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).
Feel free to contact us using the form below, but we'd love to hear from you in person, (850) 325-0004 , or via email as well.