Home > Blogs > 14 Post-Recession Real Estate Terms, Translated
12,114,811 views

Ask Tara @Trulia

make smart decisions w/Tara's real estate + mortgage need-to-knows

By Tara-Nicholle Nelson | Broker in San Francisco, CA

14 Post-Recession Real Estate Terms, Translated

By now, you’ve probably heard the age-old rules of thumb about translating home listings from real estate lingo to plain English: ‘cozy’ = tiny, ‘needs TLC’ = needs massive repairs, and ‘all original details’ could mean beautiful moldings or moldy linoleum, depending on the home.

Almost everything about the real estate market has changed over the last few years, though, so we thought it was time to provide you with an updated real estate lingo decoder that accounts for those changes in the market. (That's a picture of Ralphie getting his decoder ring in the mail, by the by.)

To that end, here are 14 line items of real estate jargon, divided into 2 buckets and decoded for the post-recession house hunter.

Bucket #1: Transaction signals.  Distressed properties – foreclosures and short sales - make up about a third of the homes currently on the market, and these transactions have their own unique flow, timelines and challenges compared with “regular” equity sales.  So, it only makes sense that listing agents have developed a set of abbreviations to brief prospective buyers on what they can expect and should be prepared for if they make an effort to buy such a home, with just a glance at the listing:

1.       REO:   Real estate owned by the bank/mortgage servicer, this acronym refers to homes that were foreclosed and repossessed by the former owner’s bank.  It also signals that buying this property will involve doing a deal with the bank; possibly dealing with a different escrow timeline, offer process or contract forms than a non-REO sale; and almost always taking the place in as-is condition, among other things.  Oh, yeah – and it might also involve one more thing: a great deal.

2.       S/S, Subject to bank approval:  What once stood for stainless steel is now being used to describe a short sale – a property whose seller anticipates will net them less than they owe on the home.  Short sales are often described as “subject to bank approval,” which simply points out the obvious truth about these transactions, that the seller has very little control over whether the bank will allow the transaction or what price and terms the bank will approve of, and that the transaction might very well take the better part of your natural life could take 6 months or longer to close.  Talk to your agent for more details about short sales, and to determine how you can tell the success-prone short sales from those that are less likely to close.

3.       Pre-approved short sale:  Many knowledgeable agents say no short sale is truly “pre-approved” unless and until the bank looks at a specific buyer’s offer and the seller’s financials at the same time, but some listing agents designate a short sale as “pre-approved” when a previous short sale application was approved at a given price, but fell out of contract for some other reason.

4.       Motivated seller:  This is a perennial term in listing parlance, but against the backdrop of the current market, translates to something like, “Have mercy on me.”  I kid – this phrase often signals a seller’s flexibility in pricing and/or urgency in timing.

5.       Coveted:  In a word, “expensive.”  No, seriously, even on today’s market, many locales have a neighborhood (or a few) which have been relatively recession-proof, have been fairly immune to the foreclosure epidemic and have seen home values continue to rise. If you see the word ‘coveted’ in a listing, chances are you’re house hunting in that sort of neighborhood, or there’s something about the individual property the home’s seller is trying to position as unique and desirable, as compared to competing listings (i.e., the view, location of the lot, or floor plan).

6.       BOM, often accompanied by “No fault of the house:”  Homes go in and fall out of escrows on today’s market constantly, often due to things the seller has no control over.  BOM indicates a home that was in contract to be sold, but is now “Back on the Market.” “No fault of the house” may describe a situation in which the buyer lost interest in the home after a long short sale process or failed to get final loan approval, as contrasted to a situation in which the home’s inspection turned up deal-killing problems or the property failed to appraise at the purchase price.

7.       Not a short sale, not a foreclosure.  Sellers on “regular” equity transactions are often more negotiable on items like price and repairs, and are certainly able to close the transaction (i.e., let the buyer move in) sooner than sellers of REOs and short sale properties.  Some also pride themselves on having maintained their homes in better condition than the distressed homes on the market.  For buyers that seek quick certainty and closure, non-distressed homes can be especially attractive.

Bucket #2: All about the Benjamins.  The government’s role in financing homes has grown exponentially over the housing recession, so the alphabet soup of government housing and home financing agencies, their guidelines and programs is now more important to understand than ever.

