What is a down payment, earnest money deposit, fair market value, market value, and assessed value? What does an appraiser do and why would I need an appraisal? What is post-occupancy? All this is explained and more during this short conversation with attorney & broker Rich Rosa, the president of the National Association of Exclusive Buyer Agents.
Episode 29: Listen Up Homebuyers – Real Estate Terms Explained
:50 Overview of common definitions in real estate with Rich Rosa president of the National Association of Exclusive Buyer Agents & Victoria Ray Henderson
What is a down payment, earnest money deposit, fair market value, market value, and assessed value
1:11 Rich Rosa on deposits and how they work in the Boston, Rhode Island areas
1:40 the two contract processes in Massachusetts
1:53 what is a purchase of sale agreement?
2:27 FHA loan you’ll put 3.5% down payment
2:37 first time home buyer programs in Massachusettes
2:47 VA Loans
Earnest Money Deposit and the Deposit
3:13 Earnest Money Deposit in the Washington DC Baltimore areas
3:53 What happens to the earnest money deposit if the transaction falls apart?
4:28 In the Massachusetts area it’s different
5:02 at some point you are in the transaction and you cannot wake up the morning of closing and say, “I’m not buying the house”
5:35 Listing office holds the deposit in Massachusetts
7:00 Rich talks about the down payment which is different from the deposit
8:55 Difference between pre-qualification and pre-approval
9:54 Pre-Offer Loan Commitment explained
10:45 When would you waive an appraisal contingency?
11:20 Buffet table example of the options available to home buyers
12:03 What is an underwriter?
13:00 What is a use of occupancy agreement or a post-occupancy agreement?
14:00 What are the limits of the post-occupancy agreement?
15:25 How should a property be delivered to the buyers? What is the meaning of broom clean and free of debris?
16:24 Fair market, assessed value, and appraised value, what are the differences?
16:53 Rich on tax assessments
17:45 What is an appraisal?
18:23 What is a comparative market analysis?
19:08 How does an appraiser appraise a property?
19:36 What is an appraisal contingency?
20:44 Maryland Homestead Tax Credit
Victoria Ray Henderson
Buyers Brokers Only