If this is your first time buying a house, the jargon can get overwhelming! Rather than nodding and smiling while panicking inside, check out our guide to different terms used in the industry. We buy houses for cash and have worked in the real estate industry for many years, so we know what we’re talking about! You’ll look like a seasoned pro while staying on top of your search for your dream home.
- Buyer’s market – This is a term you absolutely want to hear if you are considering buying a property. It means that there’s an imbalance in the market where there are a lot more homes for sale than there are buyers. It means you get more variety, more value for your money, and have a more powerful negotiating position. It makes it a challenge for sellers, unless you chat to our team. We buy houses for cash in 24 hours.
- Appraisal – This is information prepared on a property by a real estate specialist (a licensed and certified appraiser) specifically evaluating its value in current market conditions. It takes into account a wide variety of factors including the overall market, the condition of the home, the square footage, the location, etc.
- Home inspection – This is a comprehensive inspection that looks at the home’s condition for structural safety and certain issues like foundation repairs, mold issues, etc. It takes place while the home is under contract or in escrow (while you are in the process of buying it).
- Escrow – A property is considered to be in escrow when a buyer has made an offer than the seller has accepted. It is a 30-day period where the property is fully inspected, appraised and researched for liens and other issues that may affect the sale or value of the home.
- Down payment – This is the portion of the home’s sale price that you can deposit immediately. A minimum down payment of 10-20% is often required by financing companies.
- Comparative market analysis – This is usually prepared by a real estate agent that helps determine the selling price of the home by estimating the value based on similar homes in the area that have recently been sold.
- Equity – This is the portion of the home’s value that is owned by the homeowner, rather than the portion that is owned by the mortgage provider.
- Home equity loan – This is a lump sum loan that allows the homeowner to use the portion of the home’s value they own as collateral.
- Closing costs – These are fees that are due when the sales transaction is finalized. These can vary but may include pest inspections, electrical or gas certificate costs, a title search, and more. It is advisable to anticipate these to be 1-3% of the home’s purchase price.
- Escrow agent – This is an independent, third-party agent who will hold all the paperwork and funding in trust until the transaction is completed, ensuring everyone involved completes their side of the transaction. This protects all involved parties from fraud, mismanagement and errors.
- Mortgage broker – This is a licensed professional who works on your behalf (the buyer) to source and secure financing for the home you have put in an offer on. They will approach different licensed lending institutions including banks to source the most competitive offer.
- Debt-to-income ratio – This compares your expenses as a buyer against your gross income and is used to determine the value of the mortgage or financing that will be granted to you.
- Foreclosure – Foreclosure properties are those that have been repossessed by the bank or mortgage provider due to the mortgage going unpaid.
- Short sale – A short sale occurs when a homeowner sells their property when they owe more than the property is worth – i.e. their sale price falls short of their mortgage value. These need to be approved by the mortgage lender before the home can be sold.
- Homeowners Association – A HOA is a governing body for a condo building, housing development or townhome complex. They set the rules and regulations for living in that area, set charges for maintaining and improving the area and common spaces, and cover certain communal expenses like security.
- Transfer taxes – These are fees that the buyer pays to the state/county/municipality in order to move the property title into your name.
- Seller’s market – This is great news if you are selling a property because it means there are more people wanting to buy then there are homes available on the market. This drives up the value of home’s being sold. And the fastest way of selling your home? Chatting to our team! We buy houses for cash and can sell your home in 24 hours.
Avoid All the Jargon and Hassle – We Buy Houses for Cash in Dallas and Fort Worth
If you want to sell your home privately this summer with minimal fuss and without coming into contact with COVID-19 or paying real estate agent fees, then our cash for houses agency in Dallas can help you out! At Shiny Key Properties, we buy houses for cash and have been working for many years in the Dallas and Fort Worth area. We’re passionate about professionalism and helping our community.
Here’s how our quick and simple process works:
- You enter your information on our website
- We’ll contact you directly by phone to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the offer
- You can also call us directly on 469-858-0088
- You can sell your house for cash in 24 hours if you accept the offer.
Our team of real estate professionals is fully-qualified, compassionate and highly-motivated to offer you the best possible market-related price for your home you want to sell your home quickly.
At Shiny Key Properties, our trained consultants have years of experience in helping homeowners get out of foreclosure, sell your home privately or sell your home quickly for relocation. To find out more about our cash for houses Dallas service, please contact us today and speak to one of our friendly team members.