What is a Disclosure Statement 🤔 Also known as a “Seller’s Disclosure,” this is a legal document that outlines any known flaws that a home seller is aware of that could negatively impact the home’s value 🏡 💡 TIP: Buyers should scrutinize this document closely with their real estate agent to fully understand the condition […]
Days on market (DOM)
Days on market (DOM) means the number of days a home has been listed on the market. The number of days the property has been on the market may reflect the desirability and/or pricing of the home. If the home has been on the market too long, the property may be stale.
Credit Score
What is a credit score? A number ranging from 300-850 that’s based on an analysis of your credit history. Your credit score helps lenders determine the likelihood you’ll repay future debts. You’ll need a score of 620 or better, but you’ll get better financing rates with a score of 720 or higher. There is much […]
Counteroffer
A counteroffer is a response to a buyer’s original offer on a house to make changes that better fit a seller’s goals. A counteroffer is one step closer to an accepted offer! A counteroffer shows that the seller is willing to work with the buyer, but on slightly different terms (usually a change in the price […]
Conventional Sale
Conventional sale: When the property is owned outright and has no mortgage. Conventional sales are often smoother transactions than those that require financing as there is no dependence on the buyer receiving a loan to purchase the property. A conventional sale is not to be confused with a conventional loan. In this instance: “Conventional” just […]
Contingency
What is a Contingency? A provision of the contract that keeps the agreement from being fully legally binding until a certain condition(s) is met. For example, the purchase of a home can be contingent upon the buyer selling their home first. Every real estate contract includes space for “contingency clauses,” or conditions put forth by […]
Conforming Loan
What is a conforming loan? A conforming loan is one that is limited to $647,200 for most of the U.S., which means you may be able to avoid the stricter requirements of a jumbo loan. Loan limits vary over time and by location so you should check with your lender or Realtor for the latest information. […]
