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Nov 28, 2023 · Suburban Meaning: Balancing Urbanity and Serenity. Suburban Community Suburban Community: Suburban Community: Bond that Binds. Suburban and Urban Neighborhoods: Understanding the Differences. What Sets Suburban and Urban Neighborhoods Apart? Suburban Neighborhoods: Urban Neighborhoods: Pros of Living in a Suburban Neighborhood.
- Adjustable-Rate Mortgage
- Appraisal
- Appraisal Contingency
- As-Is
- Backup Offer
- Blind Offer
- Buyer’s Agent/Listing Agent
- Covenants, Conditions & Restrictions
- Conventional Sale
- Closing
With ARM loans, interest rates can change after an initial fixed rate period as they adjust based on the interest rate index the ARM is tied to (e.g., LIBOR, COFI, etc.). This loan type is less predictable than a traditional fixed-rate mortgage, but it can potentially yield lower interest rates during certain periods.
An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property. This helps the lender decide if the property is worth the amount of the loan the potential buyer is seeking.
An appraisal contingency is a clause that allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price. An appraiser hired by the buyer’s lender evaluates the value of the home to ensure that the loan is secured by an appropriate home value. Lenders want to ensure they are not “over-paying” for a property.
A property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area. Finally, “as is” is in the condition at the time the offer was written, and should something happen to the property from t...
When a buyer is interested in purchasing a property that is already under contract with someone else, that buyer has an opportunity to submit a “backup offer”, in case the first transaction falls apart. A backup offer must still be negotiated and any monies, such as earnest money, submitted, to confirm it is the next offer in line. There can only b...
When a buyer makes an offer on a property they haven’t seen, even when it was possible to see it, that offer is considered a “blind offer”. It is most commonly used in a highly competitive area and/or circumstance, and used as an attempt to be first and win quickly.
A buyer’s agent, also known as a selling agent, is a licensed real estate professional whose job is to locate a buyer’s next property, represent their interests by negotiating on behalf of that buyer to obtain the best price and purchasing scenario for that buyer as possible. This agent is a fiduciary for the buyer. The listing agent, also known as...
Usually, these are the rules and regulations placed on real property by a homeowner’s association(HOA), a neighborhood association, a developer, or a builder that sets forth any requirements and limitations of what a homeowner is allowed to do with the property. It may also include monthly and/or annual fees or special assessments.
A conventional sale is when the property is owned outright (has no mortgage remaining) or the owner owes less on their mortgage than what the market indicates the owner could sell their property for. Such conventional sales are often smoother transactions than non-conventional sales, such as foreclosures, probate related sales and short sales.
Closing is when the home sale is considered final, which typically includes all parties’ signatures on all required documents, all monies conveyed, and when a lender is involved, with full lender’s approval. For some markets across the nation, recording the deed with the county clerk’s office is the ultimate and final step of closing. Once all of t...
Nov 13, 2023 · A Realtor is a real estate agent who is a dues-paying member of the National Association of Realtors. NAR members are held to a high standard of professionalism and adhere to a strict code of ethics. Refinance. If a borrower takes out a new loan on the same property, it’s called a refinance.
Oct 19, 2022 · Real estate. The term "real estate" refers to any property someone owns, whether a house, apartment building, or commercial space. It also includes land, which is the ground on which buildings stand. Since times unknown, we know about real estate transactions. People buy land, people sell land. However, the process still sounds confusing when ...
Feb 10, 2023 · What are Classes of Property in Real Estate. Real estate property classes are determined by a variety of factors, including location, age and overall condition of the property (and it’s important to consider each of them during your estate due diligence process).
Feb 20, 2022 · Real Estate Terms You Need to Know Whether you are buying or selling, if you plan to make a real estate transaction, you will run into real estate terminology and definitions you are unfamiliar with. To make things a little easier, we've put together a list of standard real estate terms – and not-so-common words – that you can reference as you move forward with your purchase or sale. These ...
Jul 18, 2023 · 3. Cozy. While this descriptor may bring to mind a comfy armchair and a steaming mug of cocoa, in real estate, “cozy” tends to mean “small.”. The home may have minimal square footage, meaning each room may have very limited space. 💡 Quick Tip: Traditionally, mortgage lenders like to see a 20% down payment.
