Glossary of Real Estate Terms

Every time I need something on this site and I go looking for answers ... there you are and I want you to know how appreciated you are!

That means a lot...
And thank you, too, for the support you've shown to others on the site. That's what family does, build each other up.

Love ya,

Rina

I am just getting started and I'm having a tough time finding information on the inter net that's free. Are there any websites that provide free public information? Every time I see a website that says there is no cost, there winds up being a catch and requiring a credit card number asking for some kind of fee..

OK. I see this abbr. in some ads. What does OBO mean. I saw it on a few different ads and am lost as to what that means.
Kingjuss,

Pretty sure it's "Or Best Offer". I'll add it.
Thanks, Kingjuss

Rina

Yeah.. it means Or Best Offer.. But I always wondered..

If someone writes 5000 OBO.. Is that OBO above or below 5000?? I guess below right??

I guess it could mean either. But they probably mean as close to their asking price as they can get, below. Hey, good way to start a bidding war, though, in a good market.

If someone says they will take 5000... then why would you offer MORE than 5000??

I just was wondering what it meant. Thank you for letting me know what it meant. We got one more added to the list. So it works out for everyone, one way or the other. Thanks again Rina.
Kingjuss,

I'm glad I found this thread. Because there was a whole bunch of real estate terms that I just didn't get (since I'm just getting started in all), and with this I can be sure I'll understand them now. Thanks again, and I'd expect nothing less from one of the few real estate prodigies on this website. God bless!

Hello.
I first want to say thank you for all the informative comments and advice. I am new to REI and just lost my job. I bought BARM two weeks ago and I am almost finished. Since then, I have been meeting new agents, brokers, and getting out there with my wife even children sometimes looking for the winning deal/s.

However, in spite of this, I just lost my job after giving them my all. So my only fear is that I have 3 children that have needs. I am not lazy. I just feel like I kind of been running around like a chicken with no head. I am looking for a job right now, reading the rest of BARM, even outloud to my wife while she is cooking dinner to save time. We have about four months of financial cushion that will pay for rent and most utilities and are trying to cut back on anything not needed. I could not come up with the money for the mentoring program, so we are winging it. My FICO is at 640 right now, I have no extra money, and every home Lender/Bank demanded a down payment(FHA) whether it be a HUD, foreclosure, seriously NOT updated and way under market value properties.

From what I have learned thus far I am thinking Creative/Seller Financing, Investor Partnerships, Birddogging, and even wholesaleing if possible. I am not going to quit; however, I am pressed for time...and stressed a little.
Please provide any wisdom you can to this. Thank you.
Don

It must be very stressful for you right now! Just keep your head up and spirit up. Come here as often as you can and learn. I am sure very soon you will start to have some ideas where you can start. Because I was in the same boat and just figured out some directions that fit me. I am new too. A few months ago, my husband and I were struggling too, bills were up to our eyes, we had to work extra hard to survive. But we're always conviced the real estate is the direction for us especially right now. We'll and you will too learn as we're doing it. Just have FAITH!

Thank you so much for the support. I am happy to say as of yesterday that I found a new job in this difficult job market. Thank GOD! We can now focus more clearly on REI part-time with bills being paid.
--Don

Rina,

Just learned this one today!

NTS = notice of trustee sale

Niki

Thanks, Niki, for the contribution!

Rina

i believe it is called .gov !

I see in many of the REO listings this statement--- "Taxes Prorated at 100% of latest bill". Does anyone have some insight on this ?

Thx, Bruce

Hello Bruce,

The tax pro-rated at 100% of latest bill means you will be credited for unpaid and accrued property tax based on the most recent bill at closing. Thus, if you close on a property on February 1 they would credit you the entire month of January at closing (31 days). The way to calculate it for each property you are interested in, is look for the tax information on your county's assessor or treasurer website. They should have the most recent tax bill. Then divided the number by 365 (365 days in a year). For each day since January 1 to closing you will be credited the tax accrued by not yet paid. If you can not find the information on line, you can call them directly and usually they are very helpful in providing the tax amount. I hope this helps. Good luck

I just want to thank all the contributors for the information.God Bless

I used the site again today to look up something. Thanks for the insight, information and contributions. Believe and Achieve!

Hi,I'm new still reading the books I'm a little overwhelmed with this whole process I really want to do this!!! I need a Mentor or some type of guidence in order put everything into perspective on what comes first, second and so on. To esablish some type of solid foundation to work from. My faith and determination is strong at this point the guidence that brought me to this here is nothing short of Devine intervention. When! (not if) when! this works out it will make for a great testimony. When I become overwhelmed, frustrated, disgusted. Where or to whom Can I turn to get some Help.

Thanks in advance Thomas

HOLA como estas Rina Creative artistic open minded
Entrepreneurist*B Excellente info (knowledge) Gracias

Now we know where the ankle biters found text typing and i thought,LOL meant a lot of love! I was wrong laughing with you.Our world changes by the second and i do hope the best for YOU!

randster

Hi,
My name is Arbra. I bought the books and the foreclosure alert services. I got an agent to assist me in bidding on some property and she doesn't seem to be aware of any of the steps suggested in the book. I am getting ready to go to real estate school to get my license. Don't they teach you some of the basicconcepts Dean talk about inthe the book?
Arbra

Thanks for the glossary of real estate terms. Is there also a wikipedia to these terms? Something that will help me remember what each of these do in the real estate world? My first post and am loving the book, the edge and the website... Thank you Dean and gang. I'm absorbing like a sponge.

Barbara

A term Dean uses in one of his "Deal of the Month" vids is 'Equity Partner'. Will you please explain this and include it in your list? (EP)?

Off topic: I ordered the two books this morning and they will not arrive for 2 to 4 weeks. Any suggestions as to what I could be doing to advance my knowlege/ prepare things in my life to hit the ground running once the books arrive and I read them?

Thank you!
Rob

Hi, I am just getting my feet wet in all this information that I have taken in. I am putting it to work now! I am very excited about it! I see so much potential in the market around me. Now, is the hard part,,,getting the backing for the property! LOL But I know, like everyone else,,,you have to do the work and research on the market around you and know when to make a offer!
well, thanks again for your list,,,,that's what a needed in order to know the terms.

Thanks Rina for the list

God Bless

what does the term "seasoning" mean ?

I do almost did a mentor program that was going to cost me $6500 but backed out because after I researched and found out others thought it was a scam and didn't learn anything. It was for real estate mentors who were supposed to be millionaires who have done it all. but after researching I found out they weren't nothing more but certified people that took a course on how to sell a product!! thankfully I didn't do it and found this site to help me out!!