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How much money does buyer need up front to make purchase

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Reference no: EM132833617

Problem 1: A seller's agent is contacted by a potential buyer whose financial status is questionable. When asked to write an offer, the agent should....

A. Refuse to write an offer
B. Relay any reservations to the seller
C. Ask for a high earnest money payment
D. Require the buyer's financial statement to accompany the offer

Problem 2: A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender charges 2 points. How much money does the buyer need up front to make the purchase?

1. $2,720
2. $24,000
3. $24,408
4. $26,720

Problem 3: A seller is interested in providing financing to the buyer of her homes, but she wants to retain title until the loan balance is paid off. Which of the following would be the best loan option?

A. Asset integrated mortgage
B. Wraparound mortgage
C. Contract for deed
D. Subordination of deed

Reference no: EM132833617

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