Appraisal: The appraisal is an independent survey conducted by a lender to determine a property’s value, based on its condition and comparable listings. Get started with these common terms every investor should know: Contingencies: Conditions that must be met, either by the seller or the buyer, before the purchase of a property can close. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. A "three-quarter bathroom" has a toilet, a sink and a shower. If you are a first time home buyer, hopefully these real estate definitions have helped clarify the process. *By submitting your email you are agreeing to our Terms & Conditions. Contract Assignment: A wholesaler operates by negotiating below-market-value deals with motivated sellers. A "half bathroom" or powder room has only a toilet and a sink. Home Buyers Reveal: 'What I Wish I Had Known Before Buying My First Home', Selling Your Home? Review these common words and phrases in the home-buying process. ROI: Return on investment (ROI) refers to the measurement of the net profit of an investment property, relative to its total cost. Offer: An offer is the initial purchase price point submitted by a buyer to a seller. Once you’ve gotten a basic understanding of common real estate terms, your next challenge is to commit to memory the real estate lingo used in each investing niche. This is achieved through the … Check out our glossary of frequently-used mortgage terms. Add in NYC’s uniqueness and it can be a confusing language to navigate. 4B/2B: Four bedrooms and two bathrooms. What Our Brokers Are Saying; Why Choose Us? Expert investor Than Merrill explains the best real estate strategies to help get you on the path towards a better financial future. Membership isn't open to the general public, although selected MLS data may be sold to real estate listings web sites. Let’s break the real estate lingo down: Appraisal – An appraisal is the estimated value of a given property. vs. These costs include the brokerage commission, mortgage-related fees, escrow or attorney's settlement charges, transfer taxes, recording fees and title insurance. Zillow has 77 homes for sale in Redmond WA. Amortization. A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. Buying or selling a home can be stressful, but we’re here to help. The Washington Center for Real Estate Research (WCRER) is the focal point of our industry facing research activity. Foreclosure: When a bank repossesses a property due to the owner’s inability to make mortgage payments. Carrying Costs: When an investor purchases a property to rehab, they must factor carrying costs into their list of expenses. Tenant Screening: The process of interviewing and vetting candidates for a rental unit in order to find the best possible tenant. Depreciation: In accounting terms, depreciation describes the decrease of a property’s value over time, attributed in part to wear and tear. Commercial real estate is one of those fields and if you don’t have a background in it, the feeling of understanding what’s going on can become overwhelming. Closing: A meeting at which a buyer and seller finalize a real estate transaction. Be sure to also check out our to-do list: 10 steps if you are ready to become a first-time homebuyer. Learn how to get started by registering to attend a FREE real estate class offered in your area. They understand real-estate law, construction, and property management. The Ultimate Real Estate Glossary: 497 real estate terms that every salesperson should know If you want to become a realtor, than these 497 real estate terms are for you. These lists are built via marketing, networking and repeated business. Appraisal management company (AMC): An institution operated independently of a lender that, once notified by a lender, orders a home appraisal. 2B/2B? Bird Dog: When a real estate investor wants to enlist someone’s help in finding investment leads, they may hire a bird dog. Cash or a rehab loan is likely the only way to … Welcome to the A.CRE Glossary of Commercial Real Estate Terms. 4B/2B: Four … Fixtures are a frequent subject of buyer and seller disputes. They represent the best interests of … Closing costs: All of the miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. It's customary for the buyer to pay for the lender's title insurance policy. Real estate broker. It doesn’t matter if you’re a buyer, seller, or even an aspiring broker, anyone can use this list as a go-to resource. Land Lease: When you purchase a home, you typically own the home and the land the property is built on as well. It looks like Cookies are disabled in your browser. Local Resources; Blog. The act of conducting this research is referred to as a comparative market analysis (CMA). If you’re buying a home for the first time, or are just beginning your investing career, you’ll likely encounter real estate terms that you’ve never heard of before. There are usually two agents involved when you buy a home; the “buyer’s agent,” who represents you, and the “listing agent,” who represents the home seller. For the best experience, please enable cookies when using our site. Many real estate agents use quick wording and abbreviations like this to gloss over the "boring" parts of a home. 10 steps if you are ready to become a first-time homebuyer, registering to attend a FREE real estate class, Starting A Real Estate Business In 10 Steps [Updated 2020], Best Investment Property Calculator & 7 Other Helpful Equations, How To Run A Successful Marketing Campaign With Bandit Signs, Real Estate Branding Ideas You'd Be Crazy Not To Use, Digital Real Estate Marketing Tools You Can’t Live Without. "Bedroom" usually means a sleeping area with a window and a closet—in some areas, laws define what a room needs to be called a bedroom—but the definition varies in different places. Welcome to Jack Lingo, REALTOR®, the Delaware Beaches' premier real estate agency since 1974. This site is protected by reCAPTCHA and the, Sorry, we were unable to share this article. The real estate industry is notorious for its use of niche-specific lingo and acronyms. If you’re buying a home for the first time, or are just beginning your investing career, you’ll likely encounter real estate terms that you’ve never heard of before. FortuneBuilders is a real estate investing education and business development company, providing coaching, resources and tools to start a real estate business. Although the list is not comprehensive by any means, it will help you build a foundation so you don’t get lost in translation. The seller then has the choice to accept, reject, or make a counter to the offer. Real estate agents are required to work under the supervision of a broker. Winter’s Home-Buying Game Has Changed. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Turnkey describes a property that has already been repaired and updated to current market standards. Inspections can help interested buyers estimate the costs of making repairs and renovations. A huge thank you to Matthew de Klerk for donating his time to jump start this initiative. Use this dictionary as a study guide for the real estate agent exam. A high ROI indicates favorable yields for the investor. Real estate investors use private lenders to finance deals that either won’t qualify for a traditional loan or can’t wait the usual 30 days or so that a conventional mortgage loan needs for approval. As soon as the seller signs on to your purchase offer, you're in contract for the sale of the house, and … Money saving tip: When buying a home, you don’t pay your real estate agent - they’ll get a commision from the home seller. Armed with the basic knowledge of the following terms, you’ll be able to enter into the real estate market with confidence and a “get-it-done” attitude. LR with Fplc? Don't Neglect These 6 Maintenance Tasks—or Else, Debunked! Buyers List: Real estate entrepreneurs can strike investment deals more quickly by relying on a buyers list, or a rolodex of investors who are actively looking for investment opportunities.