Real Estate Mailbox: Keywords that home buyers must know

Real Estate Mailbox: Keywords that homebuyers must know In the process of buying and selling a house, we will hear or see some terms related to real estate. What do you think about these...

Real estate mailbox: keywords that home buyers must know. In the process of buying and selling houses, we will hear or see some real estate-related terms. How much do you know about these words and terms? Please refer to the following questions and answers, which may be helpful to your real estate transaction. Q: What is REO? A: REO is the abbreviation of Real Estate Owned. Simply put, it is a house owned by a bank, also known as Bank Owned. Foreclosure is a house repossessed by the bank. Q: What is an Appraisal? A: An Appraisal is a market value report on a specified real estate subject made by a licensed professional appraiser on a specific date. Q: What is AS-IS? A: If there is an AS-IS clause in a real estate transaction, it means that the buyer and seller agree not to make any repairs or improvements to the property in this transaction. The seller still has to provide known problems to the buyer, and the buyer still retains the right to inspect the property and make a decision whether to purchase it. Q: What is COE (Closed of Escrow)? A: COE is the abbreviation of Close of Escrow. It is the last step in the real estate transaction. According to the conditions agreed by the buyer and seller, the Escrow Company handles the handover, payment, and registration of property rights on the handover date.