An alternative mortgage is any mortgage that is not a traditional, fixed-rate mortgage. The alternative mortgage might be an adjustable-rate mortgage or an interest-only mortgage. Some people even classify short-term and longer-term mortgages as an alternative. These mortgages are a relatively new phenomenon, as many banks have come up with innovative loan products to attract […]
This is how much a home is worth according to a public tax assessor who makes that determination in order to figure out how much city or state tax the owner owes.
An arm’s-length transaction is a transaction between a buyer and seller with roughly equal bargaining power who are trying to negotiate the best terms for their respective sides. Presumably, the seller wants the highest price possible and the buyer wants to pay the least amount possible. The majority of private party real estate transactions proceed […]
An amenity is a desirable feature of a home, such as a fireplace, jacuzzi, garden, or swimming pool.
When a home is listed as “Active with Contingencies” or “Active Contingent,” the seller has accepted an offer from a buyer, but the buyer must meet certain conditions (or contingencies) before the sale can be finalized. These conditions may include a home inspection or getting approved for a mortgage loan. Once these conditions are met, […]
“Active Option Contract” means a seller has accepted an offer to sell a home, but the transaction is in the inspection or “option” period. During this negotiated time period, the buyer usually inspects and evaluates the property with the option of terminating the transaction. In some locations, the active option contract is referred to as […]
A home may have an “Active – No-Show” status if the seller has stated that the home cannot be toured at that time. If you’re interested in a home that’s listed as Active – No-Show, contact a Redfin Agent in your area to get the details.
“Active – Kick-Out” means that a Purchase and Sale Agreement requires the buyer to purchase only if the buyer is able to sell their current home. Talk to a real estate agentif you’re interested in a home listed as Active – Kick-Out.
When a home is listed as “Active – First Right,” it means the seller has made a prior arrangement with a buyer who will be given the opportunity to match any subsequent offers. This is also known as a Right of Refusal. This is sometimes done when buyers must first sell their current home before […]
An “Active” status means that a home is currently available for sale. There are several types of active statuses, and their usage and definitions can vary by market. Talk to a real estate agent if you’re interested in an active listing, or learn more about what an active status means.