An abnormal transaction is a property sale that is highly unusual for the market at that time. In some cases, it may indicate an error in the sales record. For instance, a property that was listed for $249,000 but sold for only $249 may be listed as an abnormal transaction. To ask a question about […]
(1) It can be difficult to assign an accurate value to a given property without knowing all of the extraneous details associated with. That’s where an appraiser comes in. This professional is an unbiased third party brought into housing deals to offer their expert real estate insights regarding what they believe a given residence is worth. […]
(1) Predictability with one’s mortgage is often comforting to many buyers. Some, though, prefer to roll the dice a bit and select adjustable-rate mortgages. The interest rates for these types of home loans can vary after a fixed-rate period as determined by the lender. Sometimes, the rates will go up, causing clients of yours who […]
During the course of a transaction, a home buyer or seller may want to make a request of one another in the form of an addendum or amendment. Sometimes, this is a change to an existing portion of the contract (an amendment). Other times, it’s something they want to add to the contract (an addendum). An […]
(1) Commonly referred to as the inverse of months’ supply, the absorption rate paints a slightly different picture: how many months it would take for all homes for sale in a given real estate market to sell provided no other homes were listed during said period. Per the fine folks at Realtor.com, a healthy absorption […]
This is the date your mortgage begins to accrue interest (though you might not have made a mortgage payment yet). The adjustment date usually falls on the first day of the month after mortgage funds are advanced or dispersed to the borrower.
(1) One in which the buyer agrees to fulfill the obligations of the existing loan agreement that the seller made with the lender. When assuming a mortgage, a buyer becomes personally liable for the payment of principal and interest. The original mortgagor should receive a written release from the liability when the buyer assumes the […]
A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.
The price the third-party relocation company offers (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals.
Those times or time periods an agent shows properties to clients.