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An agreement made between two or more owners of
the same property, defining their rights and responsibilities (e.g. recommended
in the case of married owners of property) See Equity
sharing
Joint tenancy, or Tenants by the
entirety
Ownership of real estate by two or more parties
held jointly for life; if one of the owners dies, the survivor(s) inherit the
property without reference to the deceased's will
Judgment
A decision or decree made by a court of
law
Judgment lien
A claim against the real property of a debtor,
as decreed by the court
Jumbo loan, or Non-conforming
loan
A loan amount that exceeds the limits set by the
Federal National Mortgage Association and the Federal Home Loan Mortgage
Corporation; because such loan cannot be funded by these two agencies, it
carries a higher interest rate
Junior mortgage, or Secondary
mortgage
A mortgage whose claim to repayment is of lesser
priority than another, previously recorded mortgage
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About Appraisals >Working With A Real Estate Agent
It is not unusual for homeowners to yield to the temptation to try to sell their own home. It seems easy enough--just place an ad in the weekend paper and wait for buyers to show up. Although it may seem simple, real estate sales transactions are extremely complex proceedings.
The first pitfall can come with pricing your property realistically. Homeowners often price their property too high initially, then drastically slash the price when weeks go buy without an offer. Even if a prospective buyer agrees to the initial asking price, there could be complications if the buyers begin to feel that they have agreed to pay too much, or if the lender's appraisal values the property at far less than the agreed-upon price. Some clients hire agents to market their home professionally after weeks or months of trying to sell their own home without success, or after their FSBO transaction fell through.
Leigh Hill Weichert Realtors 142 Main Street Chester New Jersey 07930 Leigh Hill's Cell : 908-256-2364 E-Fax : 1-888-859-0247 E-Mail: leighHill@aol.com
The Leigh Hill Team is dedicated to providing the best possible professional service in the real estate industry for the past 30 years. Leigh, A NJ MILLION DOLLAR GOLD CLUB Award winner for 7 years, Leigh Hill's priorities include a high degree of quality-executed sales for her and Maria's clients. Leigh and Maria are responsible for some of the most prestigious residential developments,and single family homes in Morris and Somerset County. Their knowledge, honesty and commitment to results are the foremost reasons for their continued success. Contact "The Leigh Hill Team" for all of your real estate needs in Northwest New Jersey.
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