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 […]
FSBO
Fixed-rate Mortgage
What is a fixed-rate mortgage? This mortgage’s interest rate will never change, even if the term of the loan is 30 years. Fixed-rate mortgages typically have a term of 15 or 30 years. Homeowners prefer this type of loan as it has a lower amount of risk compared to variable-rate loans, and the monthly payment […]
Expired
What is an expired listing? A real estate listing that has expired and is no longer active, usually because it didn’t sell in the amount of time agreed upon by the listing agent and the owner of the home.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 […]
Easement
What is an easement? 🔎🏡 A right to cross or otherwise use someone else’s land for a specified purpose. The term often crops up after buyers have made an offer on a home that’s been accepted, at which point a title search brings up the easement—which is essentially the legal right for someone else to […]
Earnest Money
What is Earnest Money? 🤔 A deposit made to a seller that represents a buyer’s good faith to buy a home. It’s typically around 1% – 5% of the sale price. Earnest money is a deposit from the buyer to the seller, made in good faith to show dedication to purchasing the property 🏡 IMPORTANT […]
Due Diligence
What is Due Diligence? How to prevent #buyersremorse 👇 When buying a home, it’s extremely important to do your “due diligence.” During this period, you’ll look into the condition of your chosen property and compare it to other homes like it to make sure it’s really a good fit and value. When a homebuyer investigates […]
Down Payment
What is a down payment? The sum in cash that you can afford to pay at the time of purchase of a home or property. 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%. Some 0% down programs are also […]
