Understanding Realtor’s Lingos

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Understanding Realtor’s Lingos:

Understanding Realtor’s Lingos

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When dealing with common lingo used by realtors, it is important to get familiarized with those. Knowing the different lingos would make the process lighter and ensure that you are not taken advantage of by others.

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I found a well- presented and extended three bedroom end of terrace bungalow. When I got inside, I’ve seen the benefits of the property from uPVC double glazing, LPG central heating, fitted kitchen and backs onto open green land. The bathroom has a matching of white suit comprising paneled bath with shower over. Also, the rear garden is mainly laid to patio with a small area laid to chippings, while the front garden has small block built storage shed with tiled pitch roof, which signifies light and power. Imagine how well- suited this property to our family. Most importantly, I found its price very reasonable, not too much for its amazingly embellished structure. However, lack of knowledge about it had pushed me to understand and learn the basics in real estate deal, including the lingos.

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Here are some of the lingos. First is “As Is” condition. When it is listed in “as is” condition, it means that it needs work. Perhaps, it needs renovation or few repairs. Then, there is a bidding war, which is sometimes listed at a lower price than market value, making a lot of buzz and interest. It may result in multiple buyers competing for the same house, raising the price up. In general terms for the nature of the current market, “buyer and seller market” reflects inventory. A “Buyers” market means there are more houses on the market than buyers. Also, there are these costs called closing costs which are referring to in addition to the final sale of the home. Conditional offer, on the other hand is an offer to buy a home that is contingent on specified conditions put in writing, while firm offer is to purchase the home with no conditions, which are usually likable to the buyer.

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These are just some of the few lingos that I’ve remembered and which should be learned by starters in real estate business. Indeed, with learned common lingo used by realtors, I’ve familiarized the basics. The deal became smoother and ensured, knowing that somebody would not take advantage from me.

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Resource: http://www.gpees.co.uk/forsaleoffice/bookham/1190/