Sellers list their homes for sale as-is when they don’t want to make any repairs or renovations before closing. In other words, there are no guarantees from the seller on anything in the house — if you buy an “as-is” property and then find a problem, the responsibility falls on you.
When a property is contingent, it means the owner has accepted an offer, but certain contractual expectations must be met or the offer will be void. If all contingencies are met, the property changes status to “pending.”
A jumbo mortgage, or jumbo loan, is a home loan for an amount that exceeds the conforming loan limit set on mortgages eligible for purchase by Fannie Mae and Freddie Mac, the government-sponsored enterprises that ultimately buy and administer most single family-home mortgages in the United States.
Most real estate agents make money through commissions, or payments made directly to real estate brokers for services rendered in the sale or purchase of a property. A commission is usually a percentage of the property’s selling price, although it can also be a flat fee.
Like a Blue Book for homes, the chain of title is the documentation of all past ownership of a property. It runs from the present owner to the very first owner of the property.
A house is listed as “active under contract” when the seller has accepted an offer with contingencies, but still wants the house to be listed as active. In this situation, the seller is also likely accepting backup offers in case their current offer fails to meet its contingencies.
A loan’s actual balance, excluding the interest owed for borrowing. This is the original amount borrowed from the lender that needs to be repaid, in addition to all the other costs of borrowing that amount (interest, insurance, and taxes). The principal is paid monthly over the term of the mortgage.
Median days that all active listings have been on the market during a given time period. This equals the median of the last day of the period, minus the listing added date, so long as the total days active is less than one year and at least 1 day.
A property’s fair market value is its accurate valuation in a free and open market under the condition that buyers and sellers are knowledgeable about the asset, acting in their best interests, and free of undue pressure to complete the transaction.
For sale by owner, or FSBO, is a term that refers to a method of listing a property for sale. In a FSBO listing, the seller does not work with a real estate agent; rather, they sell the home themselves.
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