Common Real Estate Terms
FSBO- a home that is for sale by owner.
FHA-a mortgage that is offered that typically have lower interest rates, but more restrictions in regars to what home to buy.
VA-Veterans Affair's mortgage that allows mortgage with zero down.
Short Sale- Where the homeowners is selling the home to give all the money to the mortgage holder in hopes that the mortgage holder will not come after them for the difference (if there is a difference).
Foreclosure- When the bank took back the home and will be selling the home directly
Distressed- Another term for a short sale or foreclosure
Survey- The total cost of your and lender’s title insurance.
Points- one can buy points on their mortgage to lower the rate. Typically it is around one thousand dollars a point.
Origination Fee- Fee the bank typically uses to pay their overhead during a sale.
Recording Fee- when you record a contract, you must pay the fee for it to be in the public record.
Credit Report- Fee you pay for someone to look into your credit to see if you are worthy to recieve a mortgage.
Jurisdictional- essentially is a wetlands in North West Florida. It means that someone else has control over you property. It could be because of the type of tree or plants on the property as well.