First Time Home Buyers: Do You Understand Your Real Estate Agent's Language

Like any professional, we all speak a language other's in our industry well understand. As a first time home buyer, you may not understand the language your Realtor is speaking. Here are a few terms to help you better understand:

CMA: Comparable Market Analysis, a home evahuation based on properties that have sold in a neighborhood, that similar to the home and property your looking at.

Disclosure: This coves many Documents, its a document that a seller needs to fill out, disclosure laws vary from State to State, but most sellers are required to tell you about, known material defects, that could very will could affect the value of the home you thinking of buying. At the closing, you'll receive a packet of disclosure statements, many of them are required by law. The documents could very will include: The appraisal notice, private mortgage insurance disclosure. transfer of mortgage servicing disclosure statement, these are a few.

Earnest Money: A good faith deposit provided as consideration when a buyer makes an offer to purchase a property contract.

Purchase and Sale's Agreement: A contract from the Buyer to the Seller offering to purchase the home and property for a certain price.

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