When youre selling your home or other real property on your own, you dont have to know everything about the process. It does help to have a practical knowledge of the terms that come up during the process.
Keep in mind, these arent intended as be all, end all, penultimate definitions. Theyre working definitions for pragmatic folks. Lets go
1) Acceptance – A legal term referring to the acceptance of a buyers offer by the seller. Acceptance is often preceded by a number of counter offers between the parties.
2) Appraisal a professional opinion of the value of real property. Most jurisdictions have careful rules defining who may call themselves an appraiser, and most lenders have a stable of approved appraisers whom they use regularly. Typically, the lender making the new mortgage loan will require that the property appraise for at least as much as the purchase price. Occasionally, a buyer will require the same thing in an all cash transaction.
3) Bridge Loan Short term loans used to bridge any time gap between the sale of a home and purchase of the next one. These loans can be valuable when escrow is delayed on the sale of a home and the...
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