Real Estate Jargon - What are We Really Talking About?
To this list I must add one I just saw on Friday..."needs carpet, appliances and finishing touches." Little did I know at first glance this was a foreclosure property that was still under construction when the owners defaulted on it. It LITERALLY needed finishing touches! Like electric. Well and septic. And an occupancy permit.
Next!
Real Estate Jargon - What are We Really Talking About?
As real estate agents we are often so entrenched in acronyms and the language of the business that we can sometimes forget that not everyone knows exactly what we are trying to say. Following is a primer on real estate words, phrases and abbreviations, just to let you in on the lingo.
- FSBO - For sale by owner. This is someone who has decided to sell their home on their own, a choice which they will soon regret.
- CMA - Comparative Market Analysis - a report generated by a Realtor® to show an approximate value of the home you are buying or selling.
- Hrdwd thruout - An indication of mostly hardwood floors in the home. (Nice.)
- Not a Driveby - Falls under the category of "do not judge a book by its cover." Hopefully, it is in better shape inside than it looks from the street.
- Charming - Do not expect this house to be much bigger than a breadbox.
- Adorable - Refer to the description above.
- Commuter's Dream - The home is near a major highway or a train station. This is a situation that may be extremely convenient - or it could be a nightmare.
- Has Potential - Property has not been painted or redecorated in the last thirty years.
- FDR - This is not a reference to the 32nd President of the United States but rather to a formal dining room.
- Fixture - Anything of value that is attached to the property. Examples are wall-to-wall carpeting, chandeliers and the kitchen sink. These will transfer with the home.
- Exclusions - Items in the above category that someone has thought to specify - these are not going with the home.
- Mature Plantings - Possibly in dire need of landscaping.
- Needs TLC - You may just want to pass on this house.
- EIK - No, this is not a scream over a mouse sighting but rather an abbreviation that indicates that there is an eat in kitchen.
If you feel like screaming after trying to decipher all of the real estate jargon, please feel free to give me a call. I love to talk real estate - and I do it in terms that are completely understandable.
Copyright 2010 "Real Estate Jargon - What are We Really Talking About? "
This post was written by
Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
An Exclusive Buyer Brokerage serving the Greater Metrowest area
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