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"Real Estate Definitions"
Appreciation – The increase in the value of a property due to changes in market conditions, inflation, or other causes.
- Jeff Buettner
Real Estate Wiz Kid
Appraised Value – The dollar figure for a property’s estimated fair market value, based on an appraiser’s knowledge, experience, and analysis of the property and comparable properties near by.
Loss Mitigation – Loss Mitigation is a term used to describe a few different positions. The term is pretty much self defined. People who work in loss mitigation do their best to mitigate or minimize loss. This term can be used to describe a realtor or firm who mitigates the loss of a homeowner by [...]
Continue Reading →A purchase agreement is an agreement between a buyer and seller for the purchase of real estate. This can also be called a purchase contract. In short sales multiple purchase contracts can be submitted to the bank who ultimately makes the decision for the seller in the Continue Reading →
Closing is defined as the final settlement of real estate transaction between buyer and seller.
- Jeff Buettner
Real Estate Wiz Kid
I thought it would be interesting to define real estate for everyone. Give everyone a technical definition for real estate just in case some didn’t know. Real estate is by far one of the most to the point words you can look up in Real Estate. Real Estate according to dictionary.com is plain and simple, [...]
Continue Reading →A foreclosure sale conducted by a trustee under the stipulations of a Deed of Trust. Upon default of a mortgage, the trustee is authorized to foreclosure the mortgage and put the property up for a trustee’s sale (can also be called [...]
Continue Reading →Lien – A charge againist property making it security for the payment of a debt, judgement, mortgage, or taxes; a lien is a type of encumbrance. Make sure you understand that a lien makes the property collateral for a debt. some liens may allow the property to be sold to satisfy a debt ( Continue Reading →
Deficiency – A deficiency in real estate is rather simple and it deals directly with the short sale process. A deficiency is defined by webster as an amount that is lacking or inadequate. This applies to a short sale with the difference between the amount borrowed and the amount [...]
Continue Reading →Short Sale (Real Estate) – A short sale in real estate is pretty simple by definition. A short sale is an opportunity for a financially distressed homeowner who has encountered a hardship. Usually for them a short sale is the only option [...]
Continue Reading →Foreclosure- A foreclosure is a situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property/real estate as stipulated in the terms of the mortgage contract. Foreclosure is usually that last resort [...]
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