The assessed value is a property’s determined valuation used to calculate the appropriate tax rates. Depending on where you live, a municipal or county tax assessor will determine your home’s value, and local tax
Assumption is when a seller transfers all terms and conditions of a mortgage to a buyer. The buyer takes on the seller’s remaining debt instead of taking out a new mortgage of their own.
The average of the ratio between the current list price and the original list price. For example, an average price drop ratio of 5% means active listings have dropped their price by 5% of
The mean ratio of each homes sale price divided by their list price covering all homes with a sale date during a given time period. Typically excludes properties with a sale price 50% above
A backup offer is made in acknowledgment of an already existing offer and ensures a contract with the seller if the first offer happens to fall through. It is a legally binding contract that,
Instead of a traditional fixed-rate mortgage in which the owner pays on the loan in installments, a balloon mortgage is paid in one lump sum which is called the balloon payment. It’s usually associated
A bi-weekly mortgage payment means a homeowner pays their monthly mortgage payment in two monthly installments instead of one. With a bi-weekly mortgage, you’ll make 26 payments per year instead of 12.
A bridge loan is a short-term loan a homeowner takes out against their property to finance the purchase of another property. It’s usually taken out for a period of a few weeks to up
A real estate broker is a real estate agent who continues their education and successfully receives a state real estate broker license. Unlike real estate agents, brokers can work independently and start their own
A buydown is a mortgage-financing technique lowering the buyer’s interest rate for anywhere from a few years to the lifetime of the loan. Usually, the property seller or contractor makes payments to the mortgage
A call option is a contract giving one party the right to buy and another party the right to sell a piece of property at a future time and specific price.
