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Real Estate Terms to Know When Selling a House | We Buy Austin Houses
Selling a house is a process that comes with a lot of emotions. Depending on the circumstances, it can be exciting, scary, or bittersweet. There’s a lot of work that goes into the process, but when selling is done right, it’s an opportunity to make money and move forward with a major life change.
If you need to sell a house quickly, there’s a lot you need to learn in a short period of time. To help lighten your load, check out this list of key real estate terms. By learning these concepts, you’ll be more prepared as you start down the road to selling your home.
Market Value
This is an estimation of how much your house is worth. It’s based on the size of the house, the layout, and its condition. It also factors in the neighborhood and market trends. This is the closest real estimate you can get for the sale value of your home. It’s not a perfect number, but it gives you the ballpark idea and helps you set rough expectations for how much your house can fetch.
The key to market value is that it is determined without any sales pressure. Ascertaining the market value of the house is the first step in trying to sell it quickly.
Appraised Price
This is another value of the house, but it is determined by a professional appraiser. While it should be close to the market value, it will differ for any number of reasons. This number is typically used for tax purposes to assign property tax values. It is also sometimes used in negotiations, and it is typically only determined after a commitment to buy has happened.
Lien
This is what lenders have against the house to guarantee a mortgage. If you don’t pay the mortgage, the lender can seize the property. The lien is what allows that. A house with a lien on it will have more sale conditions than one without a lien.
Short Sale
This is a special situation for selling a house. It involves selling the property for less than what is still owed on the mortgage. It can only be done with the approval of the lender. This makes it more complicated, but it can help sell a house quickly by pricing it below market value.
Sale-Leaseback
This happens when you sell the property and then lease it from the new owners. It’s a common way to resolve discrepancies in move-in and move-out dates. If you need to live in the house after the sale closes, you’ll need some kind of sale-leaseback to be able to stay in the home for whatever duration is negotiated between you and the buyer.
Contingencies
These are additions to the contract that have to be fulfilled before the contract is complete. They often involve assigning responsibilities for repairs to the property, and they come up at the end of the negotiating process. Contingencies involve the final back-and-forth exchanges between buyer and seller to finalize the contract to mutual satisfaction.
Disclosures
This is where the seller provides information regarding all known problems with the property. Disclosures are regulated by law. Sellers have legal obligations to inform buyers of negative issues they know about the house.
Inclusions
Inclusions refer to additional property that is included in the home sale. It typically refers to appliances and furniture (refrigerators are probably the most common inclusion), but conceivably, anything you own could be an inclusion. Inclusions should be included in the contract to avoid confusion and disagreement.
Waiver
This is when one party voluntarily gives up a right or claim. It absolves the other party of responsibility and liability. Waivers can often be used to remove barriers to a fast sale.
Property Investor
This is a business or person who frequently purchases real estate. Property investors are known for their ability to rapidly and efficiently close a home sale. They often provide resources that streamline the process, and they frequently seek out properties that can sell below market value.
When speed is your primary concern, the most important term is We Buy Austin Houses. We can help you sell your house as fast as legally possible. Contact us to get started.
