Living Life in Real Estate

 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...

As of August 17, 2024, if you are working with a Realtor to find your new home you will be required to sign a written buyer agreement.  It is an agreement between you and your Realtor that describes what services will be provided to you and what they will be paid.  It is a national requirement and is part of the settlement concerning broker commissions. The agreements are negotiable.  You and your Realtor will negotiate compensation and how long the agreement will last.  It must be signed prior to the Realtor showing you a home and the compensation must be clearly defined and not open ended.  It can be a flat fee, a percentage, or an hourly rate.  You do not need to sign an agreement if you are visiting an open house on your own or asking a Realtor about their services. Although you are responsible for paying the fee as negotiated you can still negotiate, request, and receive compensation from the seller or their Realtor. All information was obtained from t...