Abstract of judgment,law : The summary of a court judgment that creates a lien against a property when filed with the county recorder.
Accelerated cost recovery system : A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.
Acceleration clause : A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.
Accelerated depreciation : A bookkeeping method that depreciates property faster in the early years of ownership.
Acceptance : The seller's written approval of a buyer's offer.
Access : Any means by which a person can enter property.
Accessibility : The degree to which a building or site allows access to people with disabilities.
Accretion : The gradual addition to the shore or bank of a waterway by deposits of sand or silt.
Acknowledgment : A written declaration affirming that a person acted voluntarily.
Acre : A measurement of land equal to 43,560 square feet.
Acre foot : The volume of material needed to cover an acre of land one foot deep.
Active solar system : A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.
Actual age : The number of years a structure has been standing.
Addendum : An addition or change to a contract.
Additional principal payment : Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.
Add-on interest : The interest a borrower pays on the principal for the duration of the loan.
Adjustable-rate mortgage (ARM) : A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.
Adjusted cost basis : The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold.
Adjustment period : The amount of time between interest rate adjustments in an adjustable-rate mortgage.
Administrator : A person given authority to manage and distribute the estate of someone who died without leaving a will.
Administrator's deed : A legal document that an administrator of an estate uses to transfer property.
Adverse possession : The acquisition of title to property through possession without the owner's consent for a certain period of time.
Adverse use : The access and use of property without the owner's consent.
Aeolian soil : Soil that is composed of materials deposited by the wind.
Affiant : A person who makes a sworn statement.
Affirmation : A substitution for an oath granted to people based on religious reasons.
A-frame design : An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.
Agency : The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.
Agency closing : The process by which a lender uses a title company or other firm as an agent to complete a loan.
Agent : A person licensed by the state to conduct real estate transactions.
Agreed boundary : A compromise boundary to which property owners agree in order to resolve a dispute.
Agreement of sale : A document the buyer initiates and the seller approves that details the price and terms of the transaction.
Alcove : A recessed section of a room, such as a breakfast nook.
Alienation clause : A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred.
Alkali : Mineral salt found in soil.
Alkaline soil : Soil that contains a higher concentration of mineral salt than natural acid.
Alley : A lane behind a row of buildings or between two rows of buildings.
Allowances : Budgets offered by builders of new homes for the purchase of carpeting and fixtures.
Alternative mortgage : Any home loan that does not conform to a standard fixed-rate mortgage.
Aluminum-clad windows : Wooden windows with aluminum covering the exterior.
Aluminum siding : A metal covering that provides an alternative to paint for owners of wood homes.
Amenities : Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments.
American Society of Home Inspectors : The American Society of Home Inspectors is a professional association of independent home inspectors. Phone: (800) 743-2744.
Americans with Disabilities Act : A law passed in 1990 that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications.
Amortization : The process of paying the principal and interest on a loan through regularly scheduled installments.
Amortization tables : Mathematical tables that lenders use to calculate a borrower's monthly payment.
Amperage : The strength of an electrical current.
Anchor bolt : A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving.
Annual : Any kind of plant that must be planted every year.
Annual mortgagor statement : A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.
Annual Percentage Rate (APR) : The cost of the loan expressed as a yearly rate on the balance of the loan.
Annuity : The payment of a fixed sum to an investor at regular intervals.
Anticipatory breach : A communication that informs a party that the obligations of the original contract will not be fulfilled.
Application : A document that details a potential borrower's income, debt and other obligations to determine credit worthiness.
Application fee : The fee that a lender charges to process a loan application.
Appraisal : An opinion of the value of a property at a given point in time.
Appraisal fee : The fee that an appraiser charges to estimate the market value of the property.
Appraisal report : A detailed written report on the value of a property based on recent sales of comparable sites in the area.
Appraised value : An opinion of the current market value of a property.
Appreciation : An increase in the value of a home or other property..
Arbitration : A method of resolving a dispute in which a third party renders a decision.
Arbor : An area shaded by trees, shrubs or vines on a latticework structure.
Arch : A curved structure that supports weight over an area, such as a doorway.
Architect : A licensed professional who designs homes, buildings and other structures.
Architectural fees : The fee an architect charges for services. In general, architects charge for their services by the hour, by the square foot, or by a percentage of the project budget.
Arpent : A French measurement of land equal to .84625 acres.
Asbestos : A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.
As-is condition : The purchase or sale of a property in its existing condition.
Asking price : A seller's initial price for a property.
Assessed value : A tax assessor's determination of the value of a home in order to calculate a tax base.
Assessment : The estimated value of a piece of real estate or a levy placed on property in addition to taxes.
Assessment rolls : A list of taxable property compiled by the assessor.
Assets : Items of value which include cash, real estate, securities and investments.
Assignor : A person who transfers rights and interests of a property.
Assumable mortgage : A mortgage that can be transferred to another borrower.
Assumption clause : A provision that allows a buyer to take responsibility for the mortgage from a seller.
Assumption fee : A fee the lender charges to process new records for a buyer who assumes an existing loan.
Average price : The price of a home determined by totaling the sales prices of all houses sold in an area and dividing that number by the number of homes.
Avigation easement : An easement over private property near an airport that limits the height of structures and trees.
Awning windows : Single-sash windows that tilt outward and up.
Friday, September 30, 2011
local housing market
"Years from now, when our clients look back on the current market, some of them will be thoroughly grateful that they were astute enough to act on the ultimate buyer's market.
Others will look back and say, 'if only'"
Mark Willis, CEO, Keller Williams Realty
The current opportunities for home buyers are better than you've ever imagined!
