Real Estate Glossary

What are iBuyers in real estate?

iBuyers are a new category of real estate company that purchases homes directly from homeowners. The term iBuyer is short for “instant buyer” because they use automated valuation models (AVMs) to generate offers faster than typical buyers.  Although iBuyers offer...
What Is Property Tax?

What Is Property Tax?

If you're a potential home buyer, you've probably estimated a mortgage payment. One of the items that makes up your monthly mortgage payment is property tax. In this article we cover what it is and how to determine your property tax.  What is it? Quite simply,...

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House Hunting Checklist

House Hunting Checklist

People are moving every single day, and all for various reasons.  You may be a first-time homebuyer, or a seasoned veteran when it comes to buying and selling homes. Either way, one thing that’s certain is you have some sort of criteria that you’re looking for in...

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What Is House Hacking?

What Is House Hacking?

House hacking. It’s one of the less popular terms in real estate. But you’ve probably heard of it without realizing there was an official name. Simply put, it is a strategy where you live in a primary residence, but also rent out portions of your home to offset the...

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How Much Commission Does a Realtor Make?

How Much Commission Does a Realtor Make?

Traditional real estate agents make their money through a commission structure. Agents are paid directly for services rendered in the sale of or the purchase of property. But, how much commission does a realtor actually make? While this is public information that all...

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How to Flip a House: A Beginner’s Guide

How to Flip a House: A Beginner’s Guide

Have you been watching too much HGTV lately? A side effect of this might be a strong desire to learn how to flip a house. Or maybe you’ve been searching for a way to break into real estate for awhile now, and flipping homes seems like the right investment strategy for...

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What is the Difference Between a Condo and a Townhouse?

What is the Difference Between a Condo and a Townhouse?

When purchasing a home, you’ll be forced to consider a lot of factors. This could include outdated kitchens, one or two car garages, yard or no yard, etc. One of the most important factors is what type of home you are looking to buy. Buyers will most likely be...

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Types of Houses: What’s the Difference?

Types of Houses: What’s the Difference?

If you’re searching for a new home, it’s helpful to know the terms commonly used to describe home and property types. After all, the types of houses you consider purchasing can affect your mortgage and home insurance.  There are 2 ways different types of houses...

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How to list your home on the MLS

How to list your home on the MLS

When it comes to selling your house, getting in front of as many buyers as possible is the best way to make a quick sale and maximize your proceeds. In this article, we'll explain how to list your home on the MLS. Talk to any agent and they’ll tell you that only...

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What is a Listing Agent & Do You Need One?

What is a Listing Agent & Do You Need One?

Selling a house is often stressful and challenging. Luckily, a real estate seller’s agent can help provide services that advise and guide the seller from listing a property and throughout the process of selling a home.  What is a listing agent?  A listing...

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What is a Single-Family Home? 

What is a Single-Family Home? 

What is a single-family home? It is one of many real estate terms that have sprouted up over the years that you will see in your home search. Is this the right type of home for you? Or would you be better off in a multi-family home, condo, or townhome? What is a...

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What is Dual Agency and Why is It Important?

What is Dual Agency and Why is It Important?

What is dual agency? In a standard real estate transaction, there is a buyer's agent that represents the buyer and a listing agent that represents the seller. In real estate, dual agency is a situation in which a real estate agent simultaneously represents the buyer...

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What Is A Manufactured Home?

What Is A Manufactured Home?

In the United States, more than 22 million people live in manufactured homes. Like other large investment purchases, it is important to weigh all the pros and cons of buying these homes. Depending on your circumstances and family’s needs, purchasing these homes may be...

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What is a plat map and why does it matter?

What is a plat map and why does it matter?

A plat map (sometimes simply called a “plat”) is a legal document showing the division of a piece of land into specific lots.  Reviewing a property’s plat map as well as the more detailed plot map can help determine exactly what property is being bought or sold. A...

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Do You Need a Home Warranty? Know This Beforehand

Do You Need a Home Warranty? Know This Beforehand

A home warranty is a great way to protect your home, and your budget, but what exactly is it? These plans aren’t necessary for everyone, so let’s look at the details and you can decide if this is a beneficial option for your situation.  What is a Home Warranty? A home...

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What is a HUD home? Everything you need to know.

What is a HUD home? Everything you need to know.

If you’re in the market for a new home, you may have come across the term “HUD Home” in your search. These homes can be a great opportunity for buyers, and even offer cost savings. But it’s important to do your research. Let’s look at what a HUD home is and how to buy...

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What Is an Easement? What You Should Know

What Is an Easement? What You Should Know

As you go through the home buying process, you may come across the term easement and wonder what it means and how it affects your property value. Easements are very important to a real estate transaction and therefore something you should care about when purchasing...

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How Does Rent-to-Own Work?

So you know that renting doesn’t allow you to build equity, but you aren’t sure you can afford a mortgage right now, this is when rent-to-own comes into play. Buyer and sellers can benefit from a rent-to-own agreement, but it’s essential that both parties fully...

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What Is a Transaction Broker? Know This Beforehand

What Is a Transaction Broker? Know This Beforehand

Most people looking to buy or sell a house have an idea of what a buyer’s or seller’s agent is. Although, you might not understand entirely what each does for their respective parties. In many states recently, transaction brokers have started to appear as one of many...

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Contingent vs Pending Sales: What is the Difference?

Contingent vs Pending Sales: What is the Difference?

What is the difference between contingent vs pending sales? Contingent deals are still active listings (which is why they are often called active contingent). They are liable to fall out of contract if requested provisions are not met. If all goes well, contingent...

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What Does Under Contract Mean in Real Estate?

What Does Under Contract Mean in Real Estate?

When Yogi Berra said a baseball game wasn’t over until it was over, he meant that even as much as a team might be down or up in runs, the game wasn’t over until the last pitch was made. This also applies to the real estate term “under contract.” Under contract in real...

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What is a Patio Home?

What is a Patio Home?

You may have seen the term “patio home” when looking at real estate and have probably wondered what it is.  Well, in the United States, that means it’s a single family home that doesn’t necessarily need to have a patio. In fact, many don’t. How is that possible?...

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What is a Mortgage Pre-Approval?

What is a Mortgage Pre-Approval?

If you talk to anyone in the real estate industry about buying a home, one the first things you’ll hear is “have you gotten a mortgage pre-approval”. If you are a serious home buyer, it’s imperative that you get this because it shows sellers that it’s possible for you...

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What’s the Difference Between a Title and a Deed?

What’s the Difference Between a Title and a Deed?

In real estate, many people use the term deed and title as if they are the same thing. But in reality, while they are related, they are not the same thing at all.  Definition differences: deed versus title During the home buying process, a deed is a legal...

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What is FSBO? Know This Beforehand

What is FSBO? Know This Beforehand

So perhaps you’ve been thinking about selling your house, but you don’t want to pay thousands in commissions. Or perhaps, you’re searching for a new home online and keep running across the term “FSBO.” Here is what you need to know.  What does FSBO stand for? FSBO,...

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