Reading a Lowry real estate listing can often make you feel as if you are reading a different language. Unless you’re a real estate agent, you may not understand what many of the terms used in these listings mean. This makes it difficult for you to get involved in the home buying process, but it doesn’t have to be this way. Learn the meaning behind these common terms to help you understand what those listings are really saying:
A listing that is being marketed as an investor special is a fixer upper. You should not expect to see a home that is in good condition if you look at an investor special. One positive is that a lot of repairs will be needed to fix up the property, which could be used as a bargaining tool when you negotiate a price.
Active With Contract
Homes will be listed as “active” once they are put on the market for sale. If a buyer makes an offer on a home and the seller accepts, the home will then be listed as “active with contract” until the deal has closed. This means that the buyer is still accepting backup offers on the home in case the offer he has accepted falls through for one reason or another. If you fall in love with a home that is listed as active with contract, it’s important to understand that you may not get it because other buyers are involved.
Some sellers are more motivated to sell than others. For example, a seller who is moving out of town for a new job will probably be motivated to get rid of the house so he can begin to transition to his new role. If a seller is motivated, it means he is more willing to negotiate on the price, so this is a term that every buyer should look out for when scanning listings.
Sold As Is
If a home is labeled as “sold as is,” it means the seller is well aware that repairs are needed, but is not willing to do any of them prior to moving out. This doesn’t necessarily mean that the home is a fixer upper, but you should be ready to budget for repairs and get a home inspection prior to closing if you are interested in an as is home. Learn about the importance of a home inspection
Priced to Sell
Agents who write that a home is priced to sell are making it clear that there is not much flexibility in the price. If you see this term used in a listing, you should expect to pay somewhere around the listing price in order to snag the home.
Now that you know how to read a real estate listing, are you ready to find the home of your dreams? Contact Elevation Realty
to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.