The increased value of your home from when you purchased it is considered its appreciation in value. To determine the value of your home, you’ll need a real estate appraisal with expertise in your geographic area.Īppreciation - Over time, your house should gain in value due to increased marketing demand and inflation. To help prepare you for the home selling process, we’ve created a complete glossary of real estate terms.Īppraisal - This is an estimate of the property’s worth/value. If you don’t know what they’re saying, you could put yourself at risk of a bad deal or an unfortunate misunderstanding that can cause endless trouble for closing the deal. Everyone uses it from your real estate agent to your bank loan manager and the home seller. When selling a home, it’s impossible to avoid real estate terminology. Please note that your email address is kept private upon posting.What’s the CMA of your home and does the buyer have a plan for paying the closing costs? Does that sound like a lot of mumbo-jumbo? If it does, then it’s time that you get up to date on the latest real estate lingo. Leave text box empty Leave text box empty Don't forget to follow us on social media! Twitter Facebook LinkedIn Let's chat! Call Broker, Tamara Williams, at 406.223.6823. If you're thinking about selling your home but are unsure of the process, we can help simplify and answer questions. While there is a chance that a property with the pending status can return to the market due to an inspection, appraisal, or financing issue, the chances are lower at this stage. The deal hasn't closed yet, but being in the pending stage is the finish line of the deal. Now that the seller and the buyer have agreed to each other's terms and all contingencies have been met, the home is marked as pending and taken off the market. Setting these conditions makes sure everything goes as planned before entering escrow. If you're selling your home, setting contingencies protects you if something comes up with either buying another property or finding an acceptable offer from someone who wants to buy yours. A contingency is anything that needs to happen before the deal can actually take place. Once those problems are addressed, the deal can continue as planned. This could be because of financing, inspection reports coming back unacceptably high, or if the offer depends on the buyer selling their home or the seller buying a new one. A contingent contract means that some condition hasn't yet been met, and both parties have not agreed to move forward with executing the deal as planned. Once your home is under contract, but some contingencies need to be met, your property is considered contingent. In some cases, you may still be able to still make an offer on a property listed as under contract. If a property is under contract, there is a chance that the deal can fall through due to unforeseen circumstances. This means that both parties have committed themselves to proceed with the transaction, and it will proceed once any contingencies are met or waived by either party. Under ContractĪ home is considered under contract when the buyer submitted an offer to buy the property and the seller has accepted the offer. This blog post will peel back the curtain on 3 key real estate terms so that you know exactly what you're looking at while buying or selling. This can be frustrating, especially if you've found a home that you love that has been marked "under contract." Similarly, if you're thinking about selling your home, you may be wondering what the different stages of the process are once you've accepted an offer but before you've handed over the keys. If you're actively working to find a home, that may have been just a few minutes ago.Ĭheck out our YouTube video which covers these terms defined in more detail:Ĭhances are you saw terms while searching that you may or may not know the true meaning of. Think back to the last time you were searching for homes.
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