Off The Cuff
Where do you find the most current interest rates?
From a lender - You should receive them in an email from a preferred email
Always state that interest rates are around ___% but every lender is different.
Name 3 FHA items to watch for when showing homes to an FHA buyer
Peeling paint
GFCI outlets
Handrails for 2 or more steps
Proper railings for a porch or deck
Wires in junction boxes
Roof condition
Windows condition
Flooring
Name 3 things you must do when listing a home
Measure the home
Verify the input information is accurate (HVAC etc)
Explain the process to the seller- Showings, offers etc
What do you do once you have an accepted offer together in your loop?
Task or email Levi that you have an accepted offer with the address
Name 3 things you will do as a buyers agent at a closing?
You will bring the keys
You will take their sold picture
Where can you find lot measurements?
Adams County GIS
Do all loans require inspections?
The answer is no. The only required inspection for a loan is on a VA and they require a termite inspection and the seller has to pay for that termite inspection, not the veteran.
How do you know whos name goes on a listing contract as a seller?
You will ask the seller and verify by checking the tax records. If you still aren't sure you will call the title center and ask them to look it up.
Why do we fill out a data form on every accepted transaction?
The data form has the buyer and seller details so Levi has the proper information to order title work or contact your buyer or seller in your absence.
Name three inspections available for a buyer to choose from?
Home
Termite
Radon
Septic
Roof
Electrical
Plumbing
Foundation
Where can you verify a sellers exact address?
Adams County Tax Records
What are 3 items a buyer will need for a pre approval letter?
Pay stubs
Tax returns for the last 2 years
Verification of employment
What is a net sheet? Why do we use them?
A net sheet is a breakdown of closing costs and fees a seller pays to sell their home. A net sheet shows the estimated net for a seller
We use a net sheet to help a seller see what they will make off their home in a sale and to ensure that they can afford to sell.
How do you get paid after a closing?
You bring the closing documents and check to Levi and he will exchange the checks with you.
Name three things that you should be checking are on your closing CD
Inspection invoices
Verify agent commission matches the MLS sheet split
Confirm the sales price is correct
Verify amount buyer should bring to closing and tell them-
Verify Seller credits
Where can you find agent information?
On paragon under membership
If a buyer is using a conventional loan, can they buy whatever they want?
Yes, except mobile homes w out land -
If a potential seller calls you and says they have a home in a trust, what do you need to list their home?
You will need a copy of their trust paperwork.
What is the safety code used by our office if you are at a showing and need help?
You will call any agent or employee of our office and ask if we have the red folder. This alerts us that you are in trouble and we will take steps to get you help.
What are three things a buyers agent will do between an accepted contract and closing day?
Schedule the closing with the other agent and bank or title center
Set up inspections and attend inspections
Verify repairs are completed
Final walk through with the buyer
Tell the buyer how much they are to bring to the closing in a wire or cashiers check
Tell the buyer to transfer utilities as of the closing date a week before closing
What form do you use to file taxes as a realtor?
1099
What is the max allowed amount for seller concessions on a FHA loan?
6%
What type of window do you need in a basement bedroom to call it an official bedroom in the MLS?
Egress window
What is the document that you have signed by all parties to agree to a commission?
What should you ask your buyer to do to help you get future business at the closing?
Scan the google code and leave a review-
Sitting there with nothing to do while the other party signs docs is the best time to get your buyer or seller to leave a review on google!