Contact me today if you or anyone you know would like an overview of our local housing market.
Others will look back and say, 'if only'"
Mark Willis, CEO, Keller Williams Realty
The current opportunities for home buyers are better than you've ever imagined!
Contact me today if you or anyone you know would like an overview of our local housing market.
Are you Overpriced or at Fair Market Value ?????
Most experts would advise that the best way to increase your odds of a successful sale is to price your home at fair market value. But, as logical as this advice sounds, for many sellers it is still tempting to tack a few percentage points onto the price to "leave room to negotiate". To avoid this temptation, let's take a look at the seven deadly sins of overpricing:
1. Appraisal Problems
Even if you do find a buyer willing to pay an inflated price, the fact is over 90% of buyers use some kind of financing to pay for their home purchase. If your home won't appraise for the purchase price the sale will likely fail.
2. No Showings
Today's sophisticated home buyers are well educated about the real estate market. If your home is overpriced they won't bother looking at it, let alone make you an offer.
3. Branding Problems
When a new listing hits the market, every agent quickly checks the property out to see if it's a good fit for their clients. If your home is branded as "overpriced", reigniting interest may take drastic measures.
4. Selling the Competition
Overpricing helps your competition. How? You make their lower prices seem like bargains. Nothing is worse than watching your neighbors put up a sold sign.
5. Stagnation
The longer your home sits on the market, the more likely it is to become stigmatized or stale. Have you ever seen a property that seems to be perpetually for sale? Do you ever wonder - What's wrong with that house?
6. Tougher Negotiations
Buyers who do view your home may negotiate harder because the home has been on the market for a longer period of time and because it is overpriced compared to the competition.
7. Lost Opportunities
You will lose a percentage of buyers who are outside of your price point. These are buyers who are looking in the price range that the home will eventually sell for but don't see the home because the price is above their pre-set budget.
Most buyers look at 20 homes before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy.
1. Appraisal Problems
Even if you do find a buyer willing to pay an inflated price, the fact is over 90% of buyers use some kind of financing to pay for their home purchase. If your home won't appraise for the purchase price the sale will likely fail.
2. No Showings
Today's sophisticated home buyers are well educated about the real estate market. If your home is overpriced they won't bother looking at it, let alone make you an offer.
3. Branding Problems
When a new listing hits the market, every agent quickly checks the property out to see if it's a good fit for their clients. If your home is branded as "overpriced", reigniting interest may take drastic measures.
4. Selling the Competition
Overpricing helps your competition. How? You make their lower prices seem like bargains. Nothing is worse than watching your neighbors put up a sold sign.
5. Stagnation
The longer your home sits on the market, the more likely it is to become stigmatized or stale. Have you ever seen a property that seems to be perpetually for sale? Do you ever wonder - What's wrong with that house?
6. Tougher Negotiations
Buyers who do view your home may negotiate harder because the home has been on the market for a longer period of time and because it is overpriced compared to the competition.
7. Lost Opportunities
You will lose a percentage of buyers who are outside of your price point. These are buyers who are looking in the price range that the home will eventually sell for but don't see the home because the price is above their pre-set budget.
Most buyers look at 20 homes before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy.
Thursday, September 29, 2011
Keller Williams Realty Boynton Beach Rocks Real Estate
I can't believe I have been acknowledged as the Culture Recipient here in the office this month!! I am doing what I love with people who I admire and have great business results to show for it!! Life doesn't get much better than this!! If you know about Keller Williams Realty, we are all about integrity, win-win and together everyone achieves more... so KW Boynton Beach.. this award is for ALL of you! I am blessed to have you in my life....
Wednesday, September 28, 2011
Tuesday, September 27, 2011
Strategies for Negotiating in Today's Marketplace
Deals are falling apart in record numbers. How can you keep buyers and sellers together long enough to reach it to the closing table?
Friday, September 23, 2011
Now is a GREAT time to buy!!!
Fixed mortgage rates hovered at record lows for a third straight week. They are likely to fall even further now that the Federal Reserve said it would shuffle its holdings to drive down long-term interest rates.
The average rate on the 30-year fixed mortgage was unchanged at 4.09 percent this week. That’s the lowest rate seen since 1951.
The average rate on the 30-year fixed mortgage was unchanged at 4.09 percent this week. That’s the lowest rate seen since 1951.
Thursday, September 22, 2011
Valencia Reserve
South Florida's paradise active adult 55+ Community. Stunning residences featuring 2, 3 and 4 bedroom designs, opulent interior features and a great selection of waterfront and garden views
Valencia Reserve is set amidst tranquil surroundings, offering an incredible location, stunning homes and unparalleled lifestyle. With an entry and clubhouse designed to impress even the most discriminating buyer, Valencia Reserve offers a state-of-the-art lifestyle complex. An opulent 41,000 total square foot clubhouse serves as the focal point of the community, jam-packed with excitement, activities, clubs and fun.
Valencia Reserve offers tennis, basketball, a massive social hall, fitness, aerobics, multiple pools, an ample sundeck, specialty interest rooms and even a Wii interactive gaming studio. It's a community you must see to believe! Approximately 1,060 homes will be built.
Laurie Scherer & The Scherer Team can help you find your way home
View All Currently Available Homes in Valencia Reserve Boynton Beach FL
Mortgage rates the lowest in 60 years..Wow!
There are so many real estate articles to read up on... The one that makes me smile is from the Palm Beach Post recently touting the best mortgage rates in 60 years!! They are almost giving away money to purchase homes. Great pricing,, great interest rates...what are you waiting for??I love this real estate market..
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