real estate vocabulary

What’s In a Name? From “Settlement Statement” to “HUD-1” to “ALTA” Back to “Settlement Statement”

“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . . “the settlement statement” (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and...
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Name That MLS Status: “C-APPRE”

At Least, the “C” is Easy Even for a veteran Realtor like myself, it’s still possible to be thrown (at least occasionally) by an obscure real estate term. Case in point:  the MLS status “C-APPRE,” which popped up in the archive history of a Linden Hills home that my Buyer client is interested in. On a weekday,...
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“Just Sign Here!” Is it “Paperwork?” Or, “a Legal Contract?”

Putting Clients at Ease (Just Not Too Much) My guess is, if you’ve worked with a Realtor (or any salesperson) lately, what you were ultimately asked to sign wasn’t referred to as a “legal contract.” It was called “paperwork” (sample agent-to-client dialogue: “if you’re comfortable with everything we discussed, let’s get the paperwork taken care...
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“Wet” vs. “Dry” — and It’s Got Nothing to Do With Basements, Shop-Vac’s, or Alcohol

Once upon a time in residential real estate, there was just one kind of sale:  between an ordinary Seller and a Buyer (usually represented by their Realtors). Then, after the Wall Street-engineered housing bust, every other deal (literally) involved either a bank owner (foreclosure), or an underwater homeowner who needed bank relief to sell (called...
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Spike in Number of “Normal” Sales in Twin Cities

As Opposed to “Abnormal” Sales?? In the course of checking MLS for new listings a couple times daily, it sure seems (at least to me) that there’s been an increase in the number of “normal” sales lately. What’s that about? Instead of using “traditional sale” — the accepted term for a sale that isn’t a short sale or...
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Real Estate (Too) Shorthand What is “4+/3+/2+?” A. NASA’s new, enhanced launch countdown B. A football snap count C.  Something you forgot in 8th grade chemistry D. Realtor lingo for “at least 4 bedrooms, 3 baths, and a two car garage.” Answer:  D.
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