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Real Estate Property Listings Key Terms

Real estate property listings are properties ready to be purchased. Investors may need to know a few terms found on these listings to better understand the type of property they are purchasing. For sale by owner properties and Realtor properties may be listed separately. Bank owned and foreclosure listings are usually listed separately from other properties being sold. Understanding these terms is important in any search for residential or commercial properties throughout the country.

For sale by owner (FSBO)

For sale by owner (FSBO) properties are those sold by the owner, without the aid of a real estate agent. The properties may include single family and multifamily properties, condominiums, mobile homes, land and commercial properties.
Try: To learn more about FSBO properties, visit the Staging Bug.

Realtor

Not all real estate agents are Realtors. When browsing through real estate property listings, individuals may find mention of Realtors or Realtor properties. A Realtor is a real estate agent who is a member of the National Association of Realtors, a professional association that holds the agent to a higher level of practice.
Try: Visit the National Association of Realtors to find out more about the advantages of working with a Realtor.

Foreclosure

Some property listings will list foreclosure properties separately from traditional for sale properties. A foreclosure is a repossession by the lender due to a defaulted loan.
Try: Visit RealtyTrac to find out more about foreclosure and foreclosure listings.

Bank owned property

Bank owned properties, often called REO properties, are those owned by a bank due to foreclosure. When homeowners default on their loans, the foreclosure process begins. After taking ownership, the lender sells the properties.
Try: U.S. REO Properties defines and provides insight into REO properties.

Preforeclosure sale

A preforeclosure sale is a property for sale by a homeowner who is falling behind in the mortgage. The property is sold and the proceeds are used to pay the mortgage. In some situations, the sale price is not enough to cover all outstanding debt, but the lender forgives the remaining debt to stop the costly foreclosure process.
Try: Visit the U.S. Department of Housing and Urban Development to get a better understanding of a preforeclosure sale.

Real estate comparables (comps)

The term comps is often used in real estate property listings. It is an estimated value of the property, factoring in comparable properties.
Try: Visit Zillow to learn more about comps and how they are calculated.

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Tips & Advice to help you make your decision on Real Estate Property Listings

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