10 Real Estate Terms Sellers Need To Know

Selling your home is a complex process. But one thing you can do to make it easier is to get familiar with some of the real estate terms that will be used. Here are some of the most common terms and what sellers should know about them.

1. Seller's market
   A seller's market is advantageous to you, the seller. It means there are lots of buyers and fewer sellers. Under these conditions, homes often sell quickly and at or over the asking price.
2. Listing agent and dual agency
   The real estate agent who lists the home for sale and represents the seller's interests during the transaction is the listing agent. Dual agency is where the same agent represents both the buyer and the seller. Because it can create a conflict of interest, dual agency is illegal in some states.
3. MLS
   MLS stands for Multiple Listing Services. It's a group of services real estate agents use to advertise your home for sale. The information about your home (the listing) is provided to other agents so that they can help find a buyer. It allows many more agents and buyers to see the listing for a property, so it increases the chances of selling your home.
4. Staging
   The actions taken when selling your home to make it look and feel more appealing to buyers is known as staging. It can involve everything from rearranging the furniture, to bringing in all new furniture and décor on a temporary basis to make a vacant home appealing while it's up for sale. There are professional home stagers, and some real estate agents work with them to offer staging as part of their services.
5. Contingencies
   These are certain conditions that need to be met for the sale to go through. Contingencies are laid out by the buyer in their offer. If the conditions are not met, buyers have a right to back out of the sale.
6. Counteroffer
   As a seller, you may be making a counteroffer. If a buyer makes you an offer and you want to make some changes to it, making those changes and sending the offer back to the buyer is your counteroffer.
7. Disclosure
   Almost all states require some sort of disclosure form. This means a seller must provide a statement in writing about known major defects in the home. This can concern the condition of the property and problems like sewer and septic systems, water accumulation, a leaking roof, foundation problems, and termites. It can also cover things like the existence of asbestos, underground storage tanks, wells, floodplains, and zoning violations.
8. Pre-approval
   You'll want a buyer with a pre-approval letter. This means they've already begun the mortgage application process and just need a property. Since the lender has already verified their financial information, it is a lot less likely the sale won't go through because of financing.
9. Under Contract
   This means you have accepted an offer for the property and are proceeding through the steps necessary to complete the sale. You're contractually obligated to the buyer that made the offer, provided the contingencies are met.
10. Appraisal
    An appraiser is a neutral third party that objectively determines the fair market value of your home. Lenders require an appraisal, and value is determined based on many factors. Age, condition, neighborhood, property taxes, and comparable sales are just a few.

Your real estate agent will be happy to answer any questions you have about terminology or anything else involved with selling your home, so make sure to ask if you're unsure about something. Being an educated seller will work to your advantage and help make the home-selling process go smoothly.

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