Where cozy means tiny and charming means needs work.
The extra compensation an agent receives when representing both buyer and seller, also called double-ending. Twice the work or twice the conflict of interest, depending on who you ask.
A tax deduction method that spreads a property's cost evenly over its useful life (27.5 years for residential). The IRS's gift to real estate investors, assuming you can wait three decades.
A transaction where you simultaneously buy and sell properties, often used in wholesaling to hide profit margins from the actual buyer.
A lender's way of determining if you have too many bills relative to income, basically calculating how much of your paycheck goes to debt obligations.
Renting with an option to purchase later, effectively allowing tenants to try homeownership before committing.
An offer with conditions that must be met—basically 'I'll buy this if it doesn't fall apart when I inspect it.'
Annual rental income divided by property cost, an investment metric that helps you understand if you're actually making money.
The strategic division of land into distinct zones for different uses (residential, commercial, industrial). It's how cities prevent a nightclub from opening directly next to your bedroom—theoretically.
An informal assessment of how much a lender thinks you can borrow based on self-reported information—basically a lender's educated guess before they actually check anything.
A public financing method using future property tax increases from development to fund current infrastructure improvements. Politicians love it because it looks like free money; critics note it's borrowing from tomorrow to pay for today, municipal style.
A property listing where the owner sells directly without a real estate agent, proving that anyone can list a home but not everyone can sell one.
A loan exceeding conforming limits, charged higher rates and requiring pristine credit, the luxury tax of mortgages.
A mortgage with an interest rate that adjusts periodically, a financial arrangement that seems great until rates rise.
Recently sold similar properties used to determine market value, essentially determining price by analogy.
Rules governing what you can do with your property, proving that ownership is really more of a suggestion.
A mortgage servicer's account holding funds for property taxes and insurance, where your money sits earning nothing.
A mortgage clause requiring full repayment when the property sells, preventing assumption of loans on favorable terms.
A lender's statement that you're probably creditworthy enough to borrow a mortgage, pending closer scrutiny.
A person who owes more on their mortgage than their home is worth—financial drowning in suburbia.
The acquisition of property or title by paying money or equivalent value—the formal exchange where you stop dreaming and start owing payments. The moment your bank account cries.
The inherited tradition, values, or status passed down through generations—basically, what your family claims you should be proud of. Can refer to actual property, cultural practices, or the burden of living up to great-grandma's reputation.
A measure, substance, or action that stops something bad from happening before it does—the 'ounce of prevention' approach to life's problems. Think prophylactic maintenance: fix it now so you're not crying later.
A real estate agent's estimate of market value, less formal than an appraisal but more affordable—the appraisal's sketchy cousin.
An agent's version of market research, using comparable sales to estimate a property's value—less formal than an appraisal, equally debatable.