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Say What? Home-Buying Lingo You Should Know
admin • October 9, 2019
If you are a first time home buyer or even a repeat buyer, you quickly realize that real estate has a language all its own. Understanding some of the lingo can help you navigate the process a little easier. By learning a few critical terms, you will be in a better position to ask the right questions and make the best decisions.
- Buyer’s Market – A real estate climate where the number of listings outnumber qualified buyers.
- Seller’s Market – A real estate climate when there are very few desirable properties listed for sale.
- Contingencies – Specific conditions included in an offer to protect the buyer against unexpected situations, such as inspection, loan approval, and appraisal value.
- Earnest Money – Money deposited when the offer is accepted. Subject to any contingencies, this money protects the seller from a buyer who simply changes her mind.
- Escrow Agent – A neutral 3rd party who manages the paperwork in a state where attorneys are not used to conclude the contract.
- Closing Costs – Fees that must be paid by both buyers to conclude the sale.
- Conforming Loan – A conforming loan is a loan limit by which the loan can be sold on the secondary market; a jumbo loan is one which is higher than this limit.
- PMI – PMI, private mortgage insurance is a fee paid by the borrower of a loan that they obtained with less than a 20% down payment.
These are just a few of the common terms used in real estate. If you are involved in a real estate transaction, learning a bit of the common lingo will help you understand the process better and make your home sale or purchase a smooth one.
As a site agent for Soundbuilt Homes, I understand the new construction process and what buyers should consider when making such a major investment. Since 1980, Soundbuilt Homes has built a reputation for quality craftsmanship, thoughtful design, and customer satisfaction. If you’re considering purchasing a new construction home, here’s what to keep in mind...
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In over 20 years of working in real estate, I've had the privilege of building lasting relationships, helping families transition through different stages of life, and supporting them in finding homes that fit their evolving needs. Every story is unique, but some families stay with you—like the Petersons.
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REGINA MADIERA-GORDEN
253-686-7383
regina@windermere.com
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(253)686-7383
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