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The age at which an individual is legally
entitled to handle his or her own affairs
Margin
The amount added to the index on an
adjustable-rate mortgage (ARM) that establishes the adjusted interest rate at a
given time
Market value, or Fair market
value
The most likely price that a piece of property
or home can realistically be sold for, and is dependent on the selling price of
similar real estate in the area
Marketable title
A clear, unencumbered title, reasonably
acceptable without the threat of the risk of litigation
Maturity
The date on which the principal balance of a
loan, bond, or other financial commitment is due and payable
Mechanic's lien
A lien created by statute to allow unpaid
contractors, laborers or suppliers who have performed work on or furnished
materials for the construction of a building to recover the value of their
work
Metes and Bounds
Means for describing property by a set of
directions and distances, when there isn't identification based on a surveyed
lot number
Minor
An individual below the age at which he or she
is legally entitled to handle his or her own affairs
Monument of Survey
le indications made on natural or man-made
objects that indicate the boundaries of a survey
Mortgage
A legal document that pledges a property to the
lender as security for the payment of a loan or debt
Mortgage broker
An individual or company that acts as an agent
between borrowers and lenders for the purpose of arranging and negotiating
mortgage contracts; who is paid a fee for such service
Mortgage insurance
A contract that guarantees the lender against
loss caused by a mortgagor's default on a government or conventional mortgage;
such insurance can be issued by a private company or by a government agency,
and covers either only a percentage, or the total, of the mortgage
loan
Mortgagee
The lender in a mortgage
transaction
Mortgagor
The borrower in a mortgage
transaction
Multiple-listing service
(MLS)
An organization of brokers who share their
listing agreements with one another in order to find buyers for their
properties more effectively than they could individually
Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! we will send a brief explanation of any word or term that you encounter when buying and selling property.
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Accepting An Offer >Low Offers
In every real estate market, there are buyers who make offers that are far below the current market value of the property. How should you react if your agent brings you one of these "low ball" offers? Here are some scenarios for the seller.
If your home is priced very close to its fair market value, you can simply reject the offer and be reasonably confident that a better one will appear. However, if you have priced your home higher than other comparable homes in the neighborhood, the offer may not be unreasonable.
Ask your real estate agent for advice about the buyer's overall strategy. Do they really want your house or will they move on to another property if you make a counter offer? Can they afford to pay a higher price? Are there ways to close the gap with a small owner take-back, or with terms that will increase your bottom line? Take a hard look at your asking price and explore all your options before saying "no", especially if you are selling in a buyer's market.
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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