ARV (Average Retail Value or After Repair Value)
is an estimated to determine which properties are suitable investment
Upgrades/Updates
an upgrade is to bring something up to date. An upgrade means to improve something to a higher standard.
Upsize/Downsize
upsizing is moving to a larger house and downsizing is simply the opposite.
Free and Clear
free from liens or mortgages or no debt
CMA/Comps/Comparables
stands for Comparative Market Analysis
comparative marketing analysis tool that Real Estate Agents use to estimate the value of similar properties recently sold in the area.
Broker
company or a person that buys and sell properties.
can cut commission to realtor
MLS (Multiple Listing Service)
this marketing system has been recognized as the most comprehensive data for those who are looking to buy and sell properties.
Closing Costs
this is the expected specific expense when closing a home purchase or sale. These may include expenses such as title insurance, attorney fees, appraisal fees, home inspection fees and loan origination fees.
Escrow Holder
is the agent and depositary (as an impartial/neutral third party) having and holding possession of money, written instruments, documents, personal property, or other things of value to be held until the happening of specified events or the performance of described conditions.
Mortgage
is a type of loan used to purchase or maintain a home, land, or other types of real estate.
Reinstatement
is the act of restoring a delinquent mortgage to current status. A repayment plan is when the borrower pays the regular monthly payments plus an additional agreed upon amount in repayment of the delinquency for a period of time
Subject to
Subject To real estate investment is a way to invest in real estate without putting a lot of cash on the line or going through a credit check or lengthy closing process. The idea behind a Subject To agreement is that the investor buys a property subject to the current financing rather than obtaining a new loan.
Seller Financing
is a type of real estate agreement that allows the buyer to pay the seller in installments rather than using a traditional mortgage from a bank, credit union or other financial institution.
free and clear no debt
Hot Leads
sellers who are willing to sell their properties and these are the types of lead that we submit to our clients
Warm Leads
are sellers who are not selling and are the type of leads who we do not send out to our clients.
Circle Prospecting
involves calling people within a particular geographic area and asking them whether they are thinking of moving, or whether they know someone who is thinking of moving. In other words, you're calling people up and asking them for business.
Pre-approved
is a way for a lender to help you and a seller estimate what you can afford. After you find a house and make an offer, the home will still need to be appraised by a third party and inspected for potential repairs before you can close on the loan and buy the home
Cold Leads
these are people who are leaning your type of business for the first time
As is
a property marketed in "as is" condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced "as is", which typically lower than market pricing in the area.
Terms/Installment Sale
a sale of property where you receive at least one payment after the tax year of the sale the rest will be paid in installment