walking the comps

Definition

The noble art of physically visiting comparable properties to verify that online photos haven't been taken with a fisheye lens from the ceiling. It's due diligence for agents who don't trust Zillow's measurements or the laws of physics.

Example Usage

I spent Saturday morning walking the comps in that neighborhood, and let me tell you, 'cozy' is doing a lot of heavy lifting in those listings.

Origin

Evolved from traditional appraisal methodology where physical inspection was the only option before digital databases

Fun Fact

Experienced agents can often tell if a listing photo was taken with a wide-angle lens within seconds of walking into a property, leading to what they call 'the disappointment tour.'

Source: Real estate agent field terminology

Related Terms

Advanced

deed in lieu

Deed in Lieu of Foreclosure—when a homeowner voluntarily transfers property ownership to the lender to avoid foreclosure proceedings. It's the real estate equivalent of quitting before you're fired.

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earnest deposit

Money put down to show a seller you're serious about buying their property, essentially a financial hostage that says 'I mean business.' If you back out without a valid contingency, kiss that money goodbye.

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title

The legal proof that you actually own a property, as opposed to just living there and hoping no one notices. It's the document (or more often, the abstract concept) that gives you the right to sell, modify, or otherwise lord over your real estate kingdom. Title issues are the stuff of homebuyer nightmares—turns out someone's great-uncle from 1847 might still have a claim to your kitchen.

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points

Upfront fees paid to the lender at closing to reduce your interest rate, where one point equals 1% of the loan amount. It's buying a discount on money you're borrowing—capitalism at its finest.

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broker price opinion

An estimate of a property's value provided by a licensed broker rather than a certified appraiser, often used by lenders for less critical valuations. It's the fast-food version of an appraisal—quicker, cheaper, and potentially less reliable.

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wholesaling

A real estate strategy where investors contract a property at below-market price and immediately sell the contract to another buyer for a profit, without ever actually owning the property. It's like being a middleman who gets paid for connecting dots on a map.

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Grammar

Something that's never used anymore, because nowadays people are stupid....