Your Greenwood IN Real Estate Glossary
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Appraisal
An expert's estimate of a home’s value, often required by lenders before finalizing a loan. A report based on its features, condition, and market trends. Please keep in mind the subjectivity of an appraisal.
Closing Costs
These are the fees and expenses—like loan origination fees, title insurance, and escrow charges—that come with finalizing a home purchase. They’re typically 2–5% of the home’s purchase price.
Comparative Market Analysis (CMA)
A detailed report realtors prepare to help you understand how your home stacks up against others recently sold in your area.
Contingency
A condition that must be met for a sale to proceed. Common ones include financing, home inspection, and appraisal contingencies. View them like safety nets to protect during the process.
Earnest Money
A deposit made by the buyer to show they’re serious about purchasing a home.
Equity
The difference between your home’s market value and what you owe on it.
Home Inspection
An assessment of a home’s condition by a professional inspector. It’s like giving your home a check-up to uncover any potential issues before moving forward.
Listing Price
The price your home hits the market at-it’s not set in stone, but it’s an important starting point.
Pre-Approval
A lender’s way of saying, “We’ve checked your finances, and here’s how much we can lend you.” It’s like getting your shopping budget in place before heading to the store. A pre-approval is only as good as the loan officer and company backing it.
Title Insurance
This protects from any issues with the property’s ownership history, like unpaid taxes or liens.
Under Contract
When a buyer and seller agree on terms, and the home is in the process of being sold. It’s an exciting step forward—but there’s still work to do before it’s official!
These are just some of the real estate terms utilized, contact us for information. 317-885-8858 or email office@harbertcompany.com
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