Real Estate Language

Dated: 10/22/2019

Views: 291

So you meet with your realtor and its like he/she is speaking a different language. You cannot understand the words coming out of their mouth.

Let's have a quick breakdown and be on the same page as they are.

He/she says we need to get an appraisal and you say uh - ok.   That means you will obtain a document that gives an opinion of the property value at a specific time.

But first lets get some curb appeal....could have just said, clean up the front let it look nice, and more inviting.

Let me ask you, did you already receive a pre-qualification letter from your bank? Agent is asking if you discussed with a lender your financial state and received a letter telling how much they think you can afford to borrow.

By the way, how much down-payment do you have?  This is the amount of cash you have available to put towards the Purchase of the property.

Will you like to do an open house next weekend? On this weekend you agree to have your home open to the public to come in and view the property during specific hours. They will not need an appointment.

Or do you prefer Virtual Tours? Agent will walk in and out the premises and video tape everything. It will then be posted on several websites for everyone to view.  Gives people an idea what to expect at the home.

Good news, you got an offer higher than your asking price.. The asking price is the amount of money you desire/request for your home and the offer is the amount an interested person is willing to pay for your home.

But if you don't agree to that number you can counter offer.....Agent is saying you can let the interested person know of a different amount you are willing to pay/accept since they did not like your first offer.

Great, the closing is set for next Friday...The What?  Here is where the deed is delivered, documents are signed and monies are transferred. (lots of signing)

We can do a final walk-through the day before closing...meaning to go to the house you are about to close on and ensure everything is as it should be in contract.


So in summary, have your appraisal done once your have increased your curb appeal, making  sure to have your pre-qualifacation letter and downpayment on hand. Because you will want to schedule an open house as soon as possible even though you have already set up your virtual tours and have it posted everywhere. This is all to ensure you get an offer higher than your asking price so that you do not have to counteroffer and get to the closing quickly but please allow a final walkthrough.


Blog author image

Tricia Bramble

Born and raised in Trinidad, West Indies, Tricia migrated to the United States where she attended college at The University at Buffalo. She graduated with a Bachelor of Science Degree in Business A....

Latest Blog Posts

Real Estate Language

So you meet with your realtor and its like he/she is speaking a different language. You cannot understand the words coming out of their mouth.Let's have a quick breakdown and be on the same page as

Read More

Selling A Home

Selling a home can be a difficult task for even the most seasoned of sellers. There is so much that goes into the process of placing a property on the housing market. First, the owner needs to get

Read More