Bump and Bumpable

A house listed as “bumpable” means the seller has accepted an offer that is contingent upon the buyer meeting some condition, but the seller can accept a subsequent offer and “bump” the first offer if the subsequent offer does not contain the same contingency. This can occur when a buyer’s offer is contingent upon the […]

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Building Codes

Building codes are minimum standards set by local governments for the design and construction of buildings. For example, most cities set building codes for fire-proofing walls or plumbing systems. The government enforces building codes by requiring homeowners to get a permit from the local county office before building a new home. With new construction, the […]

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Blue Ribbon School

The National Blue Ribbon Schools Program is a government program that recognizes American schools that demonstrate exemplary achievement. According to the Washington Post, the Blue Ribbon award is the highest honor the U.S. Department of Education can bestow upon an American School.

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Backup Offer

When a home has a status of “Backup Offer” it means the seller has accepted an offer from a buyer but is still accepting offers from other buyers. Sellers accept backup offers if they think the current offer may fall through.

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Buyer’s Market

It’s simple supply and demand: A surplus of homes for sale in a market tends to lead to lower prices across the board for those listings and favorable conditions for home buyers. This buyer’s market often leads aspiring homeowners to snatch up these residences while the prices remain low. However, competition can get fierce for low-priced properties, […]

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Buy-Down

Buyers with poor credit who can’t get ideal mortgage terms (or a mortgage at all) have an unusual option at their disposal — one many buyers don’t know about: the ability to buy down a mortgage. With this option, buyers would receive a standard, 30-year home loan, but they’d pay the first three years worth […]

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Built-Ins

Permanent shelving, entertainment area, and furniture are some of the most common types of built-ins that can entice buyers to make offers on one’s home. Well, as long as those built-ins are structurally sound, useful for potential buyers, and aesthetically appealing. As a New York Times ask-the-editor outlines, sometimes, it’s best for sellers to eliminate certain built-ins […]

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Bi-weekly mortgage

A bi-weekly mortgage payment means a homeowner pays their monthly mortgage payment in two monthly installments instead of one. With a bi-weekly mortgage, you’ll make 26 payments per year instead of 12. The end result is that you’ll pay the equivalent of 13 monthly payments each year lowering interest rates and your principal balance at a faster […]

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Balloon mortgage

(1) Instead of a traditional fixed-rate mortgage in which the owner pays on the loan in installments, a balloon mortgage is paid in one lump sum (e.g., the balloon payment). It’s usually associated with investment or construction projects that are issued for the short term and don’t require collateral. (2) Owing as little money as possible […]

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