Follow Neal Twitter Facebook
Email Neal Email
Residential Real Estate
Jan 16, 2017

Real Estate Lingo 101: Understanding Your Agent

Sponsored Content provided by Neal Johnson - Licensed Real Estate Broker , Network Real Estate

What did they just say? Are they even speaking English?
 
If you have ever been thrown into the home buying or selling process, then you have probably experienced the extreme confusion that occurs when real estate agents begin to speak. Trust us, this information is not gibberish and it’s very important to know!
 
That’s where we come in – we are here to tune you in on some of the real estate lingo.
 

3B/2B

This is not an algebra equation or Star Wars character. These letters and numbers reflect the number of bedrooms and bathrooms in a house. For example, 3B/2B means that the home has three full bedrooms and two full bathrooms. If there is also a half bath, then it would look like this - 3B/2.5B.

 
CMA

These three letters are often used during the beginning of the home-selling process. A Comparative Market Analysis (CMA) is a report that reflects the prices of comparative homes in your neighborhood and area, and those currently and/or recently sold in your present market. This report helps your agent price your home correctly in order to sell fast.
 

MLS

MLS stands for Multiple Listing Service, which is a system that serves as a hub for brokers to share detailed information on their listings with other brokers. This source allows brokers to search and gather detailed information on properties for their clients prior to visiting the home itself. Searches can be filtered to specific areas, a certain number of bedrooms and bathrooms, school zones, etc. Brokers are the only ones who have access to this highly credible and helpful program, adding value to their service to you.
 

Escrow

When a home goes under contract, your funds and documents are held by a neutral third party prior to the closing. This holding of funds is labeled as “escrow.” The escrow agent is typically an attorney or title company who was hired to handle these arrangements.
 

Due Diligence

Upon signing the contract for a home, you will also be given the option of putting down funds for the “due diligence” period. This is a given set of time during the under-contract time period that allows for a thorough investigation of the property to determine if the buyer is still satisfied with making the purchase. If issues are found with the property during due diligence, the buyer can then propose due diligence requests through an addendum to adjust the terms of the contract or cancel the purchase of the home. You might refer to due diligence as your grace period during the under-contract process.
 

Closing Costs

During closing, there are specific settlement and transaction charges that need to be paid by the home buyers and sellers. These charges are referred to as “closing costs.” The amount of these costs depends on negotiations made during the closing process, and they typically include lender fees, homeowner’s insurance fees, deed filing fees, real estate agent commissions, attorney fees, etc. These payments go beyond the actual cost of the property, so it is important to factor these in when you are purchasing or selling a house. Our agents can help you with this!
 
It seems like there could be an entire dictionary just for real estate that includes all the terms and proper lingo to use. We wish we could write all of these out for you, but if you have any questions our agents at Network Real Estate know the lingo like the backs of their hands. Contact us today so we can decode this very important life decision.

Neal Johnson is a CMCA, CRB, CNE and GRI-certified, licensed real estate broker at Network Real Estate, which has exclusively served a high volume of property sales and purchases in the greater Wilmington area for more than 30 years. With three offices at College Road, historic downtown Wilmington and Pleasure Island, Network’s brokers are widespread and well-versed in this marketplace, making Network a preferred real estate company for first-time homebuyers and beyond.
 
 

Other Posts from Neal Johnson

20489 networkrealestate insightsad final 121814105759
Ico insights

INSIGHTS

SPONSORS' CONTENT
Screenshot2022 01 06at338 162234623

Genesis Block Targets Contract Conversion with MED Week Event at The Wilson Center

Girard Newkirk - Genesis Block
Mikeharrington carolinaretreats 2

Fall Vacation Rentals and Rising Cost of Real Estate

Mike Harrington - Carolina Retreats
Mikestonestreetcropped 862150530

Risk Management: Seeing the Big Picture

Mike Stonestreet - CAMS (Community Association Management Services)

Trending News

Local Government Commission Does Not Approve Project Grace 

Johanna F. Still - Sep 22, 2022

State Legislature Candidates Share Views With Business Leaders

Cece Nunn - Sep 22, 2022

Application Denied: After LGC Setback, County Will Still Pursue Civic Project

Johanna F. Still - Sep 23, 2022

County Commission Candidates Participate In Power Breakfast Forum

Johanna F. Still - Sep 22, 2022

Work On Wilmington Seeks Nonprofit Projects To Complete

Staff Reports - Sep 23, 2022

In The Current Issue

Spotlighting This Year’s MADE Awards

Each year, the MADE Awards program brings attention to manufacturers and makers in the Cape Fear region....


MADE Winner: Exporter Category

The Exporter Category winner doesn't just hammer its products home....


MADE Winner: Supporter Business Category

The Cape Fear Manufacturing Partnership earned a MADE award in the Supporter Business Category....

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100