8.       OO/NOO:   Owner-Occupied and Non-Owner Occupied – You’ll see this on listings in two different ways.  First, the vast majority of home loans must comply with government loan insurance guidelines, including guidelines around how much of a condo complex must be owner-occupied (i.e., 75 percent, minimum, in most cases).  Also, some bank-owned property sellers will consider offers from owners who plan to occupy the property if they buy it as much as a week or 10 days before they will look at NOO or investor offers.

9.       FHA:  Short for the Federal Housing Administration, which backs the popular 3.5 percent down home loan program. FHA guidelines also include somewhat strict condition and homeowners’ association dictates, so if  a home’s seller notes that they are not taking FHA loans, they might be saying that the property has condition or other issues which disqualify it for FHA financing.

10.   Fannie, Freddie:  Fannie Mae and Freddie Mac, federally controlled company/agency hybrids that now back most non-FHA (conventional) home loans, and thus provide the guidelines most Conventional loans must meet, including guidelines around seller incentives like how much closing cost credit a buyer can receive.

11.   DPA/DAP:  Down-Payment Assistance or Down-Payment Assistance Program

12.   FTH/FTB: First-time homebuyer/First-time buyer – cities, states and large employers like universities tend to be the last bastion of these programs which offer mortgage financing or down payment assistance, usually to people who have not owned a home in the relevant city or state anytime in the preceding 3 years.

13.   HUD:  The federal department of Housing and Urban Development, which governs the guidelines for FHA loans, acts as a seller of homes which were foreclosed on and repossessed for non-payment of FHA-backed loans, and publishes the Good Faith Estimate and settlement statement forms every buyer and borrower will be provided at the time they shop for a loan and close their home purchase, respectively.

14.   HFA:  Short for Housing Finance Administration, this acronym refers to a loose body of state and regional agencies which offer an array of financing and counseling programs that varies by state, from down payment assistance for first time buyers to the Hardest Hit Funds that offer foreclosure relief assistance and principal reducing loan modifications to unemployed and underwater homeowners in the states hardest hit by the foreclosure crisis.

Agents:  What real estate lingo are you seeing being used to describe properties’ transaction types or financing details?

Buyers/Sellers:  What real estate lingo have you seen – and been stumped (or amused!) by?


P.S. - You should follow Trulia and Tara on Facebook!

Comments

By Rkdmorris,  Thu Nov 3 2011, 11:26
BTVAI - they might as well write "buyer beware!"
By Dan Coleman,  Thu Nov 3 2011, 11:35
I see often see "priced to sell". Not sure what that means anymore. I am waiting to see one that says "priced so high even a mother wouldn't come look".
By Garrigus Real Estate Group,  Thu Nov 3 2011, 11:45
"Price Reduced" has to me always been "We priced this property too high to begin with and now we've come to senses"!
By Kim Regan,  Thu Nov 3 2011, 11:51
FHTIN...freaky hood take it now LOL Best abbreviation I've run across.
By Howell Jones,  Thu Nov 3 2011, 12:03
I would say that any property that is a bank owned property is a distressed property. If the banks don't want to be creative in the sale of these properties let them keep them. As their inventory increases they will not have much choice. I know the market has not hit bottom yet. Don't they?
By Suzanne Smith,  Thu Nov 3 2011, 12:21
TLC- Terrizing Little children and cats! LOL We viewed a home that had been a showplace about 4 years ago, from photos we had seen on the internet, and was now up on short sale.
Our agent opened the door to show the house and we saw it was strewn with toys and crayola colored walls a Huge 2 foot hole in the kitchen ceiling and broken cabinets and inside the formal dining area 7 small kittens and Momma cat frolicking on the furniture! LOL
And Tropical Pool and backyard- Yep looked like a swamp with flies, would have needed a Machete to find the yard! LOL
By Timburg61,  Thu Nov 3 2011, 12:24
What's not said is that most Bank Owned or REO, or Short Sale homes will be sold "As Is". That can mean there's some minor work to be done, or major systems that are failing, or somewhere in between. Go ahead and put inspection contingencies on them, but do not expect that you'll get major concessions if problems are uncovered. Think of those as being an opportunity for you to get an out from the contract.

