Real Estate Lingo
This type of market occurs when demand exceeds supply, causing home prices to rise.
What is a seller's market?
This government-backed loan is designed specifically for veterans.
What is a VA loan?
This is the most important factor in getting a home sold.
What is price?
This is typically the first step in the homebuying process.
What is getting pre-approved?
These critters in the attic might be cute, but they’re deal breakers.
What are squirrels or rodents?
This is the good faith deposit made when an offer is accepted.
What is earnest money?
This acronym refers to costs like taxes, insurance, and interest paid monthly.
What is PITI?
This term describes making minor repairs and upgrades before listing.
What is pre-sale prep?
This document outlines the terms of your offer to the seller.
What is a purchase contract?
This test checks for a colorless, odorless gas that’s dangerous at high levels.
What is a radon test?
This legal document transfers ownership from seller to buyer.
What is a deed?
This type of loan requires as little as 3.5% down.
What is an FHA loan?
This online portal often gets the most buyer eyes, whether you like it or not.
What is Zillow?
This professional guides you through the home search and negotiations.
What is a buyer's agent?
Water stains on ceilings may indicate this major issue hiding above.
What is a water or roof leak?
This kind of contingency allows buyers to back out if their current home doesn't sell.
What is a home sale contingency?
This is the recommended minimum credit score to qualify for most conventional loans.
What is 620?
Buyers form an opinion of your home in this many seconds upon walking in.
What is 7 seconds?
This part of the contract is used to renegotiate after an inspection.
What is the inspection contingency?
This “roofing condition” is often overlooked but could cost thousands.
What are missing or damaged shingles?
This clause in an offer lets the seller know the buyer is willing to beat competing offers up to a max price.
What is an escalation clause?
This is the document lenders provide to summarize loan terms before closing.
What is a Closing Disclosure (CD)?
Homes that are staged typically sell ___% faster.
What is 73%?
This is the final walkthrough before closing meant to confirm the home's condition.
What is the final walk-through?
An outdated panel from this brand is known to be a fire hazard.
What is Federal Pacific?