Most people do not give much thought to common real estate terms – until they decide to list their home or make an offer on one. Suddenly, you are catapulted into a world filled with all kinds of terminology with sometimes perplexing meanings and definitions. To make matters worse, most real estate agents are so used to common real estate terms, they throw them around in a rapid-fire fashion. What might be common terms to the agent are often not so common for the client. As a buyer or seller, it’s easy to get lost in the terminology. Being lost is not a good place to be in a real estate deal. Fear not! I will cover six common real estate terms that should help better prepare you to navigate your real estate journey.
“I’ll get the best deal if I work with the listing agent.” This is a mindset that some buyers have as they consider purchasing a home with dual agency. If real estate were like boxing, it’s similar to the corner person for one boxer trying to strategize for both boxers – during the match. This imperfect analogy illustrates that there are some real pitfalls to a dual agency strategy. In fairness, the “I’ll just use the listing agent” strategy can also work in a buyer’s favor. Join me as I give a quick crash course on dual agency, agency roles, and the pros and cons to having the listing agent represent you on a real estate purchase when you’re the buyer.