On the other hand, be aggressive when talking to the bank. They do not want to own the property - that's not the business that they are in. If an REO, every day they own the house there are utility, tax and maintenance issues that they're responsible for. If a short sale, it is likely that the mortgage isn't being paid - so again, the house is an expense and not an asset.
By S Buckley,  Thu Nov 3 2011, 12:31
What does "No Kickout" mean?
By JC & Heather Gonzalez,  Thu Nov 3 2011, 12:40
I have to say that "motivated seller" after the first two weeks the home is on the market actually means "unreasonable seller" as a truly motivated seller would have priced the home to sell and would be in contract within the first 2 weeks of marketing.
By Denise,  Thu Nov 3 2011, 12:44
Sm Buckley, When the status on a property is listed as “Contingent w/no kick-out” it means that an offer has been presented to the seller with contingencies, and if those contingencies are not satisfied, then the seller may take another offer.

A “kick-out” clause is sometimes used if a seller wants to reserve the option to accept a better offer, once the property is under contract. A “no kick-out” clause means that the seller relinquishes this option once his/her home is under contract.

http://dc.urbanturf.com/articles/blog/ask_an_agent_what_does_contingent_w_no_kick-out_mean/1340
By Frank Alvarez,  Thu Nov 3 2011, 13:11
Don't forget "Buyer Walked" for those buyers who put in a bid on a short sale and lose patience and cancel their offer.
By Debra Savittieri,  Thu Nov 3 2011, 13:12
LPVR2IO Lister on permanant Vaca, Has right to Ignore offers.
SABC0 Selling agent Brokerage commission is 47 cents.
OPGBwf Owners playing game with short sale Bank and will eventually foreclose.
TOPBDK Tenant on property-short sale Bank doesn't know.

Those above are what should be posted , however can't be of course. Smile!
By Kathryn Hamel,  Thu Nov 3 2011, 13:50
What does CBS Home mean?
By Karen Pannell,  Thu Nov 3 2011, 13:55
Owner: OOT = Owner Out Of Town
By David Barr,  Thu Nov 3 2011, 13:57
Post recession? We're still in one, as much as you want disbelieve it.
By Linda White,  Thu Nov 3 2011, 14:03
Kathryn Hamel - usually menas Concrete Block Stucco Home
By Jennifer Kjellgren,  Thu Nov 3 2011, 14:14
Kathryn - it also can mean Call Before Showing (we use it in the Atlanta area)
By Helen Oliveri,  Thu Nov 3 2011, 14:17
These are some great common terms that can be confusing to the non realtors!
By Kathy Ridick,  Thu Nov 3 2011, 14:24
Good stuff!
By Donna Siefert,  Thu Nov 3 2011, 14:26
My broker recently referred to the SWAG method of pricing a property to sell. It means Silly Wild Ass Guess.
Agents need to study their market, do CMA & whatever possible to educate their sellers as to pricing their property to be IN the market, as opposed to ON the market. SWAG method not really recommended, but HEY in today's market, surprises abound!!
By Lefty33,  Thu Nov 3 2011, 14:50
My experience > buyer with 800 credit score wants to buy a nice condo. Willing to put 10% down. Condo not pre approved by Freddie, Fannie, or FHA. Therefore, property does not qualify for a mortgage of any type.

However, a falling down dump backed by Fannie, mortgage is no problem with only 3.5% down.

This is known to me as IS > I'm Screwed
By Tkasch,  Thu Nov 3 2011, 15:05
What does short sale active with contract mean?
By Confidence Stimpson,  Thu Nov 3 2011, 15:05
@Donna (or anybody)--what is CMA?
By jon,  Thu Nov 3 2011, 15:10
I love the new terms. Debra's LPVR2IO - Perfect!

Our national association put together a list 3 years ago that is still relevant:
http://buyersagentannarbor.com/reports/20080804NAEBAEuphemisms.pdf
Maybe it will be updated in 2012.
By John Crowe,  Thu Nov 3 2011, 15:16
Dan C. - That is funny!
By Anne Acosta,  Thu Nov 3 2011, 15:17
The one that really puzzles me -- what does "pride of ownership" really mean?
By MarketReady Home Staging & ReDesign,  Thu Nov 3 2011, 15:22
Confidence...CMA = Comparative Market Analysis
By Peter Lake,  Thu Nov 3 2011, 15:26
To Confidence Stimpson:
CMA = Comparative Market Analysis.

