEN 29 DAYS AFTER THE CLOSE OF ESCROW WHAT FORM IS NEEDED
SELLER IN POSSESION (SIP)
WHAT ARE IMPOUNDS?
IMPOUND ACCOUNT HOLD FUNDS TO PAY YOUR PROPERTY TAXES , HOMEOWNERS INSURANCE AND PERHAPS OTHER ACCOUNTS LIKE FLOOD INSURANCE
WHAT DISCLOSURES DO YOU NEED YOUR SELLER (S) TO SIGN AND FILL OUT ON THEIR OWN DURING THE LISTING APPOINTMENT?
TDS ( TRANSFER DISCLOSURE STATEMENT)
SPQ ( SELLER PROPERTY QUESTIONAIRE)
If all contingencies are removed on the buyers side is there a way to get the money back?
what are 2 ways if any?
Yes
If sellers dont perform buyers can issue a NTP on the seller and if task is not completed within time they can cancel and get money back.
TOPA
WHAT DO YOU NEED TO PROCEED WITH A PROBATE SALE?
COURT CONFIRMATION
WHAT LOAN ALWAYS REQUIRES IMPOUNDS ?
FHA
Besides FHA what other loan can take a 3.5% down payment
ITIN
What form do you need filled out to a have an agnecy relationship with a new qualified buyer
BRBC
WHAT DOES A VA LOAN INCLUDE IN THE LOAN AMOUNT THAT OTHER LOANS DONT?
FUNDERS FEE OF 2.15% UNLESS YOURE 10% OR HIGHER DISABLED
WHAT FORM PROTECTS VA BUYERS FROM OVER PAYING FOR A HOME?
FHA/ VA AMENDATORY CLAUSE
IF YOU HAVE A CHAPTER 7 BANKRUPTCY HOW MANY YEARS DO YOU HAVE TO WAIT TO USE A FHA LOAN?
HOW MANY YEARS IS IT FOR CONVENTIONAL?
YOU HAVE TO WAIT 2 YEARS
4 YEARS FOR CONVENTIONAL
(AFTER DISCHARGE)
WHEN SUBMITTING AN OFFER ON A PROBATE SALE WHAT ADDITIONAL FORMS ARE REQUIRED?
RPA
PURCHASE AGREEMENT PROBATE ADDENDUM
IF A HOMEOWNER DIES;HOW CAN THE HEIR SELL THE PROPERTY?WHAT ARE TWO WAYS?
LIVING TRUST
PROBATE SALE
WHAT FORM IS NEEDED IF A TENANT NEEDS TO STAY AT THE PROPERTY FOR MORE THAN 30 DAYS?
RLAS (RESIDENTIAL LEASE AFTER SALE)
If a new IRS payment plan is set up how many months of payments are required to be able to buy a house using FHA?
3 months
WHAT IS THE DOWNPAYMENT NEEDED IF YOUR BUYER WANTS TO BUY A SECOND HOME ?
WHAT LOAN IS IT NORMALLY?
10%
CONVENTIONAL
Can the seller take off a chandelier at the close of escrow?
Yes
HOW LONG DO YOU HAVE TO BE ACTIVE and Reserves IN THE MILITARY TO QUALIFY FOR A VA LOAN?
4 YEARS ACTIVE MEMBERS
6 YEARS FOR RESERVES
ON A CONTRACT HOW DO YOU WAIVE ALL CONTENGIES LEGALLY (BESIDES WAIVING THEM ALL ON THE RPA)?
LEGALLY IN ORDER FOR ALL CONTIENGENCIES TO BE WAIVED ALL SELLER DISCLOSURES NEED TO BE DELIVERED TO THE BUYER PRIOR TO OPENING ESCROW IF NOT THEY HAVE 5 DAYS AFTER DELIVERY LEGALLY FOR INSPECTION PERIOD.
IF A 1099 EMPLOYEE WHO HAS A LOT OF CASH/CHECK DEPOSITS BUT A LOT OF WRITE OFFS ON TAX FORMS CAN LEGALLY BUY A HOUSE WITH WHAT PROGRAM(S)?
HOW MUCH PERCENT DOWN FOR A PRIMARY RESIDENCE?
IF THEY DONT QUALIFY WITH GENERAL LOAN PROGRAMS.
BANK STATEMENT LOAN 700+ credit
10% DOWN
WHAT PROGRAM ALLOWS YOU TO BUY A HOUSE WITH NO INCOME (JOB) NO TAXES AS LONG AS RENTS COVER THE MORTGAGE?
WHAT DO YOU NEED FROM A PERSON TO VERIFY RENTAL INCOME?
WHAT IS THE PERSON CALLED?
DSCR (DEBT-SERVICE COVERAGE RATIO)
1007 FORM FROM APPRAISER
APPRAISER
WHAT DOES FHA INCLUDE ON THE LOAN AMOUNT THAT CONVENTIONAL DOESNT?
UPFRONT MORTGAGE INSURANCE (1.75%)
AFTER 5 DAYS OF ESCROW BEING OPEN WHAT HAS TO BE DELIEVERED TO THE BUYERS
ESCROW OPENING PACKAGE