This helps the seller sell their home with minimal hassle, and the buyer or investor finds the perfect home. In exchange, the wholesaler collects a fee for bringing the two parties together. What is Wholesaling in Real EstateĪ wholesaler finds sellers willing to sell their properties at a discount and then connects them with a cash buyer or real estate investor. For a seller, selling their house in a short sale is financially better than a foreclosure. In this scenario, all the money from the sale goes to the mortgage lender, who is also responsible for approving the sale. What is a Short Sale in Real EstateĪ short sale occurs when a financially distressed home is sold for a smaller amount than what is still owed on the mortgage. This is different from a contingency because it simply indicates that all the paperwork is still being processed before the deal is officially closed. If you see a home with a pending status, this means that the seller has accepted an offer from a buyer, but the deal has not been finalized yet. When the sale of a home is listed as contingent, it means that the seller has accepted an offer on the property, but there are still other steps, or contingencies, that must be met before the deal can go through.Ĭommon contingencies include a positive home inspection report, appraisal, or a pending mortgage pre-approval letter. In this post, I’ll go over the definitions of 105 common real estate terms that you’ll likely encounter in your real estate business.Īlso, feel free to download my Real Estate Vocabulary PDF to save to your device for quick access and offline use. It’s always a good idea to have a solid understanding of the real industry, whether you’re studying for your real estate license exam, curious about an unfamiliar word, or are looking to brush up on common real estate terms in order to refresh your memory.
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