The assessed value is a property’s determined valuation used to calculate the appropriate tax rates. Depending on where you live, a municipal or county tax assessor will determine your home’s value, and local tax officials will calculate the property taxes based on the assessed value.
An assignment is when the seller of a property signs over rights and obligations to that property to the buyer before the official closing.
Learn how to qualify for an assumable mortgage in San Diego, what types of mortgages are assumable, and search properties for sale with assumable loans.
The average of the ratio between the current list price and the original list price. For example, an average price drop ratio of 5% means active listings have dropped their price by 5% of their original list price on average.
The mean ratio of each homes sale price divided by their list price covering all homes with a sale date during a given time period. Typically excludes properties with a sale price 50% above the listing price or with a sale price 50% below the list price due to outlier status.
A backup offer is made in acknowledgment of an already existing offer and ensures a contract with the seller if the first offer happens to fall through. It is a legally binding contract that, if accepted by the seller, makes you next in line to purchase the home.
Instead of a traditional fixed-rate mortgage in which the owner pays on the loan in installments, a balloon mortgage is paid in one lump sum which is called the balloon payment. It’s usually associated with investment or construction projects that are issued for the short term and don’t require collateral.
A bi-weekly mortgage payment means a homeowner pays their monthly mortgage payment in two monthly installments instead of one. With a bi-weekly mortgage, you’ll make 26 payments per year instead of 12.
A bridge loan is a short-term loan a homeowner takes out against their property to finance the purchase of another property. It’s usually taken out for a period of a few weeks to up to three years.
A real estate broker is a real estate agent who continues their education and successfully receives a state real estate broker license. Unlike real estate agents, brokers can work independently and start their own brokerage, hiring other real estate agents.
A buydown is a mortgage-financing technique lowering the buyer’s interest rate for anywhere from a few years to the lifetime of the loan. Usually, the property seller or contractor makes payments to the mortgage lender lowering the buyer’s monthly interest rates, which, in turn, lowers their monthly payments.
A call option is a contract giving one party the right to buy and another party the right to sell a piece of property at a future time and specific price.