These terms are utilized all the time by real estate professionals in describing properties. Tim Bray and Seaport Real Estate Group pull back the curtain and expose the true meanings. Take a look!!
REAL ESTATE TERMS REDEFINED
- RELO -Up to 15% off the list price because the seller is being subsidized by a corporate relocation company.
- COZY – Small and cramped
- GOOD BONES – This place needs to be rehabbed
- LOCATION, LOCATION, LOCATION – Focus on location typically means that that structure is less than adequate, and focus is being placed on its positive attribute. Location.
- INVESTORS TAKE NOTICE – Ok, this property needs a massive cash infusion to bring life back to the old girl.
- PRIDE OF OWNERSHIP – This owner has put their heart, soul and wallet into maintaining and upgrading the property. Each year they are investing between 1%-2% of the home’s value back into maintenance and upgrades.
- SERIOUS BUYERS ONLY – This owner has been through the process and they are not able to get their price. They have shown the property numerous times without receiving an offer. Do not place this property on your brokerage tour.
- SOLD AS-IS – Perhaps this seller can barely break even and is tapped financially. They cannot afford to make any repairs to the property and still sell. This could mean, “I am sick of the process and do not want to deal with the drama of negotiating” Bring your contractors or inspector friend through the home before you write an offer.
- MOTIVATED SELLER – The price of this property is extremely negotiable. Beware as the property could have been grossly overpriced and now the seller has gone through their process and realizes that they made a mistake in previous pricing. This agent’s listing contract may be expiring soon and they are looking for any and all offers to keep their contract alive.
- BRING OFFERS – Listing is expiring, Seller is desperate, seller is sick of the process
- EASY TO SHOW – This home may be vacant, with a lockbox, no listing agent required for showings.
- TURN KEY – This home is in immaculate condition and the only thing needed to be done is Move in.
- MOVE IN CONDITION – Duh
- ONE OWNER HOME – This thing is a relic.
- HANDY MAN SPECIAL – Bring your tools because you are going to need them.
- LOW MAINTENANCE – Small, Tiny, little yard. Nothing to do because you own barely anything.
- LIFESTYLE PROPERTY – This is most likely a second home. It offers some very special features such as waterfront, excess acreage, a swimming pool, hot tub, bar, volleyball court, etc.
- GOVERNMENT FINANCING WELCOME – This home is in great condition and will most likely pass a barrage of testing allowing it to qualify for government backed financing.
- NO GOVERNMENT FINANCING WELCOME - This dog has some very apparent structural, mechanical or safety issues. Perhaps all three.
- ORIGINAL DETAILS – You had batter factor in the cost of a new kitchen and bathroom and flooring because the orange shag carpets, and pink porcelain toilets are most likely in this home.
- WELL APPOINTED FEATURES – This home offers some amenities that make it stand out from other properties.
- MODEL HOME – Great condition, you can eat off the floors, clothes pressed and hanging perfectly, it does not look like anyone lives here. Or, this may be a new construction model home that has never been lived in before.
- GRANDMA’D – Never been updated and smells like moth balls
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