Get in touch 
Regina: 
253-381-6685
regina@windermere.com

Madison: 
253-686-7383
madisonlord@windermere.com
Say What? Home-Buying Lingo You Should Know
RM Home Specialists • October 9, 2019

If you are a first time home buyer or even a repeat buyer, you quickly realize that real estate has a language all its own. Understanding some of the lingo can help you navigate the process a little easier. By learning a few critical terms, you will be in a better position to ask the right questions and make the best decisions.

  • Buyer’s Market – A real estate climate where the number of listings outnumber qualified buyers.
  • Seller’s Market – A real estate climate when there are very few desirable properties listed for sale.
  • Contingencies – Specific conditions included in an offer to protect the buyer against unexpected situations, such as inspection, loan approval, and appraisal value.
  • Earnest Money – Money deposited when the offer is accepted. Subject to any contingencies, this money protects the seller from a buyer who simply changes her mind.
  • Escrow Agent – A neutral 3rd party who manages the paperwork in a state where attorneys are not used to conclude the contract.
  • Closing Costs – Fees that must be paid by both buyers to conclude the sale.
  • Conforming Loan – A conforming loan is a loan limit by which the loan can be sold on the secondary market; a jumbo loan is one which is higher than this limit.
  • PMI – PMI, private mortgage insurance is a fee paid by the borrower of a loan that they obtained with less than a 20% down payment.

These are just a few of the common terms used in real estate. If you are involved in a real estate transaction, learning a bit of the common lingo will help you understand the process better and make your home sale or purchase a smooth one.

Racquet Club Estates

By RM Home Specialists • November 22, 2024
RM Home Specialist loves Lakewood, Washington! Full of charming neighborhoods, Racquet Club Estates stands out as a peaceful, welcoming community with a lifestyle that combines convenience with suburban tranquility.

Living on Steel Lake

By RM Home Specialists • November 15, 2024
When I was 10 years old and came from Florida to visit my Dad, there were three glorious summers where he rented a home on Steel Lake. I had never lived on a lake, and each summer was full of music, gardens, swimming and adventure.

Seabreeze Condos

By RM Home Specialists • November 11, 2024
In 2006, I was still new to real estate, eager to seize any opportunity. Through my stepmom, I connected with two incredible women in the industry—Judy Lynott, a seasoned builder, and Eva Lee, a skilled developer. They were working on an exciting project: Seabreeze Condos.
Show More
Share by: