| Glossary
of Real Estate Terms
Use the Index to the
left to learn the meanings of Real Estate terminology.
Have a laugh at the following
"creative" descriptions used by Realtors in
describing their listings...
Since listing agents represent the seller,
they sometimes tend to be a little "creative"
in the wording of home descriptions they are selling.
We thought it would be helpful to include our interpretation
of alternative possible meanings to some commonly used
phrases listing agents might use:
"No neighbors behind" -- Probably backs to
a busy street. Check a map before you schedule a viewing.
"Light and Bright" -- Window coverings not
included.
"Low Maintenance" -- No yard.
"Immaculately maintained" -- The orange countertops
and green shag carpet are still in excellent shape.
"Mountain View" -- You MIGHT be able to see
some mountains from one of the rooms if you press your
cheek to a window and look west, or climb on the roof.
"GREAT Mountain View" -- You should be able
to see mountains from one or two rooms -- hopefully
either the master bedroom or the living room.
"Panoramic (or fabulous, terrific, amazing, or
insert similar adjective) mountain view!" -- This
home should have some great views. (If mountain views
are what you are after, you might not want to bother
with a showing unless you see a comment something like
this.)
"Secluded setting" -- You'll spend in gas
what you save in mortgage payment.
"Price reduced" -- Even if it was a big price
reduction, that still doesn't mean it's a good deal.
(That's where a buyer agent can step in and help you
determine if it's a good deal.)
"$2500 bonus to agent who brings a full price
offer" -- This is a HUGE conflict of interest.
Any real estate agent who represents a buyer and advises
them to pay full price just so they get a bigger commission
is doing their buyer a disservice. Remember, a buyer
agent's job is to get you the best house for your needs,
on the best terms possible, and at the best price possible.
"Only 15 minutes to downtown" -- Sure, if
you're Mario Andretti on a closed course. A more likely
commute would be 20 to 25 minutes ;-)
"Backs to open area" -- Beware: You might
be staring at the backside of a shopping mall someday
if you buy this place. (Otherwise, the description would
have read "Backs to OPEN SPACE")
Backs to "OPEN SPACE" -- Open space can't
usually be developed, so the property should always
back to open space, and your odds of having something
built behind that property should be minimal.
"Charming" or "Cozy" -- The 2nd
bedroom serves as your closet.
"Needs TLC" or "Needs a little work"
-- Probably needs a LOT of work.
"Bring your handyman" -- This house probably
needs a MAJOR renovation. (Otherwise, they would have
just said "Needs TLC" ;-)
"Carpet allowance" -- Seller will pay to
replace the avocado green shag carpet.
"Pet free" -- This doesn't necessarily mean
pets aren't allowed; just that the present owners don't
have pets.
"In-law apartment" -- This can be considered
a "non-conforming duplex" which is a great
way to get a duplex without having to pay for it. Basement
might be used as a rental to subsidize your mortgage
payment.
"And much, much more..." -- Nothing else
comes to mind about this home.
We would love the opportunity to help
you "read between the lines" on the next home
you buy.
©1996 By Leonard
Leonard & Associates, Inc. All rights reserved.
Duplication in whole or in part without permission is
prohibited.
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