Two should be done....One containing only recently sold properties and the other containing solds and on-market properties, so as to gauge the competition.
By Peter Lake,  Thu Nov 3 2011, 15:30
To Anne Acosta:

"Pride of ownership" sometimes means the owner is a compulsive neatnik, possibly a pain in the ass to deal with, who thinks his whole house is so perfect you'd better not even mention an inspection.

Or it can just mean someone's fastidious and has a great place that means nothing's wrong.
You'll know soon enough......check the owner's sock drawer first. If they're arranged carefully by color the house will probably be in great shape but be careful breaking the news to the owner if you find something wrong.
By Luke Constantino,  Thu Nov 3 2011, 15:35
Ever see my list? It's on your site...
By Paul Claeyssens,  Thu Nov 3 2011, 15:43
someone reminded me that in the early 1990s, an appraiser would ignore using any "Distressed Sales" as comparables, saying that it was not a free market sale. Now, they are forced to use them. Worse, they are forced to not let any new sale go through for more than the last sale. No Wonder prices have continued to decline. They are only allowed to appraise higher if there is already an upward trend. When this market turns around, it is going to EXPLODE! Almost no new housing is being created. Demand is increasing. Perhaps the gov't can stop using banks to fund itself, and encourage them to lend to American Citizens instead.
By Joe Houghton,  Thu Nov 3 2011, 15:54
The one acronym I didn't notice was BPO (Broker Price Opinion). Banks hire real estate agents to perform these on homes in addition to or in leiu of an appraisal.
By Peggy James,  Thu Nov 3 2011, 15:54
For the buyers looking at Foreclosure/REO properties. Many time the MLS Listing will say. Must be pre-approved by banks preferred lender = better chance your offer will make it to the bank asset managers desk for consideration.

It is always best to be pre-approved by your own lender regardless. Sometimes the banks lender will offer you a better rate, or even pay many if not most of your closing costs. It depends on the property and the level of activty.
By Doug & Amy Ann Spiers,  Thu Nov 3 2011, 16:14
JFD I - Just focus and do it... Every day across America people are buying and selling real estate. While some clients choose to take the long road as other clients choose to have faith and trust in to what the market is telling them and accomplish their goals sooner. Our job is to simply present and to educate in the most professional manner possible with the most absolute best supporting data and facts. Just stay totally focused and keep moving consistently forward and be thankful for the many opportunities that come our way.
By James Brophy,  Thu Nov 3 2011, 17:03
After 36 yrs in the real estate sales business, I have chosen not to even get involved with REO sales, short sales or any other kind of 3rd party interest because all those entities have decision makers that work a salary job from 9 to 5 and make the same amount whether or not a particulay property enters into a sale contract or not, Then they stipulate such anti buyer conditions and terms that they seem to prefer to chase buyers away. They are power crazed when you try to deal with them, don't return calls and the decision makers general do not act in the best interest of the bank but yet get away with it without the bank higher ups being aware. Many of them reject reasonable offers because they look good if they close out a portfolio for higher dollars and may even get review bonus but at the expense of the bank that has continued holding cost while the decision makers play games with the properties. Often bank interest property could have been turned around with a sale in short time but the bank contact people do everything possible to stop or not encourage a sale and days and weeks and months fly buy for usless reasons. They load up with conditions that make a buyer pay all transfer tax, pay for certificate of occupancy, make them turn on elect and gas in their name, refuse to do repairs called for by appraiser or inspection and could care less about the timing of when they respond to any written sale offer. Many times you have a bank enter into a sale price and terms and that later just change their mind and not honor the written contract and let the buyer do what ever they like to try and force them to go forward. Then the agent that works hard to try and sell one of these distressed homes gets penalized by the bank who want to reduce their commission etc. Then there is many times when you have a cash investor buyer that will make a quick sale and take the property "as is" and the bank refuses by saying they want a owner occupant to be considered first. Does this make any sense when the mission of the bank is to get the home sold asap and for the greatest dollars and best terms and which often comes from the Investor and not the intended occupant.
Then there is the typical situation where the property is so distressed and the bank is still looking for market value sale and not the actual distressed condition sale and has their head in the sand to reality.

Remember, as we go through life, "there is no free lunch!"

