Close of escrow is the final step in the real estate transaction. It is when the buyer pays the seller for the property and all the documents are signed. After close of escrow, the title deed is transferred to the new owner and the keys are given to the buyer. The escrow company then sends […]
Your First Mortgage
Here are 5 typical questions asked by homebuyers about getting their first mortgage loan. How much do I need to save up for a down payment? A conventional loan down payment is usually 20% of the sales price, but other types of financing require as little as 3.5% to 15%. A mortgage lender can tell […]
Withdrawn
What does Withdrawn mean? The listing was withdrawn from the market by the owner.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.
Title Insurance
What is Title Insurance? 🤔 Most lenders require title insurance, which protects them from claims such as liens, easements, and flawed records that can come up even years after a transaction. 💡 TIP: Buyers can also purchase their own “owner’s title insurance,” a one-time fee that protects them from any financial burdens, such as back […]
Temporarily Off Market
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 […]
Sold
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 for another home to buy.
Short Sale
A “short sale” is a home sold at a discounted price. But why would someone want to sell their home for less than it’s worth? 🤔 Homeowners struggling to make payments on their mortgage are faced with the option to foreclose on their property, which can severely damage their credit. But a short sale can […]
