Welcome to HomeSelling101 this class is on glossary additions for real estate today.

Appraisals today get a second look, meaning after an appraisal is submitted it’s reviewed again for accuracy. Normally a paper review as opposed to a REVIEW APPRAISAL that includes a field review.

BPO=Broker Price Opinion, same effect as a market analysis done by a REALTOR usually for a lender when a seller is upside down. Cost is minimal  compared to a full appraisal.

CASH FOR KEYS=Payment by the lender to a tenant to vacate a foreclosed property.

DEED IN LIEU OF FORECLOSURE = Usually when a lender is in agreement  to accept a deed directly from the borrower avoiding a foreclosure.

FLIPPER/FLIPPING=Normally a seller who acquired the property at a very low price, often a foreclosure for the purpose of a quick re-sale at a profit.

REO=A term used most often by lenders and people in real estate, stands for  REAL ESTATE OWNED, a label, a way of identifying property on the books for lenders. I.e. a bank repo/foreclosure.

SHORT SALE =Seller is who upside down, owning more than current property value.

UPSIDE DOWN IN A PROPERTY,  aka UNDERWATER =loans/ mortgages exceed current property value.

Hope you find this helpful, if you did please let me know!

Written by Class Instructor: Lynda Eisenmann

I maintains an active residential re-sale brokerage in Brea, CA, located in Orange County, about 20 minutes north of Disneyland. Contact Lynda directly at (714) 595-1494, or Lynda@PreferredHomeBrokers.comCA License #00402040

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