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Some General Real Estate Terms (post 2)
This is my second post on real estate term. See my previous post for other terms. This posts terms are: Home sale contingency, MLS, HOA, and subject to home inspection. First is home sale contingency. When a buyer puts a clause in the contract to let the seller know that a condition to purchasing their home is for them to first sell the buyer's current home. This is used when the buyer would not be approved for a second mortgage or need the money for the down payment instead of using any savings first. This can stall the closing of the home depending on the market. Next is MLS or multiple listing service. It is a database that allows Realtors to add listings (land and homes) to include information about the property, photos, etc. Other Realtors can then view the listings and see what is currently on the market as well as what similar properties have sold for. HOA is one term you might be familiar with. A Home Owners Association is a privat...
Some General Real Estate Terms (Post 1)
I am going to provide the definition of some general real estate terms that everyone who is buying, selling, or plans to ever buy or sell should know. I will do different definitions in future posts. What does it mean when it is a conventional sale? It is when the seller owns the property and doesn't have a mortgage or they owe less that what the market indicates they could get for their property. They are usually smoother transactions than foreclosures, probate sales, short sales, etc. What is real estate owned? It is a what property is called by lenders to describe property that has been foreclosed due to lack of payment. They are often listed "as-is" which means they will not make any repairs to the property. Not all companies will finance a foreclosure. What is a probate sale? When the property owner dies and has not left a will (intestate) or designated who gets the property their is a judicial hearing that determines who the property will go to and it...
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