Real Estate Acronyms
MLS
What is the Multiple Listing Service? A real estate portal that collects and shares data on all properties listed w an agent since inception of the MLS.
Meeting with a real estate agent to discuss your wants and needs in a home.
What is a buyer consultation?
667 Single Family Homes
What is the numer of acticve single family homes in Westchester as of today?
10%
What is the normal down payment at contract in NY, NJ and CT?
What is Staging?
PITI
What is Principle, Interest, Taxes and Insurance? This number is usually the monthly mortgage payment.
Two most important items for a buyer to have prior to viewing homes.
What is a Pre-approval Letter? It is needed to engage in a serious home search and often required by sellers prior to viewing their homes.
What is an Exclusive Right to Represent- a buyer agent contract?
This tool is the best way to defer capital gains as an investor.
What is a 1031 Exchange?
20%
What is the minimum equity or down payment that a homeowner needs to avoid paying PMI?
In NYS last March, 2024 it became mandatory for single family sellers to complete this document.
What is a Property Condition Disclosure? Sellers complete this giving the new buyer information about the property, systems, flooding and more. A Home Inspection is still highly recommended.
DTI
What is Debt to Income Ratio? This number is part of the pre-approval process for mortgages. Co-op applications also require buyers to have low DTI ratios to buy in the complex.
This is purchased when investigating the quality of a home.
What is a Home Inspection? This 80+ page report explains the mechanics and structure, immediate and future repairs/maintenance needed and is performed by a State Licensed Home Inspector.
3 million and 131,488
In NYS, there are around 131,488 licensed real estate professionals, comprising approximately 82,171 salespersons and 49,317 brokers.
Not all licensed agents or brokers are Realtors; the latter designation requires membership in the NAR.
96.5%
What is the maximum financing the FHA will allow? The Federal Housing Association that provides government backed loans to buyers.
What you paid, What you need, What you want, What you owe, What your neighbor says
What does not determine your home's value?
REO
What is Real Estate Owned? When a lender forecloses on a property, the property becomes an asset owned by the bank. Banks do not want to own property and make bad decisions when selling these assets.
Price, financing, down payment, timing on closing, inclusions and exclusions, length of due diligence phase is included in this document.
What is an offer? &/or What is a contract?
1974
Women in the U.S. gained the right to have a mortgage or a credit card in their own name without a male co-signer in 1974 with the passage of the Equal Credit Opportunity Act (ECOA). Before that, many banks and lenders required women to have a husband or male relative co-sign for loans and credit, regardless of their income or financial status.
6.75% -7%
What is the current Interest Rate? 1990-2000 interest rates bounced between 6.8 and 10% 2000-2010 interest rates hovered between 5.5% and 7.5%. The decade following the sub-prime collapse in 2008, created great recession and the historically low interest rates.
Suzy Seller has not recieved an offer on her property. Suzy does not need the proceeds from the sale. Her agents suggests lowering the price and also holding the note for a buyer.
What is Seller Financing? Seller Financing is a great tool make a property more attractive to the buyers. It can also be an extremely lucrative vehicle for a seller as they will collect all the interest instead of a bank.
CMA
What is a Comparative Market Analysis? Defines a tool that real estate agents use to estimate the value of a specific property by comparing similar ones that have recently sold in the same area.
"On or about" 60 days from the accepted offer.
What is the timeline of an average transaction?
30 year old w-2 wage earner
A perfect referral for Lori to meet and educate on how this person can save, buy or invest in real estate.
1979, 603, 761
What is the number of homes which sold in the last 6 months and the current for sale numbers Single Family, Condos/Townhouses, Co-ops in Westchester County in February 2025
Someone in a life change such as marriage, having a baby, all children have left the family home, a divorce or a death.
What is an excellent introduction for Lori? Life events create movement and are excellent introductions for Lori, even in the early stages. Lori speaks to buyers and sellers every day helping to create clarity about the buying and selling process.