Désirée Ávila, M.A., P.A., Realtor®
Buying A Home Is Easy – Free E-book!
The Edge on 15th, Fort Lauderdale
FSBO Readiness Quiz
Welcome to your FSBO Readiness Quiz
What is a DU and who should you ask for one?
DU is detailed understanding. I should ask my attorney for it.
DU is a dependable undertaking. I should ask the buyer's firms broker for it.
DU is desktop underwriting. I should ask a mortgage broker for it.
Disclosure Units. I can download them at the Florida Bar website.
The title company found a lien on your house for $15,000 dollars from the previous owner. What is the quickest way to remediate this and close the deal?
Dispute it and make a claim on your title insurance.
There is nothing you can do, the new homeowner must take on the lien.
What are the two most reliable ways to establish the price of your home?
Ask your neighbors what their home is worth, average out the values.
Have an appraisal done
Use an online valuation tool
Use Zillow's Zestimate
Using a comparable market analysis
Why is it important to know how long an FHA appraisal is valid for?
It is not important
It is important because by FHA legislation you must then price your house for the exact appraised value.
It is important because if your deal does not close that appraisal is public and can affect the next deal you try to close.
It is important because FHA legislation dictates that for the validity period your home cannot be put back on the market.
For how long is an FHA/VA appraisal valid?
What is an appraisal?
a report compiled by the senior loan officer to establish the home's market value
a broker's price opinion of your home
an appraiser's expert estimate of the value of your home
an unofficial estimate of the value of your home
The buyer is unable to obtain insurance because your home's roof has exceeded its life expectancy. How can you get this deal closed?
Offer the buyer a credit toward a new roof.
Put a new roof on the home.
Tell the buyer he signed an AS-IS contract and if he wants the property he has to pay for a new roof.
Have some minor repairs done and have it re-inspected by another inspector.
Which type of loan is the likeliest to close?
What can the buyer do if the appraisal comes in lower than the agreed upon sale price?
They can't do anything
They must make up for the difference or lose their deposit
They can cancel the deal without penalty
They can cancel the deal and demand the seller pay a penalty for misrepresenting the price
Can the buyer back out of the deal during the inspection period ?
Yes, but it has to be due to something that was noted on the inspection report.
Yes, but they have to pay a penalty for cancelling the contract.
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