Some General Real Estate Terms (Post 1)

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 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 can then be sold.  If there is no heir the property can be sold to pay off debts owed.

What is a short sale? The lien holder can authorize the sale of a property that will not pay off the amount owed by the property owner.  They do this to avoid the expense of a foreclosure.  The new owner would not be responsible to cover the remainder of the mortgage.

All information has been gleamed from the book called The Language of Real Estate and a website ran by Open Door.

If you have any terms that you would like explained just let me know and I can include them in the next post with definitions.






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