10 Real Estate Terms Every Seller Should Know
To the average person, the world of real estate can seem like one huge, baffling, and complicated maze. Navigating this unfamiliar world may seem impossible. It takes hard work but when done right, selling your home is a great opportunity to make money and move forward with a major life change.
If you need to sell a Killeen, TX house quickly, cash buyers We Buy Killeen Housesare there to help you do just that! There is, however, a lot you will need to learn in a short period of time. Below is a list of 10 key real estate terms every homeowner looking to sell should know. Learning these concepts will equip you with the knowledge you need to successfully sell your home.
Based on the size of the house, the layout, and its condition, a market value estimate will show you roughly how much your property is worth. Which Killeen, Texas neighborhood you live in along with market trends will also be factored in to your homes value. Though it is not a perfect number, a market value estimate is the closest estimate you can get for how much the home will sell for. The key to market value is that it is determined without any sales pressure. In other words, market value is the true, absolute value of your property, independent of what buyers would like to pay or what you are hoping to sell it for. Ascertaining the market value of the house is the first step in selling it quickly.
Before issuing an equity line of credit, your lender will most likely hire a Killeen, TX area appraiser for you. This is someone whose specialty is determining the appraised price of your Killeen home. The appraised value is a value assigned by an appraiser of what your house is worth on the market on a specific day and time. If there is a high amount of people interested in buying your house, the appraised value will likely be more than the market value (the true value of the house).
A lien is a claim of property and gives the lender the right to seize the property as collateral if the debt is not paid. This is what lenders have against the house to guarantee a mortgage. A house with a lien on it will have more sale conditions than one without a lien.
This is a special situation for selling a house. A short sale involves selling the property for less than what is still owed on the mortgage. The lender will agree to facilitate a short sale to sell a property faster; typically done when the seller is in financial distress. The lender forgives the remaining amount of the loan.
A sale-leaseback occurs when a property is sold and leased from the new owners. This is a useful way to resolve discrepancies in move-in and move-out dates. If the seller needs to live in the house after the sale closes, a sale-leaseback is ideal to rightfully stay in the home for whatever duration is negotiated between the seller and buyer.
Contingencies are additions to the contract that must be fulfilled before the contract is complete. This will often involve assigning responsibilities for repairs to the property at the end of the negotiating process. Contingencies are essentially the final back-and-forth exchanges between buyer and seller to finalize the contract to mutual satisfaction.
The seller provides information regarding all known problems with the property via disclosure. Disclosures are regulated by law. Sellers have legal obligations to inform buyers of negative issues they know about the house.
Inclusions are additional property included in the home sale, typically referring to appliances and furniture (refrigerators are probably the most common inclusion). Conceivably, anything could be an inclusion and according to realtor.com, you may be surprised at what is and isn’t expected to be included in a sale. Inclusions should be included in the contract to avoid confusion and disagreement.
When one party voluntarily gives up a right or claim, this is called a waiver. A waiver absolves the other party of responsibility and liability. Waivers can often be used to remove barriers to a fast sale.
A property investor is abusiness or person who frequently buy Killeen, Texas houses, cash, or at the very least, quickly with no repairs needed. We Buy Killeen Houses are known for their ability to rapidly and efficiently close a home sale. They often provide resources that streamline the process and frequently seek out properties that can sell below market value.
We Buy Killeen Houses is an excellent example of a property investor. If you would like to sell your home fast, call us for a free, no-obligation cash offer on your home today 254-268-2988. We would love to help!