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Real Estate - Real Estate Glossary Tips
What is a Foreclosure?
See how much you can learn about realestate when you take a little time to read a well-researched article? Don't miss out on the rest of this great information.
When a borrower defaults on his loan payments (3 installments), or broken the terms of mortgage agreement, the lending agency will initiate legal proceeding. The property that was used to secure the debt is then sold to pay off that debt. This is called foreclosure.
What is MLS?
MLS (multiple listing service)
The service combines the listings for all available homes in an area, except For Sale By Owner (FSBO) properties, in one directory or database.
What is Appraisal and Appraised value?
A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.
Who is Broker?
A broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so. But broker have several meanings in different situations. Most real estate agents work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors.
Is there really any information about realestate that is nonessential? We all see things from different angles, so something relatively insignificant to one may be crucial to another.
Author: Peter Lee
Site: Search Real Estate Online
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Real Estate Resources
You may not know exactly how much to tell the potential buyer of your home about the property. Disclosure to potential home buyers about problems and issues has been a much debated subject. Many areas actually have laws that require certain disclosures to be made at the time the real estate contract is entered into.
Personally, I tell all. Everything from the once or twice the wind blew down the chimney the wrong way one windy spring to the small little hole in the guest room window screen. Nothing is too small and nothing is to large.
Caveat Emptor -- "let the buyer beware" -- used to be the law when it came to real estate transactions. Unless the buyer specifically asked about the defect, the seller didn't need to disclose any problems.
But over the years, the Courts noticed that this was unfair. Car buyers get to test drive cars, so why should home buyers be so blind? If a seller knows about a problem in the home, the problem should be corrected or disclosed to a potential buyer.
Modern consumer protection acts have led to disclosure requirements for sellers.
Although the laws vary from place to place, the purpose of these diclosures remain the same. Sellers of residential real estate must disclose to their purchasers any known defects or information concerning the water and sewer systems, insulations, structural systems, plumbing, electrical, heating and air-conditioning systems, fixtures and much more.
These laws require the seller to complete a disclosure form at the time the real estate purchase contract is entered into and give it to the purchaser. If the purchaser has not recieved the form, he or she will have the right to terminate the contract and receive a full return of the earnest money.
Should You Tell Everything when Selling?
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