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What does that mean anyway: Real Estate Lingo

Real Estate brokers have sometimes been accused of “shortening our words” or using terms that we think everyone already knows!  So, here’s a little helpful guide, if you have trouble navigating real estate terminology!

What it says versus What it means

conveys with sale … it will STAY with the home

EIK … eat in kitchen

SS … stainless steel

HDW, HWF, Hdwd ….. hardwood floors

WIC …walk-in-closet

FDR ….. formal dining room

MLS...multiple listing system

FSBO ….. for sale by owner

Pre-approval …  based on information you are able to provide to the lender.  This will look much better than a pre-qualification to the seller.

Pre-qualified ….  based on a 5 minute phone call to the lender and only on what you tell the lender.  This is needed in order to even make an offer on a home.

due diligence funds …the funds the buyer gives the seller at time of contract to “buy time” off the market while they do their due diligence

due diligence or DD…all of the inspections and loan process, etc a buyer can exercise on a prospective home during their due diligence time period

Due diligence money- is non-refundable The good news is the money is typically credited towards the purchase of the home at closing.

Earnest money is “good faith” money. The buyer is showing the seller they are serious about buying the home.

contingency … a contract on a home that is dependent on you selling your existing home

3 BR/2BA  3 bedrooms and 2 baths

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I’m sure we’ve missed a few, feel free to leave comments with any you might still be wondering about and we’ll do our best to define them.

We are here to help you navigate your real estate needs and ALL the terms that come along with that!

Welcome home!

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