What is a backup offer? When an offer is accepted contingent on the fall through or voiding of an accepted first offer. Sellers may accept backup offers if they are not confident about the offer they have accepted. Consider it a safety net for the seller if the current offer does not close. There are […]
Back on Market
What does Back on Market mean? The property was under contract with another buyer and their contract fell through, so it is Active again. BOM stands for “back on the market” in real estate and is a common abbreviation used by real estate agents.
As-is
What does As-is mean? A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials. In other words, selling a house as-is means that a buyer will get the property in its exact, current condition without any additional repairs or […]
Appraisal
A professional analysis used to estimate the current value of the home in the real estate market. This is a necessary step in validating a home’s worth to you and your lender as you secure financing. All parties to the transaction hope the appraisal will come in at the same amount as the listing price. […]
Amortization
What is Amortization? The action or process of gradually writing off the initial cost of an asset. Do you know what kind of mortgage you have? Do you know whether your payments are going to increase over time? 📈 “Amortization” is the term used for the schedule of mortgage installment payments over a period of […]
Adjustable-rate Mortgage (ARM)
What is an Adjustable-rate mortgage (ARM)? After an introductory period that could be 3, 5, 7, or 10 years, the interest rate on an adjustable-rate mortgage will be adjusted by the lender in accordance with current interest rates and your loan agreement. For instance, a 5/1 ARM will have a fixed rate for the first […]
Active
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 become Pending the completed sale. If the contract falls through, typically the property will go Active again.
