5 Terms Home Sellers Should Know

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5 Terms Home Sellers Should Know

3 April 2015
 Categories: Real Estate, Blog


If you are trying to sell your home, you should be familiar with certain terminology. This will better help you understand things that you may hear from your realtor when working to get your property sold. By being familiar with key terms regarding this process, you will be better prepared in advance for it.

Offer

When a potential buyer is interested in your home, they will offer you a specific amount of money for it.This is referred to as an offer on your property, and you can agree to accept it or decline it.

It is common for many sellers to make a counteroffer if the amount is too low or ask the potential buyer to cover some of the other expenses associated with the process. These may include making certain repairs on the property if needed or paying for the closing costs.

Appraisal

In order for you to officially know what your property is worth, you may need to get an appraisal. This should be completed by a licensed and trained professional that is certified to look at your home and provide you with an accurate amount of what it is worth.

Depreciation

This is the amount in which the value of your home will decline annually. Some of the factors that will contribute to the depreciation include the age of the home and the rate at which things begin to break down and need repairing.

Earnest Money

If a person is extremely interested in your house and wants to keep others from potentially owning it, earnest money is usually put down for it. This amount will vary and is typically up to the seller to set, but doing this will ensure the home is not sold to another person.

House Closing

When you have accepted an offer on the home and wish to sell it to a buyer, you will need to transfer a number of documents over to this person. This will include the bill of sale, the title and many other critical items that are necessary to transfer ownership of the property. This is referred to as the closing on the home.

Finally, selling your home doesn't have to be the major challenge when it comes to understanding the language you are certain to hear. Be sure to consult with a real estate agent who can answer any questions you may have about the entire selling process!