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
Dave sweyer 300 x 300

8 Signs It May Be Time To Call In The Professionals To Manage Your Investment Property

Dave Sweyer - Sweyer Property Management
Carolinemontgomery4

The Incentive Stock Option Tax Trap

Caroline Montgomery - Adam Shay CPA, PLLC
Aarp suzanneheadshot 300x300

Watch Out For Fraudsters Posing As COVID-19 Contact Tracers

Trending News

Bitty & Beau's To Begin Franchising

Jessica Maurer - Aug 3, 2020

Cape Fear Region Braces For Isaias

Christina Haley O'Neal - Aug 3, 2020

PPD Signs New Service Agreement With Pfizer

Cece Nunn - Aug 3, 2020

BIZTALK: What To Expect From Tropical Storm Isaias

Vicky Janowski - Aug 3, 2020

In The Current Issue

Lighting The Way To Film Success

Headquartered in Wilmington, Lighthouse Films produces films, commercials and stock footage....


Tapping Synthetic CBD For Pain Relief

Working with a group of medical doctors and pharmaceutical Ph.D.s, the young company wants to formulate products that will be effective in t...


Distilling A COVID-19 Necessity

Just a few months in to operat­ing their distillery in downtown Wilmington, End of Days Distillery founders Shane and Beth Faulkner found th...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`