If you are hoping to sell your house fast in Mercer County, there are some real
estate terms you should become familiar with. Below, we’ve compiled some of the lesser-known terms you might hear when selling your house in Mercer County. Please
feel free to reach out to us if there is anything else you would like to know about the selling process. We are happy to answer all of your questions.
An appraised value is an evaluation of a property’s value by a professional appraiser. This can be done during the mortgage origination
process or by the buyer or seller privately to help determine the value of the property. An appraisal can
also be used for tax purposes or after a divorce.
The assessed value of a property helps determine how much a homeowner will need to pay in property taxes. The property appraiser will
take into account location information, inspection information for the home, and recent home sales in the area.
The carrying costs are the costs you are facing each month to own the home. This includes things like your tax payments, insurance premiums,
utility bills, and maintenance costs.
A clear title means that there aren’t any other ownership claims to the property, nor are there any liens against the house.
Comparative Market Analysis
A comparative market analysis, or CMA, provides information to help determine the value of the property. It takes into account recent
sales to help you figure out what your house is currently worth.
A contingency is a stipulation in the contract that needs to be met before the contract is legal and binding.
A covenant formal agreement in which one party gives the other certain assurances. An example would be covenants of warranty in a warranty
A delinquency occurs when a homeowner defaults on their loan. This is when a lender will actively begin the collections process, even
A disclosure is a document that the seller provides the buyer, letting them know about any problems, defects, or known issues with the
property. Failing to disclose a problem with your home can be considered fraud.
An encumbrance is a claim against the property that restricts its transfer or use. A property lien is considered an encumbrance.
A foreclosure occurs when a homeowner fails to make their mortgage payment, typically for 90 days. The owner waives all rights to the
property and the home becomes the possession of the bank.
Inclusions are personal property that is included in the home sale. This can be things like appliances, furniture, or outdoor items.
Market value is a valuation of the property in which the parties are free of pressure to complete the transaction and all details of
the house are known. It can be formulated by finding the average between the highest price a buyer would pay and the lowest price a seller would accept.
A mechanic’s lien is a lien against the property which will secure the payment of contractors, laborers, and those who provide materials.
While amortization refers to paying off your loan, negative amortization happens when the payments you are making aren’t enough to cover
the interest and the amount you owe becomes greater as opposed to less.
A quitclaim deed transfers the interest in real property from one person to another.
A sale-leaseback occurs when a buyer purchases a property and then leases it back to the occupant.
A short sale occurs when an owner sells their property for less than what is owed, allowing the lender to recoup some of the cost of
the loan as an alternative to foreclosure.
The title refers to who has legal ownership and who can legally use the property. Just like a car, it is how you claim ownership of
A title defect is when there is an adverse claim, somewhere in the chain of ownership. It can have an impact on who has legal rights
to the property.
Voluntarily giving up a right, claim or privilege. It removes liability for the other party in the agreement.
When trying to sell your house fast in Mercer County, you will likely hear a lot of real estate jargon thrown your way. It’s important
to know what is being said and how the terms used will impact you. Do your homework before selling your house fast in Mercer County so you don’t miss something you should have been aware of!
If you have questions about these, or other real
estate terms when selling your house in Mercer County, don’t be afraid to reach out! We are happy to answer all of your questions, providing you
with the info you need! Contact us today to learn more! (908)
We research the details of your home and start crafting a great offer for you.
We present you with a fair cash offer with no obligation and no fees.
Get the cash you need now. You do NOT have to wait 6 – 12 months to get your house sold.