Thinking about moving? Whether you’re a first time homebuyer or you’re looking for your second home, the process of purchasing a house can be tricky to wrap your head around. However, familiarizing yourself with common industry terms can make the move easier for you. With that being said, here’s a list of those more complex real estate terms:
Appraisal. An estimate of the value of a home’s value in relation to its condition and location within a region.
Broker. A person who is able to connect a buyer with larger lending companies.
Closing Costs. A set fee that must be paid when a deal is closed. This includes loan-processing costs, title insurance, as well as tax.
Counteroffer. A seller’s adjusted offer that is made in response to the original offer to favor the buyer.
Fixed Rate Mortgage. A mortgage that has a ‘fixed’ interest rate over the term of the loan.
Foreclosure. Also known as a repossession, this process occurs when a lender takes possession of a mortgaged property if the mortgagor fails to meet the agreements of mortgage payments.
Short Sale. A home that is listed for a price lower than the amount that is owed on a mortgage. Short sale helps homeowners avoid going into foreclosure.
Title. A legal document that proves a person’s ownership of a property.
For a complete glossary of real estate terms, click here.
If you have more questions about purchasing a new home, contact Leslie Clarke Homes! We are a team of experienced professionals with over 20+ years of sales experience and excellent client communication skills. Call us today at 203.984.1856 or visit our website for more information.