A learning curve comes with any new challenge or endeavor. Over the years we’ve noticed that there are terms that new homeowners may need to spend a moment studying. If you’re a homeowner or a seasoned real estate agent, appraisers are your go-to helpers and guides for some of the first steps in the appraisal process. We take this responsibility to heart, and are happy to provide a list of terms for new homeowners or sellers to keep in mind.
Pre-approval Letter
A pre-approval letter is what you’ll receive from the bank; an estimated amount they’ll lend you. The pre-approval letter is a letter from your bank. Everyone takes decision making differently. You’ll need this information no matter your decision making process, to plan your budget effectively.
Seller Disclosure
All projects, remodels or issues with the home need to be carefully documented. This is the document that contains all of those crucial pieces of information. If you have any questions about what to add, your appraiser will be able to help you when they come for their appraisal visit.
Title
A title is the full combination of all legal rights the owner has over their home.
Under Contract
If a house is under contract the seller cannot enter into a different contract with the same property. That would of course be problematic. This phrase is used to ensure that everyone understands the status of the home and seller. It also indicates that buyer and seller have agreed to the specific terms of a contract.
If you’re a real estate agent and would like to add a term to this core list, feel free to drop us a line or comment below.