Real Estate Slang, Phrases and Terminology

I hope this will help clear up some confusion among real estate professionals and the public.

In the course of doing business we constantly see phrases, terms and slang used to describe property.  Some are subjective which makes it at times confusing.  I will attempt to clear up a few and I will ask you to chime in with a few of your own.

In Hawaii we list the condition of homes and condos in one of the following categories:

Excellent Condition:

• According to seasoned agents - Ready to move in and has upgrades.
• According to new agents - Recently painted.
• According to discount brokers - Recently cleaned.

Above Average Condition:

• According to seasoned agents - Ready to move in, no upgrades.
• According to new agents - Recently cleaned.
• According to discount brokers - no junk cars in the yard.

Average Condition:

• According to seasoned agents -Needs paint and carpet.
• According to new agents - Needs minor repairs, paint and carpet.
• According to discount brokers - Needs repairs and has junk cars in the yard.

Fair Condition:

• According to seasoned agents - Needs larger repairs, paint and carpet, probably dirty.
• According to new agents - needs major repairs, not livable.
• According to discount brokers - house fell down living in junk cars in the yard.

Poor Condition:

• According to seasoned agents - needs major repairs, possible tear down.
• According to new agents - house burned down.
• According to discount brokers - there used to be house there.

Here are a few others I have heard:

• While traveling in Branson Missouri - Gentle slope means the side of a cliff.
• From one of my sellers - Partial Ocean View means if you go to the upstairs bedroom and stand on a chair you can see the ocean in a distance over the homes and trees. (This was real.  I am 6'4" and with the chair could barely see it)  I did persuade him to let me leave that out of the listing.
• From an area limited services broker - Detached home with a large garage is a duplex (attached home) with a shared open carport.
• From a FSBO - Newly remodeled kitchen equals new refrigerator.
• From a local mortgage broker - No down payment means you get a $20,000 credit from the seller to pay closing costs.
• From rookie agent -  Maintenance fee includes Cable TV means the condo has a cable outlet.
• From another one of my sellers - Professional landscaping means he paid someone to cut the grass.
• From a potential client -  Excellent condition and worth $200,000.00 more than any other in the neighbor.  Her explanation was that her 40 year old home had all the original cabinets and appliances.  You will not find that anywhere else.
• From an area Realtor - Vintage décor means yellow shag carpet and avocado appliances.

This was a sampling of some I have run into in Hawaii.  I am sure each part of the country has some more unique to their market.