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 a Home Appraisal?

What is a Home Appraisal?

When buying or selling a property, a home appraisal is a critical step of the process.  But what is a home appraisal anyway?  Quite simply, a home appraisal is a licensed appraiser’s unbiased opinion (and comprehensive report) of a property’s market value based on...

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What Is an ADU? Things to Know

What Is an ADU? Things to Know

Accessory dwelling units (ADUs) have grown in popularity as home prices rise along with the cost of living. Accessory dwelling units are helping people adapt to these trends by allowing them to share common living spaces with other people. Before building an ADU, it’s...

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What Is a 1031 Exchange: How Do You Use It?

What Is a 1031 Exchange: How Do You Use It?

No, it’s not a vague mailing address - wait, it actually might be. But in real estate, a 1031 exchange is a swap of one investment property for another that allows the deferring of capital gains and depreciation recapture taxes.  What is a 1031 Exchange? The term...

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What Is A Probate Sale? The Basics

What Is A Probate Sale? The Basics

Probate sales can provide unique opportunities to buy a home for less money, but they tend to me more complicated than a traditional real estate transaction because they involve a long and drawn out process. A buyer looking to buy a house in probate will need to...

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Assessed Value Vs Market Value. What’s The Difference?

Assessed Value Vs Market Value. What’s The Difference?

The assessed value and the market value of a home are often very different leading to confusion among homeowners. They are viewed as something that should be similar but in reality, they are very different from each other. Usually, the assessed value of a home is much...

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What Is a Sheriff Sale?

What Is a Sheriff Sale?

As the name might suggest, a sheriff sale is a court-ordered sale of property, if the property owner is unable to make good on paying for that property.  A sheriff sale is a public auction where property, in real estate obviously this is typically a house, is...

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How to Find Your Property Line – Complete Guide

How to Find Your Property Line – Complete Guide

It might seem obvious when you first move in where your property lines are. You can see the fence, you can see the garage, you can see the backyard, and so on. But that ain’t necessarily so. And that said, figuring out where your property lines are can help keep your...

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What Is a Contingent Sale?

What Is a Contingent Sale?

A contingent sale can be a challenging thing to handle, but they’re manageable if navigated properly. As a real estate term, a contingent sale can sometimes mean that a buyer is unable to purchase a property without selling one they already own due to financing, or it...

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What is an Open House?

What is an Open House?

Driving through your neighborhood, you may have seen a sign for an open house. But have you ever wondered what exactly it is? Quite simply, it's when a seller, well, opens their house, and invites potential buyers into the property. Open houses for buyers When people...

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Realtor vs Real Estate Agent- What is the Difference?

Realtor vs Real Estate Agent- What is the Difference?

If you’re considering buying or selling a home, unless you are doing a For-Sale-By-Owner, you will most likely want someone to help you through the real estate transaction process. But, who should you turn to? A real estate agent or a realtor?  Are all licensed real...

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What Does Active Contingent Mean?

What Does Active Contingent Mean?

If you're searching for a new house online, you've probably seen a lot of industry lingo which can get confusing. From active to pending to contingent, you've probably seen it all. But really, what does active contingent mean? When a property is marked as contingent,...

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What is a Chef's Kitchen?

What is a Chef's Kitchen?

A chef’s kitchen is  not only created to maintain functionality, but they are also quite aesthetically pleasing. The sleek surfaces are designed using high-quality stainless steel. The countertops are often made of attractive black marble, or perhaps granite,...

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What is a Man Cave Anyway?

What is a Man Cave Anyway?

According to the great and powerful internet dictionary, a man cave, manspace, manland or mantuary is “a room or other part of a home regarded as a refuge for the man of a household.” It's a male retreat or sanctuary in a home that uses a particular room such as a...

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What is a Tiny House?

What is a Tiny House?

It’s no surprise that tiny homes are growing in popularity. So what’s the big, er small deal? What is a tiny house anyway? Why are they growing more and more popular? Are they a good investment? On the downsize Put simply, people all over are choosing to downsize,...

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What is a Crawl Space?

What is a Crawl Space?

When people are looking to buy a new home, they rarely consider what is under their feet. However, it is vital to know about what’s below the surface of homes, especially when you're standing on top of a crawl space. But what is a crawl space? Simply speaking, a crawl...

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What Is a Murphy Bed?

What Is a Murphy Bed?

If you're living in a tiny home or trying to make a room multipurpose, a Murphy Beds may be the answer you're looking for! In living quarters where every little inch matters, you often have to get creative about how to use space. One option could be a Murphy Bed. A...

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What is a Half Bath?

What is a Half Bath?

If you in the market for a new home, you've probably built some filters or search criteria. In the listings you're reviewing, you'll often see the term half bath or a .5 by the number of bathrooms. Most likely, the number of bedrooms and bathrooms is probably a pretty...

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What is a Wet Bar?

What is a Wet Bar?

If you love entertaining, there have probably been times when you wished you had a dedicated space in your home or a man cave to mix up some adult beverages. Many people wish they had a bar in their home to make entertaining easier. Quite simply, a wet bar is an...

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What is a Dry Bar?

What is a Dry Bar?

You've heard the term before, but do you really know what is a dry bar and what's a wet bar? And, more importantly, what the heck is the difference between the two? Isn't a bar a bar? Ultimately, both are for the purpose of making entertaining more convenient.  So...

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Are Mansions Just Really Big Houses?

Are Mansions Just Really Big Houses?

The idea of a mansion invokes a vision of lush gardens, intricate architecture, luxurious furnishings, and a hefty price tag. But is that really the case or are Mansions just really big houses? The dictionary defines mansion as just “a large imposing residence.” It's...

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A Seller’s Property Disclosure Statement can intimidating for some home sellers, but it shouldn't be. Take a deep breath and realize how easy it is to just state the facts and nothing but the facts on this and other sellers disclosure forms. You’ll see that...

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What is an Inspection Objection?

What is an Inspection Objection?

So you just had your inspection.  Be prepared, because there will undoubtedly be a few things that show up on your Inspection Objection (sometimes referred to as the Inspection Notice) that your buyers want you to fix.  This is normal, so take a deep breath...

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