The Term Addendum Explained

The Term Addendum Explained

Addendums would be super handy if we could use them in everyday life, but alas, we usually only find them with legal documents and definitely in real estate transactions, which is still not a bad place to find them. “An addendum is an attachment to a contract that...

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The Term Appraisal Explained

The Term Appraisal Explained

Have you ever wondered who actually knows what your home is worth? Some of the services out there provide an estimate based on sales in your area or the age of your home. This doesn’t always provide an accurate number of your home’s value. Let's say you have made some...

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Appraised Value vs. Assessed Value In Real Estate

Appraised Value vs. Assessed Value In Real Estate

These two terms should not be confused, as they mean very different things. Appraised Value refers to the value an appraiser assigns to your home using comparable and adjustments. If you are using a mortgage loan to buy a home the bank will require an appraisal. The...

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The Term Appreciation Explained

The Term Appreciation Explained

Everyone loves to be appreciated. It could be for anything... doing a good job, working really hard, or doing something for someone you didn’t have to do. Perhaps every time you complete an act that deserves appreciation, your worth increases in the eyes of the...

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The Term Back-Up Offer Explained

The Term Back-Up Offer Explained

For any plan you have, you should always have a plan B. You can never be sure what will happen in any given situation, so it’s always good to cover all of your bases. In real estate, this could look like a Back-up Offer. Just like a formal offer, a back-up offer is an...

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The Term Broker Explained

The Term Broker Explained

If you have ever wondered what the difference between a broker and a salesperson are, you could say it is the difference between getting an associate's degree and a bachelor's degree. Using a broker rather than an agent can benefit you in a few ways; brokers can sign...

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The Term Brokerage Explained

The Term Brokerage Explained

Whether you are a client (buyer/seller), a real estate agent, or a broker, you will likely find yourself researching a brokerage. Let’s start at the beginning: An individual wants to start a career in real estate, so they take the necessary steps to get their license....

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The Term Clear Title Explained

The Term Clear Title Explained

Free and clear is what we all strive for, right? Clear skin, conscious, roadways and, definitely, the title to anything you own. Once you have a property under contract, the title company that you choose to handle your closing will do a title search as a part of the...

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The Term Commission Explained

The Term Commission Explained

As a real estate agent our compensation is based solely on commission. So how does this work and where does the money come from? In most cases there are two agents splitting the commission on a home purchase. With a Buyer’s Agent & Seller’s Agent, the two parties...

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The Term “Comps” or Comparables Explained

The Term “Comps” or Comparables Explained

I would never recommend comparing yourself or your life to someone else’s. However, I would recommend looking up the comps on your property or a property you’re interested in purchasing!  Comps (short for comparable) are formed from the value of a recently sold...

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Conventional, VA and FHA Loans Explained

Conventional, VA and FHA Loans Explained

First things first, if you think you are ready to buy a house, you need to get prequalified. Getting prequalified may tell you more than just what you can afford, but also what type of loan you qualify for. Of course, understanding what each loan is will help you...

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The Term Counteroffer Explained

The Term Counteroffer Explained

Picture this: You’re getting ready to buy a home. You’ve got all of your ducks in a row. You're prequalified. You hired a Realtor®. You've done your research on neighborhoods. You've discussed the terms of the offer in advance and you've brainstormed ways to get your...

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