• Skip to main navigation
  • Skip to content
  • Skip to footer

Contact Us

(702) 743-9998
info@walkerliebgroup.com

The WalkerLieb GroupThe WalkerLieb Group

Las Vegas Real Estate Agents

  • About Us
    • Our Team
      • Zach Walkerlieb
      • Laura Polster
    • Reviews & Testimonials
    • Events
  • Search For a Home
    • Search All Homes
    • Homes For Sale
    • Hot Properties
    • Map Search
    • Search By Address
    • Search By City
    • Sold/Pending Gallery
  • Sell Your Home
  • Communities
    • Summerlin
    • Providence
    • Green Valley
    • Anthem
    • Centennial Hills
    • Mountain’s Edge
    • Henderson
    • High-Rise Condos
  • Resources
    • Market Trends
    • Downloads
    • Preferred Vendors List
    • Videos
      • Community
      • Market Updates
      • Home Tours
      • Other
  • Blog
  • (702) 743-9998
SearchClose

Real Estate 101: Vocabulary You Need to Know – Intermediate

Last week we covered some basic real estate vocabulary terms. Well this week, we’re going to step it up a notch and cover some more intermediate terms. Honestly, I had a really hard time determining what should be considered a “basic” term versus an “intermediate” term. The ones we’ll go over today tend to be vocab you won’t need to know or use until you’re in the process of buying or selling your home.

 

Intermediate

 

Moving on to the Intermediate Vocab:

 

Appraisal: A licensed appraiser will estimate a home’s market value based on comparable recent sales. Appraisals are done on behalf of the home buyer’s lender. The appraisal is compared to the final sale price to ensure that the appraised price of the home is equal or greater to the final sale price.

 

Foreclosure: The process of transferring the right of home ownership from the homeowner to the bank or lender. This occurs when the homeowner is no longer able to make mortgage payments and defaults on their loan.

 

Inspection: A licensed inspector will go through the house to discover any potential issues or repairs that need to be made before a buyer purchases the home. After inspection, the buyer will have a chance to negotiate with the sellers to cover the costs of certain repairs. General inspections include plumbing, electrical, foundation and structure, water heater, air conditioner, furnace, and home appliances.

 

Multiple Listing Service (MLS): A local or regional service that compiles all available real estate for sale online and provides detail for each listing to brokers and licensed agents.

 

Pre-Approval: A letter from a broker or lender certifying that they have reviewed a buyer’s finances and are willing to lend a specific amount of money to purchase a home. This does not guarantee a loan, but it provides the buyer with general guidelines for how much they can spend on a home. Frequently sellers may expect buyers to be pre-approved since this will mean less risk in entering an agreement to sell their home.

 

Short Sale: This is a home that is listed at a lower price than what is owed on the mortgage. A homeowner that is selling their home as a short sale is doing so to avoid going into foreclosure. Buyers should note that a short sale can take longer to close as there is usually more than one party that owns the mortgage, and they must all be in agreement.

 

Walk Through: A walk through is the final inspection of the home by a buyer prior to closing documents being signed. The buyers complete a walkthrough to make sure that any requested repairs from the inspection have been made.

 

Citation

Posted in: Uncategorized

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Post navigation

« Real Estate 101: Vocabulary You Need to Know – Beginner
Real Estate 101: Vocabulary You Need to Know – Advanced »
The WalkerLieb Group - Las Vegas Real Estate Agents Keller Williams Logo

Looking to buy a home?

Contact Us
Address:
10000 W Charleston Blvd #130,
Las Vegas, NV 89135, United States
Phone:
(702) 743-9998
Email:
info@walkerliebgroup.com
License Number:
S.0171335.LLC
  • Home
  • About Us
  • Sell Your Home
  • Blog
  • Contact Us
Join Our Newsletter Move Safe™ Certified
© 2022 · The WalkerLieb Group

Privacy Policy | Sitemap

Responsive Real Estate Websites by HoopJumper

walkerliebgroup.com

Posting....
Accessibility by WAH
  • Home
  • About Us
    • Our Team
      • DJ Celario
      • Laura Polster
      • Zach Walkerlieb
  • Active Listings
  • Anthem
  • Blog
  • Centennial Hills
  • Community 1
  • Expired Listings
  • For Sale by Owner
  • global
  • Green Valley
  • Henderson
  • High-Rise Condos
  • Home
  • Mountain’s Edge
  • Networking / Prospecting / Open House
  • Privacy Policy
  • Providence
  • Resources
    • Downloads
    • Market Trends
    • Preferred Vendors List
  • Sell Your Home
  • Seller Form
  • Sold Listings
  • Summerlin
  • Videos
    • Community
    • Home Tours
    • Market Updates
    • Other
  • Reviews & Testimonials
  • Contact Us