5 Terms Buyers & Sellers Need To Know
Before you sign the dotted line, do you know what that real estate term really means? Angie sheds some light on common real estate terms you’ll come across when buying or selling a home.
Ever hear some real estate terms and wonder what they mean? We talk about five terms on the buying side and five common terms on the selling side you’ll want to know all about.
To start, days on market or DOM tells you how long a home has been on the market. If it’s been a longer time, that might bring up other questions about why it’s not yet under contract. The longer it is on the market, the more it goes into the buyer’s court. On the other hand, if there are very few days on the market then you have to be more aggressive with your offer.
When something is listed “as is” what does that mean? Remember that all homes sold in North Carolina are technically listed “as is.” But when it is specifically listed that way, it’s less likely for the sellers to make repairs. For sellers, be careful when putting this statement in the description because buyers may assume there are issues with the home.
For many out-of-state buyers, “due diligence” is a new term that they are unfamiliar with. This part of homebuying allows for the buyer to do investigations on the home for a certain time frame, often while placing money down.
What are some of the most common loan types? Angie discusses the pros and cons of a conventional loan, FHA loan, and ARM. Then what goes into the offer? Angie shares the different nuances you’ll want to know about before making the offer to make sure you have the best deal as a buyer.
Now on the seller’s side, what do you need to know about inspections, appraisals, contingencies, disclosures, and iBuyers? Angie talks through all of these terms so you’ll be ready it comes time to list your home.
Listen to the entire episode or skip ahead to a particular term using the timestamps below.
1:29 - Why do I care about days on market?
4:13 - Is “as is” bad?
6:37 - What is due diligence in North Carolina?
8:39 - What are different types of loan products?
12:01 - What’s involved in the offer?
14:40 - What should you keep in mind with inspections?
15:45 - What is an appraisal?
16:37 - Should sellers worry about contingencies?
18:40 - What disclosures do you need?
19:44 - What are iBuyers?
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