Fsbo word of the week!!!

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Closing

This has different meanings in different states. In some states a real estate transaction is not consider "closed" until the documents record at the local recorders office. In others, the "closing" is a meeting where all of the documents are signed and money changes hands.

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MLS stands for "Multiple Listing Service", and is "the real estate market".

  • Over 90% of all properties sold in the US are as a result of MLS listing exposure.

  • Being listed in MLS means all the local Realtors can find your home in their MLS database.

  • Buyers can find your home on thousands of public MLS websites, where they are most likely to be searching for a home.

  • MLS listed properties (for sale by owner or not) sell faster and for more money than non-MLS listed "for sale by owner" properties.

 

Tax Assessed Value

Tax Assessed Value-Counties, municipalities, and cities impose property taxes on homeowners. The funds from the collected taxes are used for county services, such as schools and public safety. These jurisdictions determine the tax rates and the methods used to assess the properties. Commonly the tax assessors review property data from previous years or visit the properties in person to determine the assessed value. Generally, the assessor does not enter the home for this process.

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FSBO

For Sale By Owner - FSBO' A process of selling property without the use of a licensed real estate professional. Generally, the reason that the seller does not use the services professional is because:

  • they want to be in control of the process.
  • they do not have enough equity to go the tradition route
  • they want to avoid paying a commission for the transaction
  • they are selling to someone they already know (a family member, friend or co-worker)
"Thinking is not doing"