CMA - The Real Estate Acronym.
All industries have their own acronyms. The “CMA” acronym is used by Realtors all the time and not always recognized by the public. It stands for “Comparative Market Analysis” and is provided to home sellers to aid in determining a listing price. It is almost the same as an appraisal. Appraisers are looking at past history for the last three to six months of home sales. The Realtor CMA is looking at past sales, current pending sales, expired listings (which did not sell) and similar active listings which we call “the competition”. In addition a seasoned Realtor is making an educated guess at where the market is going in the next 30 to 60 days.
Real Estate Contracts
RPA is an acronym we use in California. RPA stands for the “Residential Purchase Agreement” or real estate contract form. By the way ALL forms used by Realtors in California are standardized and written by the lawyers at the CA Bureau of Real Estate. The full name of the contract is actually the Residential Purchase Contract AND Escrow Instructions. When you are sent “escrow instructions” you will notice that the title is “addendum to escrow instruction” because the contract included basic escrow instructions.
POF is an acronym for "Proof of Funds". Proof of funds is often provided with an offer to purchase for the purpose of prooving to the seller that the buyer has adequate funds for down payment and closing costs.
What we are all looking for is the COE. Yes the COE is the Close of Escrow. By the way the final piece of the puzzle, after the buyer’s funds arrive and the lender’s funds arrive, is for the title company to RECORD THE DEED AT THE COUNTY. Once the recording has taken place the ownership of the property has officially transferred.
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For expert real estate representation on South Orange County California, call Ron Buck at Keller Williams Realty. 949-456-0505 or click here.
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