Title
Ideally what time of day should you schedule your buyer to close?
Before noon
What is his hometown?
Alvarado
How much if charged is the per diem fee?
$400
What is the target percentage of preferences and opt-out for Q2?
90% preferences and 10% opt-outs
How many comparables do appraisers generally provide in an appraisal?
What is Brandy Alaniz phone number? (You can use your phone contacts)
(469) 363-8885
How many years was he top AA?
4 years
What type of deed does New Western convey to the buyer?
Special warranty deed
How many disclosed investors are awarded to an agent for being the first in on Thursday?
20
What is the current average mortgage rate? (.25 range is acceptable)
6.86%
Give 3 fees that would make up the closing costs reimbursement
Title Policy, Acquisition fee, Funding fee, HOA fees, survey
How many siblings does he have?
3
Explain what an "equitable interest" is
The right to gain ownership through contract
After an agent deposits the DP at BOA or receives the wire confirmation what must they do?
Send an email to Nicole letting her know the property address, name of the investor, and amount of DP
Name 3 major companies headquartered in DFW area
AT&T, American Airlines, Peterbuilt Motors Company, Texas Instruments, D.R Horton, Southwest Airlines, Charles Shwab Corp, Toyota, Gamestop, Frito-Lay, JPMorgan Chase, Liberty Mutual, Mary Kay
What is a "cloud" on title?
An unresolved claim that may invalidate the property's title.
What company did he work at before New Western?
Custom Ink
What is the maximum term of a leaseback?
90 days
What 5 preferences does an agent need to enter in Salesforce order for a contact to be considered complete?
Cash, Funding Method, How soon are you looking to buy?, Experience level, Investment strategies
Explain subject-to investing
The buyer takes over mortgage payments without formally assuming the loan. The loan stays in the seller’s name, unlike an assumable loan where the buyer takes legal responsibility.
How much the Spartan Escrow fee?
$900
When is his NW 10 year anniversary?
May 4th
Explain the "Proof of Funds to Close" section in the contract
The seller may give the buyer notice to provide proof of good funds. If not provided within 2 business days the buyer would be in default.
List 3 of the 8 steps taken before scheduling a walkthrough with an investor. (500 bonus points if you list all 8 in order)
1. Qualified the investor
2. Pitched the deal on the phone
3. Reviewed PaP with Investor
4. Run comps
5. Confirmed ARV
6. Confirmed scope of rehab
7. Confirmed purchase price
8. Scheduled walkthrough
In terms of months of inventory, how does the real estate market classify a buyer's market, balanced market, seller's market?
0-3 months = Seller's
4-6 months = Balanced
7+ months = Buyers