#ChickChat Episode 24- Real Estate Lingo

Let's talk about real estate lingo, because sometimes your agent will be blabbing on about MLS and appraisals and short sales and foreclosures and pre-foreclosures, and it's just going in one ear and out the other.

So the first one is the MLS. It's the Multiple Listing Service, and everything feeds to the MLS. So the MLS is like the umbrella, and then Zillow comes from that, it syndicates from it, Trulia, Homes.com, Realtor.com. Everything comes from the MLS. So that's where if you're a seller, your home will be listed. A CMA is a comparative market analysis, and it's basically what the agent thinks that your home is going to be worth in today's market. It's different than an appraisal. It's just the agent's opinion of what they can sell for in today's market. Pending. So in other states, they'll say in escrow, or they'll say, "My homes under contract, or in escrow or out of escrow." And what pending means, that's what we use in Florida, that your home is under contract and you cannot sell your home to another buyer. You are officially under contract. And the plan is... The plan is that they will buy your home in 30 days, 45 days, whatever your contract says.

Pre-foreclosure. A pre-foreclosure, sometimes you'll see that on Zillow, where the house will be labeled pre-foreclosure. And sometimes it has an address and sometimes it doesn't. And that is because the house is not actually in foreclosure yet. It is not for sale. And if the seller starts making payments on it again, it's their home. So it's still their house. So I hope that that helped you understand a little bit about the real estate lingo. If you have any questions about any weird terms that your agent's thrown around, draw up it in the comments below, and I'll be happy to answer.

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