Terms to Know When Selling

 

It's okay to stop your agent and ask "Wait.. what does that mean?" So I'll help you out with the most common terms that we as 

realtor use. 

Comps: short for "comparable sales." Comps are recently sold at homes similar to yours in location, size, condition and features. You & your agent will use comps to help price your home. 

Staging: The process of making your home appealing to the masses by decluttering, rearranging furniture, or bringing in different furniture & decor. You can stage your home yourself or hire a professional. 

Contingent: A word meaning "dependent on." In real estate, it means the seller has accepted an offer, but some additional conditions must be met. The most common contingencies include inspection, financing, appraisal, title & home sale.

Earnest Money: The money a buyer puts down when they are serious about purchasing your home. The higher the earnest money, typically, the greater the interest. 

Escrow: A third-party account that holds funds like earnest money, property taxes & insurance during a real estate transaction. 

Home Warranty: A service contract often provided by the sellers that covers the repair of major appliances & systems during the first year after a home sale. 

Thinking of selling & want to hear more about comps, staging or any other parts in the process? Call or text, I would love to help you! 

Your local realtor & friend,