Glossary Posts

Earnest Money

by Heather December 4, 2008 Buyer Help

WHAT IT IS Earnest money is the amount of money a buyer submits with an offer to purchase a house. You actually write a check (or a copy of the check) and send it with the purchase offer. Earnest money proves the buyer is ‘in earnest’, or serious about buying that house. If the seller [...]

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What’s A Fixture?

by Heather October 10, 2008 First Time Buyers

My broker Jay Thompson explained “what’s a fixture?” on his real estate FAQ blog, which I’d like to expand on. Normally I think everything Jay does is perfect and no expanding is needed. Buuuut, I’m running a little low in the inspiration department, even lower in the time department, and I realized that I haven’t [...]

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When’s The Money Due?

by Heather September 23, 2008 Buyer Help

Like a lot of metro Phoenix Realtors, lately I’ve been working with lots of out of town buyers (especially Canadians). These buyers are often used to the way purchase transactions are handled in their hometowns, but somewhat baffled by the way we do things in metro Phoenix. From the standard AAR contract, line 13, “Close [...]

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The Escrow Process Explained

by Chris Butterworth September 5, 2008 Buyer Help

You’re ready to buy a house.  You write up an offer with your Realtor.  What’s next? You’re trying to sell your house.  Your Realtor brings you an offer from a buyer.  What’s next? The escrow process always raises questions from both buyers and sellers.  It can be confusing, and even overwhelming, because there are a [...]

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Cash Buyer? Got Your POF?

by Heather August 27, 2008 Buyer Help

Cash buyers of Arizona real estate should provide a Proof of Funds statement to make their offer as strong as possible.

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Where Does The Commission Go When I Sell?

by Heather July 25, 2008 First Time Buyers

In metro Phoenix where I work, sellers typically pay the Realtors’ commissions. Buyers don’t pay any Realtor commissions. The biggest chunk of change buyers come up with is their down payment. For sellers, the biggest hit you take on closing day is the Realtors’ commissions. Comissions are negotiable. So not every scenario will fit this one [...]

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What Is “Absorption Rate”?

by Heather June 5, 2008 First Time Buyers

“Absorption rates are a  calculation of how long it will take for all the homes on the market to be sold, or absorbed, based on how many homes are on the market and how many were purchased in the last 30 days.”  – This is courtesy of blogging legend Theresa Boardman from Minnesota. Think of it [...]

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Glossary of Real Estate Terms

by Chris Butterworth May 23, 2008 First Time Buyers

When doing research, analysis, and reporting of our local real estate market conditions, I tend to use the same terms and phrases over and over again. I’m pretty sure that I’ve defined each of these terms at one point or another along the way, but that may have been many posts ago, and it’s very [...]

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Mortgage Terms Defined

by Heather May 5, 2008 Buyer Help

Thinking about buying a home? Have questions, need info, but aren’t ready to speak with a lender yet? Have a fear that a pushy salesperson will bug you till you sign? See this awesome glossary of mortgage terms compiled by Jack M. Guttentag. Jack is Professor of Finance Emeritus at the Wharton School of the University [...]

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Fair Housing Law

by Heather March 22, 2008 First Time Buyers

. . Federal Fair Housing law prohibits discrimination in the sale, rental or financing of housing because of: Race or Color National Origin (the country in which one was born) Religion Sex Familial Status (whether one has children or not, whether married or not) Handicap/Disability Some states include additional groups, such as “sexual orientation”. You [...]

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All About PMI

by Heather February 17, 2008 First Time Buyers

Private Mortgage Insurance is just what it sounds like – insurance. It’s required on home loans where the buyer puts less than 20% cash down. Statistically, buyers with less than 20% cash down payment are more likely to default on their home loans than those who have ready cash.  Issued by private companies like MGCI [...]

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80/20 and 80/15/5 Loans

by Heather February 17, 2008 Buyer Help

These were home loans that were essentially creative ways to get around the rule that you must pay Private Mortgage Insurance if you put less than 20% cash down on a home purchase. They were the darlings of the market in the late 90’s and early 2000’s. Lenders issued the buyer two loans. Loan #1 was [...]

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