Real Estate A-Z

    Appraisal:  If you plan to finance your home through a bank or other lender, you’ll more than likely need to get the property appraised first. Banks and most lenders want to know the value of the home for your protection, as well as make sure that the home they are financing is worth the total amount that you take on the loan. In most cases, the appraisal indicates that the home does indeed meet or exceed the asking price.

    Bill of sale:  A written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds.

    Closing:  A transaction is not complete until papers are signed at closing. It is a wise client who prepares for problems before they ever happen. We also believe this to be true in our business.  To prepare for the most common problems that can come up during a transaction.

    Down payment:  The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

    Exclusive listing:  A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.

    Fixture:  Personal property that becomes real property when attached in a permanent manner to real estate.

    Government loan (mortgage):  A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS).  Mortgages that are not government loans are classified as conventional loans.

    Home buying:  There are so many things that need to be done when buying a home; some fun, and some things only Realtors find fun.  That’s why you need a realtor.  It is imperative that you have a real estate agent that knows your goals and stops at nothing to meet YOUR expectations.

    Homeowners’ Insurance:  An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.  Homeowners’ insurance is a necessity, something every property should have. If you have a mortgage, your lender will require coverage — and if your home is mortgage-free than you should have coverage anyway.  But not all insurance coverage is alike.  Policies and protections differ, and so do costs. In essence, you want the most protection for the least number of dollars.

    Joint Ventures in Real Estate:  Many real estate success stories happen in joint ventures.  Joint ventures are two or more people partnering up to invest in properties.  Joint ventures in real estate can offer you the ability to obtain properties you once thought were not in your budget.  Joint ventures also give you many different investing view points from other investors.

    Keep your home competitive:  In an ideal world, your home would sell the same week that it is listed on the local real estate market, but this is not an ideal world.  There are a few basic things that one needs to do to make sure their home gets noticed first, gets viewed first, and logically, sells first.

    Liability Insurance:  Insurance coverage that offers protection against claims alleging that a property owner’s negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner’s insurance policy.

    Marketing Program:  The first step in marketing your home to get it sold is pricing it right.  That’s why the Lux Property Group spends time on the front end completing a comparative market analysis, reviewing that information with you, and then, coming up with a competitive price to get your home sold for the most money in the least amount of time. See what we’ll do to get Your Home Sold!

    Neighborhoods (Home Buying): There are many factors to consider when selecting a neighborhood that is right for you. Think about the location in terms of commute time to work, distance from leisure-time activities, and proximity to shopping, schools or any other places you frequent.

    Open House:  As a home seller, you want to take advantage of every opportunity you have to accomplish your main objective – objective being selling your house at asking price and as quickly as possible.

    Preparing your home for sale:  What more could you want than to get your home sold for top dollar in short order without any hassles?  If you take a moment and read “preparing your home for sale,” before you put the property on the market, you’ll be on your way to a successful sale.

    Qualifying ratios:  These are calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The “top” or “front” ratio is a calculation of the borrower’s monthly housing costs (principle, taxes, insurance, mortgage insurance, and homeowner’s association fees) as a percentage of monthly income. The “back” or “bottom” ratio includes housing costs as well as all other monthly debt.

    Realtor®:  A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.

    Short Sales:  In order to avoid foreclosure, lenders have approved sales of properties for a price that is less than the outstanding mortgage balance. This is referred to as a “short sale.”

    Truth-in-Lending:  A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

    Unrepresented home buying:  If you plan on buying a home and you plan on representing yourself, think again.  Many buyers these days are very internet savvy and do a great deal of research online before contacting anyone about buying a house. However, this may not get you the deal you expect.

    VA Mortgage:   A mortgage that is guaranteed by the Department of Veterans Affairs (VA).

    What to do if a buyer has to sell first:  Sometimes buyers are a part of a chain, and before they can place a deposit on your home, the buyer has to sell their property first.  Here’s what to do if a buyer has to sell first.

    ‘Zoning’:  Municipal or local government laws that dictate how real property can and cannot be used in certain areas. Zoning laws limit commercial use of land in order to prevent oil, manufacturing or other types of businesses from building in residential neighborhoods. However, these laws can be modified or suspended if construction of the property will serve to help the community advance economically.

     

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