Real Estate Jargon, and What it Means to YOU!
Whether you’re new to the real estate world, or an ‘old hat’ you will no doubt come across unfamiliar ‘jargon’ during the process that will puzzle you, or prompt questions to your Realtor®. Here are some of the most frequent terms we get asked about.
This piece was written by Debbie Bullock, Sales Representative with the Jen Scholte Team.
An appraisal of your home is an unbiased estimate of how much a home is worth. When purchasing a home, a lender will require an appraisal by a third party, (appraiser), to make sure the loan amount requested is sufficient to cover the amount a buyer wishes to borrow on it. If a home’s appraised value is below what a buyer has offered, the lender may request the…