Buying a home is often times considered one of the most complex consumer purchase an individual will make in their lifetime. Buying a home is so complex because almost always a home is purchased with a mortgage loan from a bank or mortgagee broker. The whole combination of buying an extremely expensive, life changing object along with working with financial institutions causes the whole process to be super complex. Often times, just going out and desiring to buy a great home just isn’t feasible, buying a home takes experience. The needed experience can be provided by a realtor. A professional realtor who has the experience and practice in a particular region is an incredible asset. One issue many people run into is the world of realtors comes with its own language. Here are a few definitions.

The most used abbreviation used by realtors is the bedroom/bathroom combination. For example a four bedroom two bath house will be abbreviated 4B/2B. A bedroom can almost always be defined as a room with a window and a closet. There are different degrees of bathrooms such a s a full bath bathroom with a sink toilet and a bathtub. The three quarter bathroom is with a shower and no bathtub and a half bath is one with no shower or bathtub, just a sink and toilet.

Another concept that realtors discuss often are closing costs. Closing costs are just an easy phrase to relate to a huge myriad of costs. Closing costs can include inspection fees, loan origination fees, title company fees, etc. The list is pretty exhaustive and in reality, closing costs can actually cost anywhere from two to eight percent of the cost of the entire home.

Realtors will often refer to a CMA or comparative market analysis. A homes current market value will often reflect what the homes of its same caliber in the same neighborhood are selling for and what there price is. A home will have a hard time selling above the price that neighbors are selling their home for, therefore a realtor will look carefully at what the homes in the neighborhood are selling for. This is a competitive or comparative analysis.

An important part of buying a home is the contingency. A contingency is an agreement between the buyer and the seller that the buyer has no legal obligation over the property until the seller meets certain expectations. For example the buyer can have a contingency that states tat the buyer will have a professional inspection done of the property. The contingency protects the buyer from buying a home that looks good but is foundational unsecured or just from the buyer being ripped off by the seller.

A smaller but also important part of realtor lingo is the agreements on fixture. Real estate gets its name from the fact that owning real estate is owning “real” property. Real property is something that does not move and cannot be destroyed. Anything that can be moved is not “real” property. So when a home is being purchased it is important to know what movable property will come with the home. Fixtures can lead to serious disputes between a buyer and seller. Great advice is to get it in writing!

Author Bio: Juhlin Youlien writes for the Website Our Best Real Estate which is Exclusive to Arizona featuring Paradise Valley real estate, Fountain Hills AZ homes for sale, Phoenix AZ homes for sale and Tucson real estate.

Category: Real Estate
Keywords: homes, real estate, buying a home, selling a home, realtor, realtors, loan, mortgage, foreclosure, s