Here is a great post on common terms that we all understand. It is easy to forget and assume that our clients understand these terms when we are using them. Be mindful and share the meaning as you speak with your clients. Never assume. Thank you Debbie for this great post. Please stop by and give your feedback to Debbie.
Ten Common Real Estate Abbreviations Explained. As a real estate professional I deal with the terminology and language of my business everyday. I work with terms and language that people outside of the industry aren't familiar with. Here are the definitions for ten commonly used real estate abbreviations.
HOA...This stand for home owners association, or common interest community as our Colorado State contracts call it.
MLS...Multiple listing service. This is where your agent will submit your listing so other real estate professionals in the same MLS can see your property pictures and details such as bedroom and bathroom count.
CMA...Comparative market analysis. Your agent will do this for you to help you determine a price for your home.
PUD...Planned unit development. A type of ownership where the homeowner owns the building he/she lives in and also jointly owns the common areas of the development with the other homeowners in the development.
FSBO...This stands for For Sale by Owner.
REO...A common term used to describe a foreclosure property. The abbreviation means real estate owned by the bank.
SFR...Single family residence. This is a stand alone house where one family lives.
ARM...Adjustable rate mortgage.
POA...Power of Attorney.
OMG ASS...Oh my gosh another Sunday showing. This term came from frantic sellers working to clean up Sunday Brunch dishes for an early afternoon Sunday showing.
Ok so the last one I made up. In all seriousness, though, there are many terms in the real estate industry that are foreign to most people. Here's a list of more real estate related terms and if you click on the word you will get the definition for each one. I hope you find this helpful. I would be happy to answer any real estate related questions you might have. Please feel free to contact me. My information is below.
By Debbie Laity
I've lived on Colorado's Western Slope for over 22 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a real estate broker, I also love to share my expertise in this area as well. If you need any real estate information for Montrose County, or Delta County, Colorado...please give me a call.
GRI, SFR, REO Specialist, CNE, AHWD, BPOR, e-Pro
Broker Associate, Cedaredge Land Company
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