Cincinnati February/March 2024

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RESOURCES Andersen Windows and Kolbe Windows available at Requarth Co. Gilkey Window Company Marvin Windows & Doors Pella Window & Door 400 series casement and awning: Courtesy of Andersen Windows & Doors 60 housetrends.com
ASK THE EXPERT rea estate The ABCs of Real Estate Whether you are a first-time home buyer or a third-time home seller, the real estate transaction can be confusing and stressful enough even without the many terms and acronyms used during the process! We’ve compiled a mini glossary of some terms you might hear if you’re buying or selling in today’s market. ABOUT THE AUTHOR Ellie Kowalchik, a real estate agent with Keller Williams Pinnacle Group, leads <strong>Cincinnati</strong>’s top-ranked Move2Team. A multi-million dollar producer and company sales leader, she holds the advanced designations of Seller Representative Specialist, Certified Residential Specialist, as well as e-Pro with a focus on technology. She has also been named one of America’s Best Real Estate Agents by RealTrends for the past 6 years. Have real estate questions you’d like to see answered in a future edition of Ask the Expert? Give Ellie a call at (513) 697-SELL or email her at Ellie@Move2Team.com. A | Appraisal: A professional estimate of the value of the property by a certified appraiser based on comparable recent sales of nearby homes. B | Backup Offer: A pre-negotiated, secondary offer on a home that is under contract that automatically becomes the primary offer if the first contract falls through. C | Contingency: Anything that puts a condition on the buyer’s willingness to proceed with the purchase. Some of the most common contingencies include financing, inspection, or appraisal contingencies, but the purchase could also be contingent on the sale of the buyer’s current home. D | Down Payment: A percentage of the home’s purchase price (typically between 5% and 20%) paid at closing by the buyer. E | Earnest Money: Money a buyer pays as a “deposit” when a seller has accepted his/ her offer on a home that is credited to buyer funds due at closing. If the buyer backs out of the sale due to a failed contingency, contractually he/she can recover the earnest money in full. F | For-Sale-By-Owner: Used to describe a homeowner who is selling their property without the representation and expertise of a licensed real estate agent. G | Good Faith Estimate: A form used by lenders to give borrowers an estimate of fees due at closing. H | Homeowners Association (HOA): A management organization within a community, subdivision, or neighborhood that creates and enforces rules for properties within its jurisdiction. I | Inspection: A thorough examination of a property’s structure and its mechanical systems by a licensed professional during the “inspection period” while a home is under contract. J | Jumbo Mortgage: A mortgage that exceeds the standard conforming loan limits, commonly used for luxury home purchases. K | Key Rate: The specific interest rate that determines bank lending rates and the cost of credit for borrowers. L | Loan-to-Value (LTV): The risk assessment ratio used by lenders, equal to the mortgage amount divided by appraised value. M | Multiple Listing Service (MLS): A database for agents to list, market, and search for homes for sale. Only licensed real estate agents and brokers can list homes for sale on the MLS. N | Net Proceeds: The amount of money a seller takes away from selling a home, after deducting any broker commissions, closing costs, and transfer fees. O | Open House: A scheduled period of time where a listing agent makes a property available for potential buyers to view with or without the presence of a buyer’s agent. P | Pre-Approval: An evaluation of a potential borrower by a lender that determines whether the borrower qualifies for a loan, what type of loan they can get, and how much the bank will loan them. Q | Quitclaim Deed: A deed that transfers property rights without any validation of ownership. Typically used between spouses and family members. R | Real Estate Owned (REO) Property: A repossessed/foreclosed on property owned by a lender after an unsuccessful sale at auction. S | Short Sale: When an owner is selling their home for less than the mortgage they owe on it. The lenders may agree to “short” the mortgage and accept a payoff for less than the remaining loan amount in lieu of foreclosure. T | Title: The legal right to ownership of a specific real estate property. U | Under Contract: The time period during which a buyer has submitted an offer and the seller has accepted, but all contingencies have not been met and/or the closing is not final. V | Veterans Affairs (VA) Loan: A mortgage loan for current/former members of the military and their spouses, made by private lenders and guaranteed by the U.S. Government. W | Walkthrough: The final inspection of a home during which it is verified that agreedupon repairs have been completed and that the property’s condition is acceptable to buyer before closing. X | Xeriscaping: Creative and sustainable landscaping that conserves water and has minimal maintenance needs. Y | Yield-Spread Premium (YSP): The compensation a lender pays a mortgage broker to sell a loan with a higher interest rate than the par rate. Z | Zero-Lot-Line Property: A building that comes very close to or directly on the property line on at least one side. Units may be attached to one another in a zero-lot-line housing development. HTCI0224.018
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Cincinnati February/March 2024

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