A written estimate of the property's current value.
Fees associated with buying a house that your lender charges and/or you rack up from various third parties.
A status in which a house has accepted an offer but relies on meeting certain criteria, such
as passing a home inspection or appraisal.
A mortgage loan not insured by the government or guaranteed by the Veterans' Administration. It is subect to
conditions established by the lending institution and State statutes.
A percentage of the sale that is paid to the real estate professional. In most situations, commissions
are paid by the seller of the property.
Recently sold properties in nearby areas used to determine market value of a property.
An analysis used to provide market information to the seller based on comparable sales and listings,
market trends and condition of the home.
The amount of your home's purchase price you pay upfront.
A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans are designed
to make housing more affordable.
Personal property that becomes real property when it is attached to a permanent structure.
A property seized by the mortgage lender due to the homeowner failing to make full payments
on their mortgage. In hopes to recover the balance of the home loan, the lender will sell the house.
A.K.A. For Sale by Owner. A FSBO is a property that is being sold by the current homeowner
without the aid of a real estate agent.
A deposit made by the potential home buyer to show that he/she is serious about buying the house.
An evaluation of the home in which a professional inspector determines the current condition of the home and its systems.
An organization that manages the common areas of a planned development or condominium building at
a monthly fee paid by the homeowner.
A list of information about a home that is currently on the market.
A.K.A. Multiple Listing Service. The MLS is a database that includes all available homes for sale in a particular area.
The monthly insurance payment a lender must pay if the down payment is less than 20% of the sale price.
An evaluation by a lender that determines if the potential buyer qualifies for a loan and,
if so, the maximum amount the lender would be willing to lend.
A real estate agent or broker who is an active member of the National Association of Realtors.
An acronym for "Real Estate Owned." A REO property is owned by the bank due to a foreclosure.
REO properties can be purchased from the bank; however, they are often sold "as is".
Money given from the seller to the buyer at settlement to pay for part of the closing costs. The amount
varies depending what the mortgage company allows.
A mortgage that is guaranteed by the Department of Veteran's Affairs (VA)
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