![]() ![]() Your agent completes this analysis to come up with an accurate price point. The similar homes out there are considered “comparables.”Ĭompetitive Market Analysis (CMA) : A CMA is a very detailed evaluation of specific homes listed or sold on the market based on location, style, and amenities similar to your property. This is among the most common terms for selling your home.Ĭommission split : The seller will agree on a “split” between both the buyer’s agent/broker and the seller’s agent/broker as far as the commission is concerned.Ĭomparable : When evaluating the value of your property, looking at other similar homes and seeing how they’ve been priced on the market would determine how you’re going to price yours. This is among the most common terms for selling your home.Ĭommission : This is what is paid to a broker or agent upon sale of the house. ![]() ![]() That document is called the “closing statement.” This is among the most common terms for selling your home. This is among the most common terms for selling your home.Ĭlosing statement : There’s a verifiable document detailing all charges, credits, and cash deposits for the transaction. They can include agent fees, taxes, and other expenditures, and both the buyer and seller can contribute to those costs to ensure completion of the sale. Learn about closing costs for home buyers.Ĭlosing costs : Pay close attention to “closing costs,” because those are the expenses beyond that of the actual price of the home. The deed is delivered, documents are signed, and payment has been sent. The “chain of title” is that timeline, showing all previous owners and conveyances from the very beginning of the construction of the home.Ĭlosing : When you’re in the “closing,” that means the transaction is almost complete. Think of it as an open house for realtors.īuyer’s agent : This would be the real estate agent representing the “buyer” of your property, negotiating contracts straight through closing.īuyer’s market : Don’t hope for this stage in the real estate industry, benefitting the buyer in terms of low prices and a high supply of homes in the market for competition.Ĭapital gains : If you have a high “capital gain,” you can celebrate it means you’ve received a certain percentage of “profit” from the sale of your home because the sale was above the initial purchase price plus any fees.Ĭhain of title : Part of what’s important in the real estate industry is knowing the “timeline” of any piece of property so that there’s no confusion of who owns what and when. Typically, in this case, a brokerage firm would represent you in the sale of your property.īroker’s tour : A “broker’s tour” is when a real estate sales agent views multiple listings on the market. This is among the most common terms for selling your home.īrokerage : An agency managing both the buying and selling of property for clients. A “back-up” offer is when you have a second offer as back-up in case your first offer happens to fall through for some reason.īidding war : Any home seller would love this situation, as it typically involves two or more buyers competing for your property by offering higher bids, as in an auction. As a home seller, you would want to stipulate that on a listing.īack-up offer : In the intense world of offers and price negotiations, sometimes a home seller may have multiple offers. “As-is” : Selling a house as is means that you will not have to make any repairs or correct any problems with your property upon sale.īack on market (BOM) : Sometimes, properties are removed from the market but can be placed back in due to a price change or reduction. Assessors typically work for the county in which the property is located. This is among the most common terms for selling your home.Īssessed value : Assessors can detail a particular value of real estate property, which is referred to as the assessed value. Typically, an “appraiser” determines this value through comparables in your community. Appraisal : The appraisal is the estimated market value as currently stipulated for any piece of property. ![]()
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