Have you got your real estate lingo down yet? Check out the commonly used real estate language to filter the deals you really want, and decipher real estate listings and ads.
A motivated seller is someone eager to sell their house in a hurry, and often at a discount. That is typically due to some form of distress. The seller could be deep in debt, and have liens and past due taxes piled up against the home. Or the property could have major flaws. It may need a new roof, septic tank, or foundation.
A small house or apartment. Probably very small. Could be a struggle getting your furniture in.
Needs a Light Cleaning
Prepare to have to bring in a professional cleaning crew. You could be up to your knees in sewage, have to battle mold, or scrub away graffiti.
Get ready for some serious rehab work. There is likely to be some major repairs to be made.
If you stand on a chair, on your tip toes and strain your neck, you might be able to see a sliver of something besides the neighbors’ brick wall.
A small cheap home that probably needs some fixing up.
A really special, quirky property which probably doesn’t fit in with the neighborhood. May have weird angles, be oddly colored, and have abstract landscaping.
Rustic or Vintage
An old out of date home. May need significant work to bring up to date.
Could have missing windows or doors. Maybe there are even holes in the floor or roof, or an entire wall could be missing.
There may not be much to this home except for the bones. There may be some frame, but expect to have to replace everything else.
Up and Coming Area
This could be a rundown dangerous, in need of intervention and revitalization – move there if you dare. It may be trendy, and the prices may be better, but it could have a way to go before it really catches on.
A prospective tenant with bad credit.
No Closing Cost Loan
Loans on which the mortgage lender may not charge their own closing costs. They may roll points, processing, and underwriting fees into a slightly higher interest rate. Note that there still will likely be third party closing costs including title insurance, closing fees, recording fees, taxes, and prorated property taxes and insurance.
Get to know your real estate language to rapidly sift through the opportunities out there, and craft good listings and ads for your own properties you may be selling or renting.