When it comes to a glossary and real estate terms, it's about time to bring a few things up to speed...like today's real estate vocabulary.
Here's a quick look at current terms for today's real estate market:
Short Sales = Most people know it's when a property (home, condo, apartment building, commercial property, whatever...) sells for less than the existing indebtedness, i.e. loan balance (s). Short sales require the lender's approval to sell and accept less than due. Most also know a short sale can be anything but short, it require patience.
Deed-In-Lieu of Foreclosure = Takes place when an owner (with the lender's consent) executes a deed (change of ownership) in favor of the lender to avoida foreclosure. It's up to the lender to agree and it also can be conditional clear title, meaning no junio liens. If you're upside down and have a second loan, back property taxes, association dues, etc. it's not going to happen. Lenders are not willing to accept a property with all the "excess baggage" e.g. second loan, home equity line, liens etc. that are normally wiped out with a foreclosure.
Cash for Keys= Is a cash payment from the lender on a foreclosed property to the occupants, normally a tenant to vacate in a timely manner and leave the property in good condition. Payment to an occupant/tenant is usually negotiated through the listing agent to provide immediate occupancy.
Check out other helpful videos on the Southern California Real Estate Videos:
- Understanding the CA Real Estate Contract
- Home Buying in a Southern Cal Association
- Southern Cal Home Buyer & Home Selling Disclsoures
- Southern Cal Home Buying Inspections
- Protecting Your Family ~ Megan's Law for California
- Southern Cal Home Buyers Real Estate Walk Through
- Southern Cal Probate Home Sales
- Select a CRS = Certified Residential Specialist
- Driving Direction to Preferred Home Brokers for Southern Cal Real Estate
When you're looking for knowledgeable, competent real estate help in Southern California contact me Lynda@PreferredHomeBrokers.com. My company is Preferred Home Brokers and we've been serving home buyers and sellers for more than thirty-five years. You can text or call direct: (714) 595-1494.
We represent different types of real esate, short sales. bank repos/foreclosure properties, probate home sales and traditional home buyers and sellers. Check out my Home Selling Real Estate Blog, it's HomeSelling101.com for more home selling and home buying help.
CA Broker's Lic.# 00402040