hen you're selling your making the new mortgage loan will
home or other real require that the property
property on your own, you appraise for at least as much as
don't have to know everything the purchase price. Occasionally,
about the process. It does help a buyer will require the same
to have a practical knowledge of thing in an all cash transaction.
the terms that come up during the
process.
3) Bridge Loan - Short term loans
Keep in mind, these aren't used to "bridge" any time gap
intended as "be all, end all, between the sale of a home and
penultimate" definitions. They're purchase of the next one. These
working definitions for pragmatic loans can be valuable when escrow
folks. Let's go... is delayed on the sale of a home
and the seller has committed to
1) Acceptance - A legal term the purchase of another home.
referring to the acceptance of a Bridge loans are also known as
buyer's offer by the seller. "panic loans", but can be a life
Acceptance is often preceded by a saver.
number of counter offers between
the parties. 4) Coinciding Settlements - when
a buyer needs the funds from the
2) Appraisal - a professional sale of his prior home (which is
opinion of the value of real under contract to be sold) in
property. Most jurisdictions have order to purchase his next home,
careful rules defining who may he may well make settlement under
call themselves an appraiser, and his sale a contingency for
most lenders have a "stable" of settling on the home he is
approved appraisers whom they use purchasing. In reality, the sales
regularly. Typically, the lender don't usually coincide. They
usually take place back to back.
Funds from the first are often 7) Conditions - any conditions
wire transferred to the second. which must be met before the sale
can be consummated. Some typical
5) Closing - Depending upon the conditions include things like
state you live in, Closing can the property's appraising for the
have different meanings. purchase price or more, the
Generally, the closing of a real property's being in good
estate transaction refers to the condition when a home inspection
exchange of necessary documents, is done, the buyer's loan being
execution of the same and approved.
transfer of money.
As you can image, there are many
6) Comps - This term refers to real estate terms for which you
the sales prices of similar have a general understanding. In
properties in the area of a house our next article, we continue
in question. Comps are used to with the terms starting with
help determine the fair market "Condominium."
value of a property.
About the Author:
Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
Source: www.isnare.com
