What does “sold” mean in real estate? – David Reecher During a home search, it’s important to look at the number of recently sold homes, as well as their price per square foot, to get a sense ...Read More
What is a single family residence (SFR)? – David Reecher A single family residence (SFR) is the most common type of home listed in the MLS. Also known as single family detached, this means the home ...Read More
What is a short sale? – David Reecher A short sale is the sale of a home for less than the homeowner owes on the mortgage. A homeowner who is unable to keep up with the mortgage payments may try to ...Read More
What does “settlement” mean in real estate? – David Reecher Settlement is another term for the closing of a real estate transaction. Settlement occurs when the buyers, sellers, and their agents ...Read More
What is a Senior Exemption in real estate? – David Reecher A Senior Exemption is a property tax reduction for eligible senior citizens. The guidelines vary according to county. Note that many listin...Read More
What is the Selling Office Commission (SOC)? – David Reecher The selling office commission is what the seller and listing agent agree to pay to the real estate agent that represents the buyer. The a...Read More
What is a seller’s market? – David Reecher A seller’s market is one in which there are more buyers than homes for sale. Since supply is less than demand, homes are higher priced and more attract...Read More
What is a seller disclosure in real estate? – David Reecher A Seller Disclosure is a set of documents completed by the seller of a home, listing any known issues with the property and any remodel pr...Read More
What is a self-represented buyer? – David Reecher In certain markets, a buyer can choose to waive representation by a buyer’s agent. Essentially, the buyer represents himself, sometimes with the a...Read More
What is the secondary mortgage market? – David Reecher The Secondary Mortgage Market is a market for lenders and investors to purchase and sell existing mortgages. Mortgage lenders often originate a...Read More
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