In the world of real estate, we speak a language of real estate-eeeeze. Realtors use a vocabulary common in our industry.

For example, “short sale”. Wow, one would think this is going to be a quick sale, short time on the market! Contraire! It’s anything but short! In fact, it takes longer then a regular sale. So why is it called a “short sale”? Because the mortgage company is coming in short of the balance due. For example, let’s say a property sold for $100,000, but the balance due to the mortgage is $110,000. So the bank is short $10,000.

Listing is another popular term used all the time in our industry. A listing is a property that is listed for sale in the multiple listing service (MLS). A homeowner signs a “Listing Agreement” with a broker agreeing to the terms in the agreement, such as term, price, financing, showings, etc.

MLS, an abbreviated term meaning multiple listing service (as mentioned above), is a platform used by licensed agents to “list” properties for sale. The MLS gives the features about the property, price, financing available, listing agent name, flooring, bedrooms, bathrooms, square feet, schools, date sold, etc.

If you have any terms you don’t understand from the world of real estate, ask us. Of course, you know google knows everything if you do a search. We can send you a list of popular real estate terms. Or take a minute to visit us–we’d love to see you.