Decoding the Lingo: What is a HUD (owned) home?

Defining what a HUD home is and how HUD properties are purchased.

Decoding the Lingo: Buyer’s Market, Seller’s Market

Defining the terms “buyer’s market” and “seller’s market” briefly and simply.

Decoding the Lingo: Short Sales and Foreclosure

Foreclosure information continues to pepper newspaper headlines like political polls before an election, so it seems right to decode it’s meaning, clarify its scope and discuss one form of foreclosure avoidance, the short sale. 
Foreclosure is the process by which a lending institution (“the bank”) repossesses real property (“the home”) when the home owner fails to [...]

Decoding the Lingo: Comps, Comparative Market Analysis, and Home Valuation

The key to estimating the real value of a home in any given market situation is understanding what has been selling, for how much, and at what speed.  While knowing what homes in a neighborhood are listing for may be interesting, knowing what they are selling (or closing) for is actually informative.  A good set [...]

Decoding the Lingo: Home Inspection and Inspection Deadlines

Every home has a secret (ok, several secrets).  If you squeeze your cantalope or test drive your car before chosing to buy it, then you know what a home inspection is all about.  A friend of mine (Keith Klassen) wrote an excellent newsletter article not too long ago listing the many reasons a professional inspection [...]

Decoding the Lingo: SDI (Self-Directed IRA)

Disclaimer:  I am a real estate professional, not a financial consultant or retirement planner.  That said, this information is fairly basic and easily varified by many reputable sources (below). 
A Self-Directed IRA is a retirement vehicle that is capable of investing in a great number of investments including Real Estate.  Basically your IRA fund becomes the [...]

Decoding the Lingo: Earnest Money

Just a quick one.  Earnest Money usually comes in the form of a personal check or money order made out to a title company.  It’s money a property buyer uses to place a hold on a property that provides the seller some level of assurance of the buyer’s serious intent to follow through with the purchase.  [...]

Decoding the Lingo: Closing Costs

The fees incured from borrowing money to purchase a property, faciliate the sale of a property, and transfer the ownership of a property.  The wikipedia article on the topic includes a more formal definition and a list of examples.  Many items lumped into this category are negotiable, and none of them need to be a complete [...]