20 Common Real Estate Acronyms Defined
Are you beginning the home buying process or working with a Realtor?
Multiple Listing Service – A private data base that REALTORS belong to that gives us access to view and sell homes listed by other REALTORS in the greater Santa Fe area.
For Sale by Owner
Comparative Market Analysis – An evaluation of similar recently sold and actively listed homes (called comparables) that are within proximity of the home intended to be bought or sold. A CMA establishes a price estimate based on current market activity that can be used as a guide for valuing a home. REALTORS perform a CMA when they are preparing to help a client buy or sell a home.
Department of Housing and Urban Development
Federal Housing Administration
Home Owners Association
Planned Unit Development
Public Improvement District – A defined geographical area established to provide specific types of improvements or maintenance within the area, which are financed by assessments against the property owners within the area.
Sale of a home where the current owner’s mortgage lender is asked to take less money than they are owed. Should be called a really long and difficult sale. They are “AS IS SALES.” The banks operate on their own timeline with no regard for the Buyers.
Foreclosures are properties that have been repossessed by a financial institution. They are “AS IS SALES,” and the financial institutions negotiate very little, if any, on price.
A good house in good condition offered at a good price; a “must see.”
Under Contract – The Seller has accepted an offer on the home.
Pending & Pending Please Show
These homes are under contract.
Pending Seller’s Bank Approval
Typically noted on Short Sales that are under contract
Santa Fe Association of Realtors
REALTORS Association of New Mexico
New Mexico Real Estate Commission
National Association of REALTORS
Federal National Mortgage Association
Federal Home Loan Mortgage Corporation
If you’re going through the home buying process, you should be confident and prepared. Ask questions until you’re satisfied. Homewise offers free Financial Fitness and Homebuyer Education workshops. Homebuyer Education helps you get a better understanding of the home-buying process and become an informed buyer. We encourage you to take Homebuyer Education as early as possible as customers report that it is most helpful when taken early.
About the Author:
Learn more in our classes.
We are here for you.