Jim Brophy
Associate Broker
RE/MAX 2000

From one experienced real estate broker.....you can have all that business and to all the wantabe buyers, is generally is no bargin.
By Jeanette Hada,  Thu Nov 3 2011, 17:20
"Great investment rental. Not a looker, but don't let POO get in the way". POO = pride of ownership
By Brian,  Thu Nov 3 2011, 18:29
My favorite is sweat equity. Say's it all
By Paul Wagner,  Thu Nov 3 2011, 18:44
I agree with you Jim Brophy, I've seen "exactly" what you're sayin.
By Patricia Martini,  Thu Nov 3 2011, 19:45
Having been looking through the real estate adds, I've noticed the phrase "5/1 ARM". What does this mean?
By Wes Black,  Thu Nov 3 2011, 19:56
Always helpful info from Tara.
By Rocky Dole,  Thu Nov 3 2011, 23:01
Many agents don't even know all of these codes. Just imagine what buyers and sellers must think when they see the codes.
By R. Erik Windrow,  Fri Nov 4 2011, 05:35
I always thought SS meant super sport for a style of car, then it was stainless steel for appliances, now Short Sale for homes.
By Carol Bauza,  Fri Nov 4 2011, 06:00
Awesome Tara!!!
SS should really be...SSJK (Short Sale Just Kidding) I'm entering month 9 without 3rd party approval (File was lost...ugh!)
Thanks for your posts...they're great!
By Joseph Artysiewicz,  Fri Nov 4 2011, 06:01
To save us grief and embarrassment when showing distressed properties, maybe we should have a secret agent to agent code. Here are a some that I just made up. BR-Beyond Repair. DBL-Don't Bother Looking. YSW-Youv'e Seen Worse. DEM-Don't Expect Much. GMR-Gas Masks Required. BB&S-Bring Boots & Shovel. LWTP-Looks Worse Than Pictures. NFV-No Floors Visible. LHMOTH-Lord Have Mercy On This House. NGBBTB-Not Good But Better Than Before. LTWO-Leave The Windows Open. NSFC-Not Safe For Children. AF&ARBO-All Fixtures & Appliances Removed By Owner. They even took the light bulbs. SPSR-Some Paint Still Remaining. HBBOD-Hold Breath Before Opening Door. SH&LYC-Show House & Lose Your Client. USP-Underground Swimming Pool. Also know as a flooded basement. NRFN-No Room For Negotiation. DWYT-Don't Waste Your Time on this one. YSHKB-You Should Have Know Better than to show this house. LATPDWDYE-Look At The Pictures Dummy What Did You Expect. When referring to short sale bankers. NSOILF-No Signs Of Intelligent Life Forms.
By metrolobster,  Fri Nov 4 2011, 06:46
What does “Active with Contract” status mean?
Answer: http://yourseminolecountyrealtor.com/post/2313188/what-does-active-with-contract-status-mean-
By Jnichol8991,  Fri Nov 4 2011, 06:55
The items above should be read by anyone wanting to buy property, and those selling properties. It is a gem, and should be put in book form for the unsuspecting. We all need that type of information. Now I'm going to talk to my agent with a lot more information than she probably suspects or wants me to know. Jim Nichol
By metrolobster,  Fri Nov 4 2011, 06:58
Why does the 2nd Mortgage holder take so much time to approve what's offered to them when if the property goes into foreclosure they get nothing? I’m buying a short sale and I see so many opportunities for other properties. The one I have an offer on needs some TLC. Others in the same community are priced just a few thousand dollars higher and are move in ready. My deal goes to foreclosure in 6 weeks if the property is not closed on. My thoughts are if the 2nd mortgage doesn’t get their act together I just go to the next one in the neighborhood (Move in ready). Since I’m not in a hurry and I currently don’t have a mortgage I’ll have lots more money for me if I place an offer on another Short sale and wait for it to be approved. Win Win for me. ;-) Who suffers? My poor realtor but I’ll stay with her so she eventually gets paid.
By Liz Erickson,  Fri Nov 4 2011, 07:05
CBS = Can't Buy Stupid
By Liz Erickson,  Fri Nov 4 2011, 07:16
I have one exception to the "rule" that showed me & the Buyer's Agent not to pre-judge all short sales: I had a short sale listing with a bank with the initials of BOA. Okay, so now all of you are cringing, right? I can't say it was an easy road, but once I had the contact information for the person that had the file, we closed the deal in 5 weeks from the date the Offer was submitted. No cuts in commissions, the bank was willing to have the property re-appraised (declining values) & most of the time I got prompt responses & updates. Yes it was hard, persistent work, but I also learned a lot that has helped me with similar transactions.
By Liz Erickson,  Fri Nov 4 2011, 07:22
Another code for Realtors & clients: YCSP = You Can't Smell Photos
By Terry Kennedy,  Fri Nov 4 2011, 07:33
I want to move to the market J.C. & Heather Gonzalez live in where you can list properties at a fair and marketable price and have it under contract in (2) weeks. That certainly isn't the case in the area of the country I work. I understand it happening on occasion; however it is by no means a common occurrence here. I am however very pleased to hear it is happening for them; all of us in the industry should be so fortunate.
By Joanne Bernardini,  Fri Nov 4 2011, 07:38
Another keeper for my buyer file! Thanks!
By Jeannine Yenyo,  Fri Nov 4 2011, 08:36
I have found that the way most Realtors use the term TLC it should stand for - Tourch Level & Clear away!!
By Kanwal M. Singh,  Fri Nov 4 2011, 08:44
SHORT SALE TAKES 8 TO 9 MONTH TO CLOSE.
By Kanwal M. Singh,  Fri Nov 4 2011, 08:52
SHORT SALE : MY EXPERIENCE, IT TAKES MINIMUM 7 TO 8 MONTH TO CLOSE
By Joseph Artysiewicz,  Fri Nov 4 2011, 09:17
SHORT SALE APPROVALS. Would a short sale banker please respond and tell me why this system would not work. Take the three most intelligent short sale bankers who are familiar with the market and sit them at a table with pile of short sale folders. Included in each folder is a market analysis prepared by someone who not afraid of losing their job when they come in with a much lower offers than the bank executives expected. Also included in the folder is a repair cost vs. increase in property value analysis. Examples; 1) remove clutter and clean the house $1,000 = $5,000 in increased value and the house will sell 60 days sooner. Paint walls $2,000/$7,500/45 days. You get the idea. Based on this information they can decide how to get the most bang for the buck. Or should I say the most bang for our buck since we bailed them out.

