Southeast Michigan Real Estate Lingo 101
Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on April 4th, 2011 Do you know how closing costs actually work? Or, how you’d use CMAs (comparative market analysis) to evaluate Southeast Michigan real estate in Oakland County? And, can you decipher all of the abbreviations and acronyms, such as FDR, lo dues and MLS.
Purchasing a home is frustrating enough without having to go through the frustration of decoding all the complicated speak and legalese. If you brush up with a real estate dictionary before your home-buying search, you’ll gain valuable knowledge and save yourself a lot of time and headaches in the long run.
- Basic lingo every Southeast Michigan real estate buyer or seller should know …
ARM – This stands for Adjustable-Rate Mortgage, which is a type of mortgage where the interest rate periodically adjusts. - Closing costs – These are miscellaneous expenses buyers and sellers pay upon closing; they usually include brokerage commission, escrow taxes, recording fees, etc.
- CMA – This stands for Comparable Market Analysis, which is a report of recently sold, comparable homes in the same market as the home you’re selling.
- ERV – Estimated Rental Value
- FDR – Formal Dining Room
- Fixture – Anything that is permanently attached to the home, such as door knobs, carpeting, light fixtures and landscaping
- FP – Fireplace
- HDW – Hard Wood Floors
- Lo dues – Dues paid to the homeowners association
- MLS – Multiple Listing Service, which is an organization that compiles multiple listings into one report and distributes it to all of their realty members.
- PSF – Per Square Foot
- Sale price – The actual price at which the property sells.
Don’t let the hectic housing market overwhelm you. If you understand Southeast Michigan real estate lingo, you’ll be more knowledgeable and able to easily achieve your real estate goals.
If you have questions about any of these terms or want help achieving your real estate goals, call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.
Lee Morof
Associate Broker/Attorney
RE/MAX Showcase Homes
Birmingham, Michigan
Call: 248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com
