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Today’s Real Estate Terms

by Brian Maecker

A couple weeks ago I started my series of Real Estate Terms. Today’s blog contains some popular terms from C thru E.

Certificate of title a document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner.

Closing, Settlement a meeting at which a sale of a property is finalized by the buyer and ownership of the property is transferred from the seller to the buyer.

CMA, Comparative Market Analysis, Competitive Market Analysis a CMA report shows prices of homes that are comparable to a subject home that were recently sold, are currently on the market, or were on the market, but were not sold within the listing period.

Closing Complete closing has happened, buyer moved into hime, real estate commission has been paid and agent has also updated mailing address of their client.

Closing Costs customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing.

Comparables, Comp An abbreviation for "comparable properties". Comparables are properties like the property under consideration.

Contingency A condition that must be met before a contract is legally binding.

Credit report a report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.

Debt-to-income ratio a comparison of gross income to housing and non-housing expenses.

Deed the document that transfers ownership of a property.

Down payment the portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.

Earnest money deposit money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.

Easement the right to use the land of another for a specific limited purpose. Examples include utility lines, driveways, and Ingress and Egress. Easements can be temporary or permanent.

Equity an owner's financial interest in a property; calculated by subtracting the amount still owed on the mortgage loon(s)from the fair market value of the property.

Escrow An item of value deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.

Escrow account a separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.         

           Please call us for a better explanation of the entire Real Estate process. After 30+ years, we’ve seen a thing or two J

Brian

Is Zillow Wrong?

by Brian Maecker

Is Zillow Wrong?

          Below is an article by the National Association of Realtors. Once again Zillow is being sued for wrong estimates.

          Personally it’s a daily challenge with buyers and sellers. They (Zillow) are usually not close on values. Even if you read the small print – they admit they are not accurate. So why do so many people believe a Zestimate, low or high? I don’t know other than they have a huge budget to make people “Think” they are the authority. They Are Not!!!

          The authority is a licensed and experienced realtor or an appraiser. Don’t trust an online agency to determine value. A robot does not see the condition or the true location. Trust a professional to help you with home values and not a robot.

          To get a real value of your home, Call us at The Brian Maecker Team at RE/MAX Advantage 719-593-2963.

            

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The Brian Maecker Team
RE/MAX Advantage
5590 N. Academy Blvd.
Colorado Springs CO 80918
719-593-2963
Toll Free: 888-593-2963
Fax: 719-599-7777