Have them review each folder and set the minimum price which will be in the computer and know only to bank employees. If the house sells in 30 days the minimum price is $250,000. If the house sells in 31 to 60 days the minimum price is $240,000. On the 45th day someone puts in an offer for $235,000. They check the computer, even a clerk could do this and they tell the agent "get you buyer up to $240,000 and we got a deal."

Now, to make sure the short sale bankers get the job done, you set a minimum requirement. 5 folders before their first bathroom break. Another 5 before they can have lunch. They must complete 20 before they leave for the day. They can even receive a performance bonus if they complete more than 20.

Perhaps James Brophy (11/3/11, 17:03) was correct when he said short sale bankers are "POWER CRAZED" and fear losing their bonus and their job if they did it correctly. Great comments by the way. You should read them.

Never before has the statement "Keep it simple stupid" been so appropriate.
By Justin Ruzicka (239) 699-0517,  Fri Nov 4 2011, 09:24
David Barr, I like your post..Recession for sure......we can't create more jobs than kids graduating school each year, who i read are $29K in debt from State Colleges.....Say goodbye to the First Time Home Buyers market...but hey I am not negative. :) I am happy to see prices stabilizing. For the southwest florida market we are even seeing some improvements in pricing. read more at http://blog.house-guy.com/
By metrolobster,  Fri Nov 4 2011, 09:48
@ Kanwal: I'll keep you posted and let you know how long this takes. From what I was told, now that they are posting docs instead of faxing docs shortsales seem to be moving along faster. I started this short sale 3 months ago. I expect to be completed before Dec 15th. We'll see.
By NonRealtor,  Fri Nov 4 2011, 10:11
WAYTB = "Wait Another Year To Buy"
PAD = "Prices Are Declining"
GL = "Good Luck"
By Keith Beavon,  Fri Nov 4 2011, 17:00
In Columbus OH, I see that some properties are identified as being in Tax Rate Code Area 010. Does this mean higher or lower property taxes?
By Jason Ngai,  Fri Nov 4 2011, 19:27
Good info! Thank you Tara for sharing.
By Aaron Hunt,  Fri Nov 4 2011, 22:05
S/S- Savoring Settlement 9 Months and counting!
By Richard Crowley,  Sat Nov 5 2011, 06:02
don't ever buy a house and pay cash. all the idiots involved in the process look at you like you're from another planet. and approved for a loan doesn't mean you'll actually get the check. i was "approved" for a home equity loan and it still took over 3 months to receive the funds!!!!
and i especially like the latest load of crap. "YOU'VE BEEN PRE-APPROVED" thats just some whackos idea of getting someone, anyone to purchase their lousy product or service.
By Curious Person,  Sat Nov 5 2011, 14:20
Regarding Bank Owned Properties, and the "As Is" scenario, one should ALWAYS have a friend that is in the Home Inspection Business. That Way, there will NOT be any purchasing of Bank Owned Properties that bite back, if you get my drift.

