Listing Info
LISTING INFO
What are aggressive bidding strategies?
We define multiple aggressive bidding strategies: MAX BIDDING TOOL, high opening bid, high bid increase (jump bids), short acceptance deadline with collectable funds at the BID AWARD. Some bidders want to end the bidding process. If that is the goal of the buyer, then make your highest and best...
Frequently asked questions about Auctions
Frequently ask questions about Auctions is very common. Below is a list that people ask when talking about Auctions. These also include questions about how the Auctioneer handles certain situations.. questions range from live auctions to online only Auctions. People commonly ask questions about...
Pre-Qualification
Pre-Qualification A preliminary assessment by a lender of the amount it will lend to a potential home buyer. The process of determining how much money a prospective home buyer may be eligible to borrow before he or she applies for a loan. Real estate words and definition For other words and...
Pre-Approval Letter
Pre-Approval Letter A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Pre-Approval
Pre-Approval A process by which a lender provides a prospective borrower with an indication of how much money he or she will be eligible to borrow when applying for a mortgage loan. This process typically includes a review of the applicant’s credit history and may involve the review and...
Assessor
Assessor A public official who establishes the value of a property for taxation purposes. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...
Power of Attorney
Power of Attorney A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time. Real estate words and definition For other words and definitions related to real estate...
Point
Point One percent of the amount of the mortgage loan. For example, if a loan is made for $50,000, one point equals $500. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...
Planned Unit Development (PUD)
Planned Unit Development (PUD) A real estate project in which individuals hold title to a residential lot and home while the common facilities are owned and maintained by a homeowners’ association for the benefit and use of the individual PUD unit owners. Real estate words and definition For...
PITI Reserves
PITI Reserves A cash amount that a borrower has available after making a down payment and paying closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of...
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Index
Index A number used to compute the interest rate for an adjustable-rate mortgage (ARM). The index is generally a published number or percentage, such as the average interest rate or yield on U.S. Treasury bills. A margin is added to the index to determine the interest...
Income Property
Income Property Real estate developed or purchased to produce income, such as a rental unit. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Hybrid Loan
Hybrid Loan An adjustable-rate mortgage (ARM) that offers a fixed rate for an initial period, typically three to ten years, and then adjusts every six months, annually, or at another specified period, for the remainder of the term. Real estate words and...
HUD-1 Settlement Statement
HUD-1 Settlement Statement A final listing of the closing costs of the mortgage transaction. It provides the sale price and down payment, as well as the total settlement costs required from the buyer and seller. Real estate words and definition For other words...
Housing Expense Ratio
Housing Expense Ratio The percentage of your gross monthly income that goes toward paying for your housing expenses. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Homeowners’ Association
Homeowners’ Association An organization of homeowners residing within a particular area whose principal purpose is to ensure the provision and maintenance of community facilities and services for the common benefit of the residents. Real estate words and...
Homeowner’s Warranty (HOW)
Homeowner’s Warranty (HOW) Insurance offered by a seller that covers certain home repairs and fixtures for a specified period of time. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Homeowner’s Insurance
Homeowner’s Insurance A policy that protects you and the lender from fire or flood, which damages the structure of the house; a liability, such as an injury to a visitor to your home; or damage to your personal property, such as your furniture, clothes or appliances....
Home Inspection
Home Inspection A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation. Real estate words and...
Home Equity Line of Credit (HELOC)
Home Equity Line of Credit (HELOC) A type of revolving loan, that enables a home owner to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower’s equity in the property....
Home Equity Conversion Mortgage (HECM)
Home Equity Conversion Mortgage (HECM) A special type of mortgage developed and insured by the Federal Housing Administration (FHA) that enables older home owners to convert the equity they have in their homes into cash, using a variety of payment options to address...
Hazard Insurance
Hazard Insurance Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other covered hazards or natural disasters. Real estate words and definition For other words and definitions related to real estate auctions For...
Growing-Equity Mortgage (GEM)
Growing-Equity Mortgage (GEM) A fixed-rate mortgage in which the monthly payments increase according to an agreed-upon schedule, with the extra funds applied to reduce the loan balance and loan term. Real estate words and definition For other words and...
Ground Rent
Ground Rent Payment for the use of land when title to a property is held as a leasehold estate (that is, the borrower does not actually own the property, but has a long-term lease on it). Real estate words and definition For other words and definitions related...
Executor
Executor A person named in a will and approved by a probate court to administer the deposition of an estate in accordance with the instructions of the will. Real estate words and definition For other words and definitions related to real estate auctions For all...
Gross Monthly Income Ground Rent
Gross Monthly Income Ground Rent The income you earn in a month before taxes and other deductions. It also may include rental income, self-employed income, income from alimony, child support, public assistance payments, and retirement benefits. Real estate words...
Government National Mortgage Association (Ginnie Mae)
Government National Mortgage Association (Ginnie Mae) A government-owned corporation within the U.S. Department of Housing and Urban De-velopment (HUD) that guarantees securities backed by mortgages that areinsured or guaranteed by other government agencies. Popularly...
Government Mortgage
Government Mortgage A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS). Real estate words and definition...
Good-Faith Estimate
Good-Faith Estimate A form required by the Real Estate Settlement Procedures Act (RESPA) that discloses an estimate of the amount or range of charges, for specific settlement services the borrower is likely to incur in connection. Real estate words and...
Gift Letter
Gift Letter A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don’t have to repay it. You can use this money towards a portion of your down payment with some mortgages.with the mortgage transaction....