Not long ago I had someone ask me what a short sale was and how do you find one. I explained the definition of a short sale ending with the contract required "third party approval." Then they asked what that meant. (Bank must approve any offers).
So here are a few real estate terms...
- Short sale - a sale of real estate where the sale proceeds fall short of the balance owed on the property's loan. A short sale is often used as a way to avoid foreclosure.
- Appraised value - A property's fair market value, based on an appraisal using mostly recent comparable sales.
- Closing costs - Closing costs are settlement charges occurring at the closing. They can be pre-paid items like taxes or insurance or fees associated with loans, etc. Your lender is required to give you with a good faith estimate of the known charges (estimate) within three days of receiving the loan application.
- Discount points - Relates to mortgages (primarily FHA and VA) and refers to any "points" paid. A "point" is one percent of the loan amount.
- Escrow - Earnest money deposit is put into escrow until delivered to the seller when the transaction is closed. This tells the seller the buyer is serious!
Whether your interest lies in a 55+ community such as Heritage Isle, a golf course community such as Baytree National Golf Links or water front, give me a call!