Steps to a Real Estate Sale
These are terms agents use daily because it's our profession - just like you have words and terms in your profession.  I wanted to share these with you so you feel more comfortable when you hear them as we work with your financial investment buying or selling Real Estate.  This is a big piece normally of your financial portfolio - so feel free to ask any questions.

Buyer - call me and let me know you are interested in information about buying a home - we will meet at the office and I will share with you an easy step by step process of how we will proceed within your criteria.

Selling a home - call me and let me know you are interested in information about selling your home.  I will look at your home and share information about the market  and how I work to expose your home to agents and buyers.  I also will share with you how I work so you are comfortable with what's going on behind the scense from the sign going in the yard to get you an offer, past the inspections, and onto the closiong table.  It's also the goal to sell it for the highest price in the shortest time so we can get you onto your new step in life. 



Real Estate Glossary

Approval Letter (or pre-approval letter) Call a mortgage lender (or if you would like a reference please let me know - I have a couple really nice ones that are extremely helpful and easy to talk with).  This letter is the 1st step to knowing what price range you really want to look in and purchase in.  

Closing - (Also called a settlement).  The completion of a real estate transfer, the title changes from the seller to the buyer, or a mortgage lien is given by the borrower to secure debt undertaken by the buyer to purchase the hom.

Closing Costs - Miscellaneous expenses involved in closing a real estate transation over and above the price of the property.  These expenses may include transfer taxes, recording feeds, legal fees, etc.

Deed - the document that is recorded with your local government and determines ownership of the property.  A deed describing the property, signed by the seller and is given to the buyer at closing.

Easement - A right to use the land of another person for a specific purpose, such as a right-of-way or utilities. 

Escrow - Having your taxes and homeowners insurance included in your mortgage payment.   Your mortgage company will pay your tax and homeowners (hazard) insurance bill when due from the money they have in your escrow account.

Homeowners Insurance - Rela estate insurance protecting against the loss of the home due to fire, natural causes, vandalism, etc.  Might also include personal liability and theft away from home.

HUD-1 - Department of Housing and Urband Development - better known as the closing or settlement statement.  A ledger type form that shows all the itemized costs and will show you the amount you need to bring to closing (if you are the buyer) or the amount you will receive at the closing (if you are the seller).  Your closing attorney will go over this in line by line at your closing with you. 

Inspection - The buyer will select a certified inspector to inspect the home he/she is purchasing to make sure everything is working and will give you a report of every category of the home - electrical, plumbing, etc.Mortgage Insurance - insurance required by the lender to cover the mortgage

Mortgage Insurance - insurance required by the lender to cover the mortgage

Property Tax - Real Estate Tax - government assessments on real estate property. 

Radon - www.epa.gov/radon/pubs/hmbyguid.html   EPA estimates that radon causes lung cancer.   If your home or the home you are buying has a rating of 4 or higher - it is suggested that you have it mitgated.

Showings - when I make appointment so to show you homes (or properties) according to your criteria (price, location, specifics) and we go look at them.   Normally the seller will not be there

Supra Key - the Real Estate electronic key at opens the
Supra Box which is at the home (property) that holds the key to the home.  The Supra box will send a signal to the listing agent letting them know when we are getting the key out to show the home (property)

Termite Inspection - the buyer will hire a termite inspection at the time of the home inspection to check for termites, etc.

Title Insurance - protects you from previous errors in title back to the beginning of the land and protects you after you sell the property - strongly suggested

Walk through - the day prior to closing on your home - the buyer will come with the agent to "walk through" the home to make sure all the repairs have been done that were on the repair request part of the negiotations of the sale of the home (property)

IMPORTANT TIP - Don't "purchase ANYTHING" once you are approved for a loan till AFTER the closing without permission from your loan officier - it will change your debt/income ratio and you might not close on your home after all.