LISTING INFO
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...
Assessed Value
Assessed Value Typically the value placed on property for the purpose of taxation. 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:...
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Seller Take-Back
Seller Take-Back An agreement in which the seller of a property provides financing to the buyer for the home purchase. See also “Owner Financing.” For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Security
Security The property that will be given or pledged as collateral for a loan. 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:...
Secured Loan
Secured Loan A loan that is backed by property such as a house, car, jewelry, etc. 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:...
Secondary Mortgage Market
Secondary Mortgage Market The market in which mortgage loan and mortgage-backed securities are bought and sold. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Second Mortgage
Second Mortgage A mortgage that has a lien position subordinate to the first mortgage. 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:...
Sale-Leaseback
Sale-Leaseback A transaction in which the buyer leases the property back to the seller 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 properties for...
Securities
Securities A financial form that shows the holder owns a share or shares of a company (stock) or has loaned money to a company or government organization (bond). Real estate words and definition For other words and definitions related to real estate auctions For...
Rural Housing Service (RHS)
Rural Housing Service (RHS) An agency within the U.S. Department of Agriculture (USDA), which operates a range of programs to help rural communities and individuals by providing loan and grants for housing and community facilities. The agency also works with private...
Right of First Refusal
Right of First Refusal A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others. Real estate words and definition For...
Revolving Debt
Revolving Debt Credit that is extended by a creditor under a plan in which (1) the creditor contemplates repeated transactions; (2) the creditor may impose a finance charge from time to time on an outstanding unpaid balance; and (3) the amount of credit that may be...
Earnest Money Deposit
Earnest Money Deposit The deposit to show that you’re committed to buying the home. The deposit usually will not be refunded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled. Real estate words and...
Rescission
Rescission The cancellation or annulment of a transaction or contract by operation of law or by mutual consent. Borrowers have a right to cancel certain mortgage refinance and home equity transactions within three business days after closing, or for up to three years...
Replacement Cost
Replacement Cost The cost to replace damaged personal property without a deduction for depreciation. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Repayment Plan
Repayment Plan An arrangement by which a borrower agrees to make additional payments to pay down past due amounts while still making regularly scheduled payments. Real estate words and definition For other words and definitions related to real estate auctions...
Remaining Term
Remaining Term The original number of payments due on the loan minus the number of payments that have been made. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Rehabilitation Mortgage
Rehabilitation Mortgage A mortgage loan made to cover the costs of repairing, improving, and sometimes acquiring an existing property. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Refinance
Refinance Getting a new mortgage with all or some portion of the proceeds used to pay off the prior mortgage. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Recording
Recording The filing of a lien or other legal documents in the appropriate public record. 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:...
Recorder
Recorder The public official who keeps records of transactions that affect real property in the area. Sometimes known as a “Registrar of Deeds” or “County Clerk.” Real estate words and definition For other words and definitions related to real estate auctions...
Real Property
Real Property Land and anything permanently affixed thereto — including buildings, fences, trees, and minerals. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...