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Say What? Home-Buying Lingo You Should Know
admin • October 9, 2019
If you are a first time home buyer or even a repeat buyer, you quickly realize that real estate has a language all its own. Understanding some of the lingo can help you navigate the process a little easier. By learning a few critical terms, you will be in a better position to ask the right questions and make the best decisions.
- Buyer’s Market – A real estate climate where the number of listings outnumber qualified buyers.
- Seller’s Market – A real estate climate when there are very few desirable properties listed for sale.
- Contingencies – Specific conditions included in an offer to protect the buyer against unexpected situations, such as inspection, loan approval, and appraisal value.
- Earnest Money – Money deposited when the offer is accepted. Subject to any contingencies, this money protects the seller from a buyer who simply changes her mind.
- Escrow Agent – A neutral 3rd party who manages the paperwork in a state where attorneys are not used to conclude the contract.
- Closing Costs – Fees that must be paid by both buyers to conclude the sale.
- Conforming Loan – A conforming loan is a loan limit by which the loan can be sold on the secondary market; a jumbo loan is one which is higher than this limit.
- PMI – PMI, private mortgage insurance is a fee paid by the borrower of a loan that they obtained with less than a 20% down payment.
These are just a few of the common terms used in real estate. If you are involved in a real estate transaction, learning a bit of the common lingo will help you understand the process better and make your home sale or purchase a smooth one.
There are lots of articles warning people about the problem of using a friend as a real estate agent. Concerns range from their level of experience to the impact it may have on their friendship if something goes wrong. While it is important to use an agent, friend or not, who is experienced and professional, using a friend might be a benefit. There are many benefits to using a friend as your agent.
Winter is here, and with it comes cozy evenings and comfort food. Your weekend plans are more likely to include movies on the couch than a picnic in the park. This is the time of year when everyone takes a closer look at their home and looks for ways to add warmth to the spaces. If your meal plans include mac and cheese or hearty soups, these 5 tips can transform your dining room quickly – adding the ambiance these meals require.
When it comes to selling your home, of course you want to create the most inviting atmosphere possible. One of the most effective ways to do this is through scent. Real estate agents for generations have suggested baking cookies or breads to provide a “homey” sense for prospective buyers. But you can go too far.