Real Estate Terms 101
While you're searching through our current listings, you might run across some real estate terms that seem a bit cryptic, to say the least. Here is a quick guide as to the meaning of these common abbreviations:
MLS - Multiple Listing Service - A private database that contains all the information about properties that are for sale.
DOM - Days on Market - This tells you how long a listing has been on the market. This is handy info to have when it comes time to negotiate your offer.
TFT - Transaction Fell Through - For whatever reason, the buyers are unable to complete the sale. Sometimes this is followed by a message "At no fault of the property." This indicates that there was nothing wrong with the home.
COE - Cose of Escrow - This happens at the end of the deal when local governments have been notified, sellers are paid and the new owner is recorded on the title.
HOA Fees - Homeowner association fees
Triple Mint - A residence that is in immaculate condition.
NAR - National Association of Realtors - The NAR is the largest trade organization for real estate brokers and agents.
Mortgage Related Terms
FHA Mortgage - A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.
PMI - Private Mortgage Insurance - Most lenders require private mortgage insurance (PMI) for loans with loan-to-value (LTV) percentages in excess of 80% (the buyer put down less than 20% of the home's value upon purchase).
HECM - Home Equity Conversion Mortgage - A reverse mortgage where the lender pays the home owner. The loan doesn't have to be repaid until the borrower sells or passes away.
PITI - This stands for principal, interest, taxes and insurance.
VA Mortgage - A mortgage that is guaranteed by the Department of Veterans Affairs (VA).