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Glossary
Glossary of terms used on this site
There are 27 entries in this glossary.All
| Term | Definition |
|---|---|
| Short Sale |
Sale of real property (real estate) where the seller owes more than the property is currently worth. The lender or in some cases lenders must approve the agreed upon purchase price and also agree to the net loss in order to complete the sale. This is the preferred method of disposing of a property prior to foreclosure.
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In every transaction there is usually a request for repairs given to the seller by the buyer. The work order is usually backed up by a third party inspection report. The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements. 
A plan is something that most people over look when going into a new home purchase and if you don’t have one it could cost you lots and lots of money. A good REALTOR® will be able to help you with your plan. The biggest issue with your plan is TIME.