Learning Center Article

Article: How to Talk Like a Real Estate Pro

Spacious, sprawling ranch, exuding unaffected charm, 3 BR, den, 1 ½ bath, tucked away in a secluded, park-like setting. Great starter home. Hurry! This one won't last!Ah, yes! I see you're ready to buy your first home. Been reading the real estate section again, haven't you?

Gone out to look at any of these homes yet? No? Well, for starters, let's warn you up front - real estate advertising is ... well, let's just say it's a language all to itself. Take, for example, the ad above. Sounds like a great deal, doesn't it? It certainly would be if you didn't have to translate it.

Here, let me show you! Below is a real estate -ese to English translation of that ad:

Spacious

This means about average size (It's a little bigger than that apartment you had when you could sit on one end of your living room and change the channel on the television - at the other end of the living room - with your big toe.)

Sprawling ranch

It means whoever created this floor plan had no idea what the meaning of "plan" was. Look at it this way: You'll finally be able to complete those 10,000 steps every health expert recommends.

Unaffected charm

You'll need to invest in either a new paint job or new vinyl siding.

Secluded setting

You can probably guess this one: It's far, far away from everything you hold dear to you.

Park-like setting

This means (if you're lucky) there is one tree on the entire block.

Great starter home

Shorthand for you either better be handy with a hammer and have a large credit card limit at a home-improvement store, or your brother better be a general contractor.

Hurry! This one won't last

Literally, hurry. Because the real estate agent wants to sell it before it collapses.

Though this is an extreme, and obviously tongue-in-cheek example of the language of real estate, the business does have a jargon all its own. Jumping in to buy that first home can be quite an intimidating event. Even seasoned veterans can stumble on some of the terms.

A home-buying experience is no time to trust that old proverb "ignorance is bliss." More often than not ignorance translates into the potential loss of literally thousands of dollars! Not understanding your options when it comes to the types of mortgages available to you, for example, can be the difference between paying $650 a month or $416. In just one year that's a potential savings of nearly $2,800. Now multiply that during the life-span of a 30-year mortgage.

3 Easy Ways to Ensure your Dream House Doesn't Turn into a Nightmare on Elm Street

1

First, give yourself the gift of time. Immerse yourself in the fundamentals of buying and selling a home. Start going to open house before you are fully ready to commit. Don't worry about wasting the agent's time - he's going to be there anyway! Consider it an investment in your real estate education.

1

Meanwhile, arm yourself with information. In no other area is the proverb "knowledge is (buying) power" so true. Search out all the available printed and internet sources you have the time to digest. Yes, yes. This can be truly time consuming. But if you find the right sites, a lot of the legwork will be done for you. For example, the web site provides you with up-to-date news sources. It's a veritable one-stop learning experience. It's just the type of site that you will want to visit over and over again, as you learn and stay current with the trends in real estate. In it you'll not only keep current with the latest mortgage rates, as well as tips to help make your home-buying experience a more enjoyable one. And, you'll learn what shape the real estate markets are nationwide. Planning on moving cross country. Not to worry! With www.a-real-estate-guide.com as your guide, you'll know instantly what to expect to pay and where's the best place to shop. It's a veritable wealth of real estate information.

1

Don't trust anyone but yourself to look after your own best interest. Don't misunderstand this statement. We're not saying that real estate agents or mortgage brokers are unscrupulous or even intentionally out to misinform you. But each has a job to do: sell. The mortgage broker makes money when you take out a loan. The real estate agent makes money when he sells you a house. While they want you to be a happy, satisfied customer, they are also see you as a potential sale. Your job as a buyer is to try to save yourself as much money as possible. Don't be swayed by their arguments. Don't "settle" for a house you really aren't happy with. Question the broker about a better rate, a lower payment.

While all of this may sound like a lot of work, you'll discover that searching for that dream house can be quite an enjoyable journey. Once you're comfortable with the language and have such trustworthy and informative web sites such as To guide you, you'll discover it isn't necessarily a chore. And while the "forces that be" may want to persuade you to buy a home larger than you like or even in an area you don't care for, you'll soon feel comfortable adhering to your agenda and your needs in your first home.

Happy House Hunting! (It really can be fun!)

About the Author: Jeff Little, www.a-real-estate-guide.com, Real estate buyer and investor.

Your Home Buying, Selling, and Real Estate Resource

Home Buying Intelligence Magazine provides comprehensive real estate articles, mortgage guides, and real estate quizzes, for everything about home buying and selling. Our core goal is to provide factual information that will help our buyers and agents gain knowledge and make intelligent real estate investment decisions. We cover a very broad range of real estate, mortgage, equity loan, and insurance topics and provide varying subject depths for the home buying novice to seasoned agent.

Real Estate Quiz Zone

We have a Real Estate Quiz Zone to test your knowledge! Home buying and selling is a big deal financially, how well do you really understand it? Take a quiz and see how many questions you can answer correctly! To complete the quiz, click on the radio button of your choice for each of the questions. When you are finished, hit the "Check Answers" button at the bottom of each test page. Our quizzes cover everything about real estate: home appraisal, estates, property laws, mortgages, financing, agents, brokers, and more!

Real Estate Learning Center

Does the world of real estate terms, contracts, and mortgages seem like a big puzzle to you? It really can be quite intimidating. See our Real Estate Learning Center, where we provide comprehensive learning guides for everything about home buying and selling! From real estate investment, appraisal, insurance, and selecting the right real estate agent and listing broker. Make intelligent decisions on residential home mortgage, refinance, equity loan, home improvement, and house selling.

Our Service

This Service is designed to provide a community based forum for the open and free flowing exchange of home buying and real estate agent comments, opinions, experiences, and information. Although Home Buying Intelligence Magazine attempts to provide accurate information, it assumes no responsibility for any errors, inaccuracies, omissions, delays or other defects in any of the information provided as detailed in the Site Policy. All information and resources contained in the Service are fully protected by applicable copyright and trademark laws.

Home | Learning Center | Quiz Zone | Glossary | Contact Us | Site Map | Site Policy | Find an Agent | Link Exchange | Link Partners | Resources | Learning Center Map | Quiz Zone Map

© Copyright 2005, eCohesion LLC (727.502.0420). All Rights Reserved | Privacy Policy | By using this site, you agree to our Terms of Service.
    email: support-team   phone: 727.502.0420

January Issue

Departments

»Home Buyer's Corner
»Seller's Know How
»Learning Center
»Quiz Zone
»Glossary

Services

Selling Your Home?
Let REALTORS® Compete For Your Business!

Search MLS Listings
Homes101™ has a real estate agent waiting to help you find a home right now!

Find a Contractor
America's Premier Contractor Referral Service.

For Sale By Owner
Buy and Sell Real Estate Without Paying a Broker!


Resources

Free Estimates
Free Estimates from Qualified and Pre-screen Contractors.

Find a Painting Contractor
Professional Painters Referrals are Always Free. home improvement projects easier

Refinance your Home
Refinance your home to consolidate debt regardless of credit history.

Order Boxes Online
Next Day Delivery for Most of the USA.


Try a Pop Quiz
Home Buying Core Knowledge
Property & Ownership
Know Your Condos
Selling and Listing
Contracts, Terms and Condtions
Leasing & Rentals 101
Estates & Property Laws
Real Estate Valuation
Real Estate Terminology
All About Financing