Learning the Real Estate Lingo

By: Gloria Smith
Submitted: 2007-01-17 16:16:36
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

If you plan on selling your home and opt to do it yourself, and not rely on real estate agents, you have to attend to a lot of tasks before you can say that your home is ready for viewing. Aside from doing the minor renovations, basic landscaping and impromptu beautification projects, you must, before anything else, be familiar with the local real estate vernacular.

The real estate industry, just like any specialized industry, has its own unique kind of language and jargons. You need to be slightly familiar with the language in order for you to communicate effectively.

Initially, you would need to know what the standard abbreviations representing the different parts of your house are. You will not use these when you are talking to clients, but these will be essential when you place advertisements in major dailies and real estate magazines. This is especially useful when you are allotted a limited number of characters in your advertisement.

In addition to that, you have to know the technical terms usually associated with the construction and different parts of the house. That way, you would be able to inform buyers and building inspectors what materials were and what procedures were done when you had your home renovated.

Finally it pays to be well versed with basic banking terms and know the meanings of words such as “equity”, “second mortgage”, “financing institution” and “amortization” among others.

Knowing these terms and understanding what these words mean is very important, especially if you’re selling your home by yourself. It protects you from unscrupulous buyers and agents because it sends the message that you know what you are talking about. It increases your chances of being able to get a good price for your property.

Want to know more about the real estate forms needed to sell your home? Learn about an Offer to Purchase Real Estate Form, and more.

Article source: Expert Articles

Most Recent Articles in Real Estate FSBO category

  • Selling Your Home by Research and Repair - By: Sharon Samraj
    During the first few stages when trying to sell your house by yourself, this is considered to be critical because as planning means everything during the process. Those house owners who think that putting up a price tag on their house will get the property sold are sadly mistaken as everyone knows how the home selling market is today in the US.
  • What You Shouldn't Do If You Want To Stop Foreclosure - By: Sharon Samraj
    Firstly don't fail to build up some savings for any emergency, it doesn't matter it's for health or education or for anything; there are many needs and wants we face each hour. Every penny earned seems to have its flow determined before it reaches our hands.
  • Home Selling Errors That You Shouldn't Make! - By: Sharon Samraj
    Firstly the price of the property shouldn't be too high; it is obvious that the seller wants to make lot of money from his property. But the best way to sell a house quick is not fixing the price too high! Price that is too high will make some prospective buyers to lose their interests on your property even before seeing it.
  • Showing Your House to Attract Buyers - By: Sharon Samraj
    Your real estate broker will always let you know before he is bringing a buyer to your house for a showing. However, it's it is very important to keep your house neat and ready to be shown to potential buyers.
  • For Sale By Owner Listings - By: Tim OKeefe
    Selling your home on your own, without a Realtor, is becoming less and less popular. This is surprising, considering that home values have skyrocketed and commissions have risen along with them.The money to be saved can be significant enough to attempt to sell your home on your own.
  • A FSBO's Guide to Keeping It Safe When Selling Your Home - By: Michelle Annese
    Sellers need to keep their safety in mind when prospecting potential buyers. The real estate industry has seen a problematic climb in assaults towards realtors, and so is the concern for those who are selling their own homes.Here are just seven ways designed specifically to protect you, your family, and your home, from being victimized:1. Fully screen callers before allowing them an appointment for seeing your home.
  • NAR(r) Broker Will Swear It - Real Pro' Agents Share It - FSBO "Truth" - By: Russ Miles
    For posting the "Truth" on your website, some FSBO’s will not like you. These prospects would not have listed with you anyway. For Sale By Owners – that can receive sound advice – will appreciate your courage, celebrating by having listed their home with you.
  • Top 7 Reasons Why FSBOs Fail To Sell Their Home On Their Own! - By: Lawrence Allen
    In the United States, less than 10% of all For Sale by Owners (FSBOs), are successful in selling their home by themselves. That*s because most people just give up because they don*t realize from the beginning the difficulty and complexity of the job ahead. But that*s not the only reason.
  • Real Estate Investing - FSBOs vs. Agent Listings? - By: Dr.Phil Speer
    Many would-be real estate investing professionals face discouragement because of the assumption that acquisitions require deep-pockets. Some even believe the myth that nothing-down purchases are impossible.The early 1980s era in real estate investing known as the Zero Down Real Estate Movement was initiated by Robert Allen with his best-seller, "Nothing Down.
  • FSBO - Selling Your Home FSBO (for sale by owner) - Is It Worth It? - By: Marc Sisk
    FSBO, what is it? FSBO means For Sale by Owner, and it’s a term that’s generally referred to when you’re selling your home without soliciting help from a Realtor.FSBO, what’s the benefit to you?