Every industry has its specialized terms and the real estate industry is no different.
It's hard to feel comfortable in a world where you're not sure what people are saying. So, we're here to define eight of the common real estate terms you'll hear to get you started on your home buying journey.
- Appraisal - before getting a loan, you need to get the home valued, so the bank can be sure they are lending the correct amount of money
- Buyer’s agent - the agent representing the buyer in the home-buying process
- Comparative Market Analysis (CMA) - a report on comparable homes in the area that is used to derive an accurate value for the home in question
- Contingencies - conditions that have to be met for the purchase of a home to be finalized
- Listing agent - the agent who represents the seller in the home-buying process
- Mortgage broker - an individual or company that is responsible for taking care of all aspects of the deal between borrowers and lenders
- Offer - the initial price offered by a prospective buyer to the seller; it can be accepted, rejected, or countered with another offer
- Title insurance - often required as part of the closing costs, as it covers research into public records to ensure that the title is free and clear, and ready for sale
While there are many more terms that you'll hear as you continue through the home buying process, don't worry. Our agents are here to help you make sense of these terms and everything that has to do with buying or selling a home. Call us today to get started (970) 858-9870!