Real Estate Terminology You'll See When Shopping For a Home

in Vancouver & Clark County, Washington

Vancouver WA Real estate ads are sprinkled with terminology that often puzzles consumers who don't have applied knowledge of the Real Estate industry's lingo. Internet home buyers find that information about properties is often presented in abbreviated form or unfamiliar language. Shedding a little light on some basic real estate terms may help you locate a home that is available at a very affordable price.

'MLS' refers to the Multiple Listing Service, which is the database of listed homes for sale. In the Vancouver / Clark County Washington market their are two active MLS providers: 1) Realtor Multiple Listing Service (RMLS); and 2) Northwest Multiple Listing Service (NWMLS). RMLS is strong in Oregon and Clark County; while NWMLS serves a larger population area, from Clark County north through to Seattle, and right up to the Canadian border. Our team has been a member of both NWMLS and RMLS to ensure our listings are exposed to the most Washington and Oregon residents; and to ensure our home shoppers will find the right property for them.

Some real estate web sites allow homebuyers to preview local listings that appear on the MLS. If you see a real estate ad for a "FSBO", it means that the property is for sale by the owner, who is declining the services of a listing Realtor/Agent. A FSBO most likely will still allow for a commission to a real estate agent that brings them a qualified buyer.

A home listed "As-is" is being sold in its existing condition. Such a home may have been pre-inspected with all flagged material repairs made however, it may also be the case that there are pre-existing conditions that the seller will not correct, which should be reflected in a lower price.

A "bargain sale" home is priced at less than its market value, and a "fixer-upper" is priced low because it needs refurbishing. When looking at fixer-uppers make certain the financing program you are using will allow the purchase of a home that requires a material repair(s).

Please e-mail or call us with any questions you may have with this information or your real estate questions in general -- we're here to help!

PS -  Look to the Alexander ~ Slocum Team and www.ClarkCountyExpert.com
for your real estate needs in Vancouver WA and Clark County Washington!


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