What is a Purchase Agreement?
A purchase agreement is a contract between a buyer and seller stating the terms of the home sale. It may stipulate conditions like sale...
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ngramuglia3
May 1, 20231 min read
What Does Under Contract Mean?
When a buyer and seller agree on a purchase agreement, the home moves to “under contract” status. This means both parties are legally...
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ngramuglia3
May 1, 20231 min read
What is a Seller's Disclosure?
A Seller’s Disclosure is a legal document sellers must fill out stating any home defects that may affect its value. Requirements on what...
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ngramuglia3
Apr 24, 20231 min read
What is a Buydown?
A buydown happens when the borrower purchases a lower interest rate by paying a premium called a “point.” If you expect to increase your...
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ngramuglia3
Apr 24, 20231 min read
What is a Bridge Loan?
A bridge loan is a temporary loan used while permanent financing is being secured. Bridge loans often have higher interest rates. They...
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ngramuglia3
Apr 24, 20231 min read
What is a Title Search?
A title search is performed by a title company or real estate attorney hired by the mortgage lender. The purpose of the title search is...
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ngramuglia3
Apr 24, 20231 min read
What is Dual Agency?
It is always important to clarify with a real estate agent who they represent – because it may not be you or just you. In the case of...
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ngramuglia3
Apr 24, 20231 min read
What is a Deed-in-Lieu of Foreclosure?
When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property...
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ngramuglia3
Apr 24, 20231 min read
What is a Broker?
Brokers are real estate professionals who have taken advanced courses and licensing to understand real estate and property management...
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ngramuglia3
Apr 17, 20231 min read
What is Right of Refusal?
A lease or contract might include "right of first refusal" to note that an individual has the right to put an offer on a property before...
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ngramuglia3
Apr 17, 20231 min read
What is Pre-Approval?
The pre-approval process involves a potential lender or bank reviewing an individual's finances, including their income, assets, and...
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ngramuglia3
Apr 17, 20231 min read
What is a Home Inspection?
A home inspection involves the evaluation of a property's condition, including electrical work, sewage, and plumbing before the closing....
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ngramuglia3
Apr 17, 20231 min read
What is Fair Market Value?
The amount a property would sell for in a competitive market, or when a seller and buyer can agree on the price of a property....
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ngramuglia3
Apr 17, 20231 min read
What is an Exclusive Listing?
An exclusive listing is when a seller commits to working with one specific broker and a designated agent on the sale of a property....
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ngramuglia3
Apr 17, 20231 min read
What is a Down Payment?
The down payment is the amount of money a buyer has saved in order to purchase a property. This can typically range from 5 - 20% of the...
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ngramuglia3
Apr 10, 20231 min read
What Are Seller Concessions?
Seller concessions are items that the seller agrees to pay for on behalf of the buyer. These can include covering closing costs, or a...
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ngramuglia3
Apr 10, 20231 min read
What is Fair Market Value?
The fair market value of a home is the price a buyer would be willing to pay a seller for a home in an open market. It tries to disregard...
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ngramuglia3
Apr 10, 20231 min read
What is a Comparative Market Analysis?
A comparative market analysis (CMA) is something a real estate agent will complete to determine a home’s value and the asking price when...
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ngramuglia3
Apr 10, 20231 min read
What is a Walk-Through?
The walk-through usually refers to the final tour of the property a buyer takes right before the closing. The goal is to ensure the home...
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ngramuglia3
Apr 10, 20231 min read
What is a Counter-Offer?
A counter-offer is a response to a buyer’s bid. It’s a part of the negotiating process between buyers and sellers. Considering getting...
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