![]() ![]() Then there’s, REOs, real estate owned properties these properties are banked owned, typically from foreclosures. A short sale is simply selling a home for less than what is owed on it however, while the concept is simple, the process is a bit more complicated, and the sale can take awhile to complete. ![]() Short sale, that’s one term that’s become ubiquitous in recent years as more homeowners have mortgages that are underwater, or upside down, meaning they owe more than their home is worth. Many first-time homebuyers think the hard part of the home-buying process - the endless paperwork and research that goes into getting pre-qualified for a mortgage - is over, but that’s not necessarily the case.įirst-timers are not only embarking into the foray of homeownership, they also are entering the realm of an often entirely new lexicon: Realtor lingo.Ĭomplete with such abbreviations as FFL - no, the home doesn’t have its own fantasy football league, but it does have first floor laundry - acronyms like the notorious ARM, or adjustable rate mortgage, and an abundance of colorful home descriptions, Realtor lingo to the layman may be difficult to discern. What does FDR mean? Not Franklin Delano Roosevelt, that’s for sure. Say, what?! Real estate lingo, abbreviations and acronyms can be confusing, but don’t worry, I’ve got you covered. ![]()
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