Real Estate Search Direct

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Are you getting lost in the MLS Listings?  It’s easy to do.

There are many abbreviations and industry jargon that may be hard to understand for someone who has never bought a home before.

Many of the abbreviations come from the days when the best form of marketing was the classified ads in the local newspaper.  The paper charged by the line or letter so people kept the ads as brief as possible.   Sometimes these abbreviations are still used even when publishing an ad on the internet where there is no per fee per letter or line.

Homer Buyer and Ivana Newhouse were busy searching the listings every day. 

They found out that there were some key words that had unexpected meanings.  Some properties were listed as “Subject To Lender’s Approval.”  Homer thought this was odd. Wasn’t any home purchased with borrowed money subject to the lender’s approval?

What this phrase actually meant was that the property was being listed for less than the seller owed on his mortgage.  In order for the sale to close, the seller’s lender had to agree to accept less than the full amount owed. 

They also call this type of sale a short sale.  The problem with this is that you can’t be sure what the lender is going to accept and it can take many months for them to make a decision. 

The listing agent often puts a very low price to attract offers because if no offers are made the bank will not say what they are willing to accept.

It is possible to get a good deal on a short sale, but you must be patient and don’t be too disappointed if the offer is declined after waiting for months to get a response.

Buyers who are on a deadline to move should probably not consider any listing that says short sale or subject to lender’s approval.

Before you start searching the MLS Listings here are a few tips to prepare

• Know your price range.
• Identify the cities you are interested in.
• How many bedrooms and bathrooms do you need.
• What type of property:  Single Family Residence, Condominium, Mobile Home, Multi-family?
• Are any special features required: Wheelchair access, swimming pool, weight room? 
• What nearby facilities:  Shopping, public transportation, schools, library, parks, lake access?
• How far from work are you willing to live?
• What extent of repair are you willing to take on?

Having this information available will greatly help narrow down your property search. 

For more tips on buying a home get Real Estate Search Direct Updates.