Also, the Banks have a following of cliental that will get first shot at the good properties, which is where the real money is and the general public, or those in the flipping business will get the scraps. Be ready for this scenario also.

Then, Take your best shot but be CERTAIN you know what you are getting into with these Banks.
By Pat and Steve Pribisko,  Sat Nov 5 2011, 14:46
As always, I expect an excellent blog from you. Some of these terms were used in the last housing crisis in the 1980's
By Kathleen Mckinney,  Sat Nov 5 2011, 17:15
Corporate Addendum - A legal document required to be signed by all REO buyers. Prepared by the selling bank's attorneys to cover all their bases. Is about 10 to 15 pages long and says 50 different ways "YOU ARE BUYING THIS PROPERTY IN AS IS CONDITION"
By Lucille Gesek,  Sun Nov 6 2011, 07:21
I think must agents know these terms but the in-depth explanation was really helpful. Loved everyone's comments. Definitely had some "laugh out loud" moments.
By Elise Marie Neves,  Mon Nov 7 2011, 15:18
posted to my FB fan page, East Bay Real Estate by Elise! Thanks Tara!
By Kat Pearson,  Mon Nov 7 2011, 15:19
I ran into "LBP" may be required ?? I thought the reference might be "Low Blood Pressure" required. Well, I must say that my last few years, in our market, have caused me to have nothing but the opposite. Little did I know they were referring to "Lead Based Paint". Must keep some sense of humor, I guess.
By Adrian Chu,  Mon Nov 7 2011, 18:16
Great post. Thank you for sharing!!!
By Kim Ryals,  Mon Nov 7 2011, 23:04
This post was definitely educational and entertaining! I will definitely post it so that new buyers will have a better understanding of what we have to know just to communicate. We thought Shorthand was crazy!! Thanks for all the great information. Kim Ryals on the Koast
By Kathy Weber (951) 551-7587,  Tue Nov 8 2011, 07:48
Great Blog!! Love reading the thread too! Lot's of great info.
By Ali Shahidi,  Wed Nov 9 2011, 13:00
Good information! Great for my current buyers.
By Jim Simms,  Wed Nov 9 2011, 13:26
"Clear-to-close" is my favorite.

http://www.trulia.com/blog/jimsimms/
By John Armstrong,  Thu Nov 10 2011, 17:13
You should publish this for the public.
By Mlm Software In Noida,  Fri Nov 11 2011, 02:15
your blog is nice..

Thank you

Aries Tech Soft.

MLM software in noida
By Aimee Freeman,  Tue Nov 15 2011, 10:53
Very informative!
By Marie Souza Team,  Thu Dec 1 2011, 12:38
Thank you! Very helpful for buyers!!!
By Brian Petrelli,  Fri Dec 9 2011, 09:38
Thanks again for the info. Good post for buyers.
By Steven J. Pahl,  Sat Jan 7 2012, 05:53
Regarding Short Sales, "Bank approved at List Price" - Sure, that's what the bank wants, but obviously the previous offer was lower and the buyer walked because the approved price isn't in line with the current market value!
By Richard,  Sun Jan 8 2012, 16:03
Valuable information and Great post. I would like to thank you for sharing your thoughts and time into the stuff you post
By Matthew Hars,  Thu Mar 1 2012, 21:46
nice photo lol

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer