Real Estate Word of the Day is Appraisal
By Teri Eckholm, REALTOR Serving Mpls/St Paul North & East Metro
(Boardman Realty)
First Time Homebuyer Real Estate Word is Appraisal On a rerun of the TV game show, Cash Cab, a carload of New Yorkers were stumped when asked to define the acronym, FSBO. This is a term often used in real estate to describe people who sell their home without an agent or "For Sale By Owner". As a REALTOR® I was a bit surprised they couldn't come up with the correct answer but then I remembered of all the times a look of confusion came over a buyer’s face when I mentioned escrow funds and earnest money. These terms sound so much alike when being bombarded with new terminology like, mortgage, deed, easement, appraisal, and association dues, etc. It is understandable that a buyer who is more interested in room sizes and kitchen counters to be confused with the everyday real estate jargo...
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