CHP 27 - Qualifying Buyer Needs Flashcards
1
Q
Main category of buyers
A
- first time
- upsize or downsize
- relocation buyers
- investors
2
Q
Closing Techs
A
- Sum it all up
2. Assumptive
3
Q
How to select your target market
A
- establish a highly specific goal
- create reasons why
- develop a Plan
- Take Action
- Manage and Adjust
4
Q
what are first time buyers most afraid of
A
responsibility and unknowns associated with buying a home
5
Q
Qualifying Standards/Loan underwriting standards
A
What lenders use to qualify buyers
6
Q
Multiply income by .28 (28%) to get…
A
Max loan payment
7
Q
When is PMI likely needed
A
Down payment of less than 20%
8
Q
Net Equity
A
The proceeds from the sale that will help finance purchase of new home
9
Q
Most important part of credit
A
Payment history
10
Q
How to be successful with investors
A
Determine exactly what they want
