Michelle_Williams's Blog

Acronyms:

DOM - Days on Market

HOA - Home Owners Association

RE Taxes - Real Estate Taxes

AsscFee.Freq - Association Fee Frequency (m-monthly q-quarterly)

Poss - Possession

U & O - Use and Occupancy Permits (varies by township)

LotDim - Lot Dimensions (width (road front) x depth in terms of feet)

Acr - Acreage

Sqft - Square Footage

Interior Square Footage does not include garage, attic, or unfinished basement spaces

Zoning - C=Commercial R=Residential **Codes may vary by Township

Newer - 1-5 yrs old approximately

New - 0-1 yrs old approximately

Cond - Condition of the home

Avg Average = a little work needs to be done

Avg+ Very little work to be done before moving in, if any

LR/GR - Living Room or Great Room

BR - Bed Room

Bath M U L - Bathroom Main / Upper / or Lower Floor Locations (ex. Bath 0.5M 2U 0L)

Sliders - Sliding Glass Door

Bsmt - Basement

Kit - Kitchen

W/W - Wall to Wall (carpeting, hardwood floors etc.)

HW Flr - Hard Wood Flooring

NoModif/Unk - No Modifications made or Unknown

EIK - Eat In Kitchen

Int - Interior

Ext - Exterior

Elec - Electric

CF - Ceiling Fan

EBkUp - Emergency Back-up

TLC - Tender Loving Care is needed

Full Basement means it's pretty much the size of the entire home.

Partial Basement means it's not the size of the home and can vary in dimensions.

Phrasing:

"Fixer-upper" - Some major work needs to be done. Minor structural work, new cabinets, new windows, new bathroom, new kitchen, landscaping etc…

"Victorian Style" - Particular house design, but usually means OLD. Things to look for are: Electric up to code, up-to-date plumbing, major structural settling, and items that can't be replaced very easily or cheaply (Special wood work, matching fixtures or door sizes for example)

"Home shows very well" - Gives you an idea that the home was kept clean and in good condition. There are no visible flaws and everything "appears" to be in good working order.

"Move-in Condition" - Basically means the house is vacant and clean with little or no work needed to be done beforehand.

"Easy access" - Located close to one or more major roadways

"Award Winning School District" - Helps potential buyers, with kids or planning to have kids, feel comfortable about their education and community. An attractive perk of living in that area.

"Needs cosmetic finishing" - Possibly needs paint, removing old wallpaper, spackling, replace molding.

"Built-In Equity" - Buying a house for less than what the bank currently appraises it for. You could theoretically turn around and sell it for a higher price and make a profit.

"Great for 1st Time home buyers" - The house is nothing fancy, but its clean and little work needs to be done. The house is reasonably priced. Be careful of the location. (Could be set next to a highway, shopping development, train tracks, etc…

"Owner is motivated" - Basically means the owner wants or needs to sell quickly. They may be flexible with the price or repairs needed. It could also be a good ploy to get more buyers to look at the home because they think they can get a good deal.

"Needs Updating" - Cabinets, carpets, fixtures, appliances, or other things are old and/or out of style.

"Seller's Assist" - The Seller assists the buyer with extra expense's or closing costs. - The home is structurally sound and has lots of potential with some TLC to make the home more aesthetically pleasing. Some paint, new carpets, cleaning, new fixtures etc…

"As Is" - home is being sold "as is" because there is work that needs to be done. For whatever reason, the seller does not want to do the work. Usually that is why the price seems a little more reasonable or they will be flexible in other aspects of selling the home. For example, they may be flexible on the settlement date, they may provide "seller's assist" if needed, or other items.