The world of real estate is bogged down with jargon and acronyms. To the uninitiated seller, it can be confusing. The process of selling a home is already convoluted, and all this realtor-speak doesn’t help.
We’ve compiled a list of the top real estate terms you should know to better understand the home-selling process. That way, you can plan appropriately.
As Is
“As is” refers to the condition of your home. If you are unwilling or unable to pay for repairs or renovations, then a house will sell on the market “as is.” For the seller hoping to make the most money possible, this is not a bad thing. You just need to find a buyer or real estate investor who will buy a house in its current condition.
Closing Costs
Closing costs are an assortment of fees charged by the lending company, title company, attorneys, insurance companies, homeowner’s associations, taxing authorities, and real estate agents. Everyone wants a cut of your sale. You’re losing money every time you sell a home through a realtor in this way.
Conventional Sale
A conventional sale is, simply put, when you own the property outright and choose to sell. You can make a conventional sale when you don’t owe money on your mortgage loan or when you owe less on the mortgage than what the market dictates you could sell your property for. Selling under these conditions can net you a large sum of money in a short period.
If you have other questions about real estate terms or the market in general, we’re here for you. If you want to skip the middle man and avoid paying excessive closing costs when you sell a house, call Home Buyers of Virginia. You can reach us at 804-214-6410 today!