ClarkCountyExpert.com's Real Estate Basic Terminology 101
Real Estate Terminology
You'll See When Shopping For a Home
in Vancouver & Clark County,
Washington
ClarkCountyExpert.com
|
Real estate ads are
sprinkled with terminology that often puzzles consumers who don't
have applied knowledge of the Real Estate industry's lingo. Internet
home buyers find that information about properties is often
presented in abbreviated form or unfamiliar language. Shedding a
little light on some basic real estate terms may help you locate a
home that is available at a very affordable price.
'MLS' refers to the Multiple Listing Service, which is the database
of listed homes for sale. In the Vancouver / Clark County
Washington market their are two active MLS providers: 1) Realtor
Multiple Listing Service (RMLS); and 2) Northwest Multiple Listing
Service (NWMLS). RMLS is strong in Oregon and Clark County;
while NWMLS serves a larger population area, from Clark County north
through to Seattle, and right up to the Canadian border. Our
team is a member of both NWMLS and RMLS to ensure our listings are
exposed to the most Washington and Oregon residents; and to ensure
our home shoppers will find the right property for them.
Some real estate web
sites allow homebuyers to preview local listings that appear on the
MLS. If you see a real estate ad for a "FSBO", it means that the
property is for sale by the owner, who is declining the services of
a listing Realtor/Agent. A FSBO most likely will still allow
for a commission to a real estate agent that brings them a qualified
buyer.
A home listed
"As-is" is being sold in its existing condition. Such a home
may have been pre-inspected with all flagged material repairs made
however, it may also be the case that there are pre-existing
conditions that the seller will not correct, which should be
reflected in a lower price.
A "bargain sale"
home is priced at less than its market value, and a "fixer-upper" is
priced low because it needs refurbishing. When looking at
fixer-uppers make certain the financing program you are using will
allow the purchase of a home that requires a material repair(s).
Please e-mail or call us with any questions
you may have with this information or your real estate questions in
general -- we're here to help!
|
Kathryn Alexander & John Slocum, Alexander
∞ Slocum Real Estate Team |
|
Call Toll
Free: 1+888-525-5528
0 comments on ActiveRain...
