In today’s real estate market, knowing exactly what’s being said is like having the right map in front of you as you try to figure out how to reach the spot where you’ve finally sold your property. Whether this is the first time you’ve tried to sell a house fast for cash or you’ve previously sold a home, knowing most of the common real estate terminology is key if you’re looking for that perfect sale. Here are a few you should be familiar with:
- Appraisal: This is essentially the value of your property as dictated by a certified appraiser. In most cases, you’ll only have an appraisal if there’s a lender involved, as it helps to determine how much the loan is. When we buy houses in Sacramento and around the area, we don’t typically work with a lender, but we do have an appraisal from a certified appraiser to ensure we’re getting exactly what we expect in a sale.
- As-Is: This one is a really common term in cash transactions. It means that the property is being sold just exactly like it is now – in its current condition. The buyer agrees that they will take the property with any existing issues without the seller making repairs. In most cases, our sales come in as-is condition because we buy houses for cash in almost any condition.
- Closing Costs: Often in the last stages of a real estate transaction, there are closing costs involved. These are things like legal fees and title insurance, and while it’s typically buyers who foot most of the closing costs on a loan, it’s possible for sellers to have to pay some of them as well.
- Escrow: This term usually comes into play when there’s earnest money involved with the sale of your home. This is usually a third party who hangs onto any funds or key documents until the sale of the home is actually completed.
- Title Insurance: These policies protect buyers and lenders from any financial loss in case there are problems with the property’s title. It can’t be sold if it can’t be legally transferred, and title insurance makes certain that happens.
When you say “I want to sell my house for cash” and give us a call, knowing exactly what you’re doing is key. Arming yourself with these fundamental real estate terms can help you make informed decisions. Ready to get started? Give us a call today.