In the world of real estate, there are so many terms and phrases it can boggle the mind. ๐คฏ And agents tend to use a lot of “Realtor Speak” when communicating with clients.
We can’t help it. After so many years in the business, it’s just how we think and communicate with other professionals in the industry.
So forgive us for using our whacky terminology on you! To help out, below you will find many commonly used terms and real estate related definitions.
But if things aren’t clear or you still need answers to your questions, just reach out and we’ll be happy to help!
Welcome!
Welcome to our Frequently Asked Real Estate Questions page! Here you will find answers to some of the most common questions about buying and selling real estate.
Whether you are a first-time homebuyer or a seasoned investor, we have compiled a list of questions that can help you in your real estate journey.
Our goal is to provide you with the information you need to make informed decisions about your property.
If you have any additional questions, please donโt hesitate to contact us for more assistance. We look forward to helping you find the right property for your needs. Thank you for visiting!
Buying and Selling Real Estate
Are you looking to buy or sell a home?
If so, you may have a lot of questions about the real estate process. From finding the right property to understanding the paperwork involved, it can be overwhelming to navigate the real estate market.
To help make things easier, weโve compiled a list of some of the most frequently asked real estate questions.
Whether youโre a first-time homebuyer or an experienced investor, these answers can help you get started on your real estate journey.
1. How do I find the right property for me?
The first step in finding the right property for you is to determine your budget and needs.
Consider the size of the home, location, and any special features you may want.
Once you have a better idea of what youโre looking for, start researching properties in your area.
You can search online, or contact a real estate agent for assistance.
2. What documents do I need to buy a home?
When buying a home, youโll need to provide a few documents to your lender.
These include proof of income, bank statements, tax returns, and more.
Your lender will also require you to sign a purchase agreement,ย which outlines the terms of the sale.
Make sure to read through your purchase agreement carefully and ask questions if you donโt understand any of the language.
3. What is the process of selling a home?
Selling a home involves a few steps. First, youโll need to list your property on the market and wait for offers.
Once you receive an offer, youโll need to negotiate the terms with the buyer and sign a contract.
Youโll also need to complete the necessary paperwork and prepare the home for inspection.
After the inspection and appraisal are completed, youโll need to close the sale and transfer the title.
4. What is the difference between renting and leasing?
The main difference between renting and leasing is the length of the agreement.
Renting typically requires a month-to-month agreement, while a lease is usually for a set period of time.
Renters are typically responsible for maintenance and repairs, while a landlord is usually responsible for these costs with a lease.
We hope this list of frequently asked real estate questions will be helpful as you navigate the real estate market.
If you have any additional questions, please contact a real estate professional for assistance.
Find the answers to your most asked questions about real estate. Click on the big + button to view the answer.
Home Buyers
An Active Property
The property is actively for sale and on the market. The sellers may have received offers but have not accepted any yet.
When an offer is accepted the property will becomeย Pendingย the completed sale.
If the contract falls through, typically the property will go Active again.
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What is an expired listing?
A real estate listing that has expired and is no longer active, usually because it didnโt sell in the amount of time agreed upon by the listing agent and the owner of the home.
Other reasons for a listing to expire are the asking price was not met, or there were other issues with the property.
If you see an Expired listing, the owner may still be interested in selling. Ask your agent about it.
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What is a FSBO?
FSBO stands for “For Sale by Owner”. Often pronounced “fizbo”.
The owner of the home has it listed without an agent representation.
The buyer’s agent can usually still show the home, as many FSBOs will agree to work with agents representing a buyer.
Be wary of FSBOs since rarely does the homeowner have the requisite knowledge, experience, and understanding needed to sell a property.
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What is a Listing?
In real estate, the word โlistingโ is typically used to refer to the for-sale home or property itself, although it technically means the agreement between the broker and the owner of the home to market and sell the property.
This is not the same as listing the property on the MLS (Multiple Listing Service).
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What is the MLS?
MLS stands for Multiple Listing Service. They collect, compile and distribute all information about homes listed for sale.
The MLS is the organization real estate brokers use to search for and list properties for their clients.
Membership isnโt open to the general public, although selected MLS data may be sold to real estate listing websites, like Realtor.com or our own MLS listing search where the public can search the MLS at no charge.
See also the term “listing“.
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What does Pending mean?
With a property that is pending, the property owner has accepted an offer from a buyer and they areย under contractย with that buyer.
Their agreement may be subject to a variety ofย contingencies: inspections, appraisal, financing, and more.
The home is not sold just yet. Typically if the sale does not go through, the house will return to โActiveโ status.
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The property is Sold
The property has been sold and is off the market. The transaction has been completed and the new buyers own the home.
The property is no longer available to purchase or take offers on.
Time to look forย another homeย to buy.ย 
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What does Temporarily off the market (TOM) mean?
The owner has decided to take the listing off the market for an undetermined amount of time. Typically, this is because work is being done, or the home is unavailable for showings at the time.
Usually, the home will be back on the market in the near future. If not, the listing status will go to Cancelled.
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What does Withdrawn mean?
The listing was withdrawn from the market by the owner. This could be for various reasons: The owners may have decided they do not want to sell anymore, or maybe they didn’t like the offers they received.
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Home Sellers
An Active Property
The property is actively for sale and on the market. The sellers may have received offers but have not accepted any yet.
When an offer is accepted the property will becomeย Pendingย the completed sale.
If the contract falls through, typically the property will go Active again.
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
What is a Listing?
In real estate, the word โlistingโ is typically used to refer to the for-sale home or property itself, although it technically means the agreement between the broker and the owner of the home to market and sell the property.
This is not the same as listing the property on the MLS (Multiple Listing Service).
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
What is the MLS?
MLS stands for Multiple Listing Service. They collect, compile and distribute all information about homes listed for sale.
The MLS is the organization real estate brokers use to search for and list properties for their clients.
Membership isnโt open to the general public, although selected MLS data may be sold to real estate listing websites, like Realtor.com or our own MLS listing search where the public can search the MLS at no charge.
See also the term “listing“.
Leave a Reply
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What does Pending mean?
With a property that is pending, the property owner has accepted an offer from a buyer and they areย under contractย with that buyer.
Their agreement may be subject to a variety ofย contingencies: inspections, appraisal, financing, and more.
The home is not sold just yet. Typically if the sale does not go through, the house will return to โActiveโ status.
Leave a Reply
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The property is Sold
The property has been sold and is off the market. The transaction has been completed and the new buyers own the home.
The property is no longer available to purchase or take offers on.
Time to look forย another homeย to buy.ย
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
What does Temporarily off the market (TOM) mean?
The owner has decided to take the listing off the market for an undetermined amount of time. Typically, this is because work is being done, or the home is unavailable for showings at the time.
Usually, the home will be back on the market in the near future. If not, the listing status will go to Cancelled.
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
What does Withdrawn mean?
The listing was withdrawn from the market by the owner. This could be for various reasons: The owners may have decided they do not want to sell anymore, or maybe they didn’t like the offers they received.
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Leave a Reply