Where cozy means tiny and charming means needs work.
The practice of advertising a low base price for a property while gradually revealing additional mandatory fees throughout the transaction. The 'budget airline' approach to real estate pricing.
Industry slang for properties with minor cosmetic issues that scare away typical buyers but are catnip to investors and DIYers. Think ugly carpet and dated wallpaper, not structural disasters—though agents sometimes blur that line.
The art of secretly buying adjacent properties to combine into one larger, more valuable parcel—like playing real estate Tetris with someone else's neighborhood. It's why some buyers use LLCs to hide their acquisition strategy.
The glorious moment when underwriting has approved all conditions and you're authorized to actually close on the property. It's the green light you've been praying for after weeks of document requests.
The charge lenders levy for processing your loan application and creating your mortgage. It's basically an admission fee to the debt party, typically 0.5-1% of the loan amount.
See earnest money, but longer and more official-sounding. Because real estate professionals get paid by the syllable.
A short-term loan that helps you buy a new home before selling your current one, literally bridging the financial gap. It's expensive money that lets you avoid the nightmare of moving twice or living in your in-laws' basement.
Any mortgage that doesn't meet Fannie Mae or Freddie Mac guidelines, whether due to size, property type, or borrower qualifications. It's the misfit toy of lending, typically more expensive and harder to get.
A three-party alternative to a mortgage where a trustee holds the property title until the loan is paid. Like a mortgage, but with an extra person who can foreclose faster.
Government-mandated caps on rent increases, beloved by tenants and blamed by landlords for everything from peeling paint to climate change. Economics' most passionate debate in apartment form.
Money the landlord provides for the tenant to customize leased space, typically in commercial properties. It's the 'make yourself at home' budget that determines whether you get new carpet or get to keep the previous tenant's questionable design choices.
A buyer's escape hatch that lets them bail if a property doesn't appraise for the purchase price. The adult version of "I want my money back."
An acronym for Buy, Rehab, Rent, Refinance, Repeat—a wealth-building strategy where investors recycle their capital by refinancing rental properties to pull out equity for the next deal. It's the real estate equivalent of a perpetual motion machine, minus the laws of thermodynamics.
An offer with no escape clauses—no inspection, no appraisal, no financing contingencies. It's the real estate equivalent of skydiving without checking if there's a parachute in the backpack, popular in markets where desperation trumps common sense.
An investment property with carrying costs that exceed the rental income, effectively eating the owner alive month by month. Named because it takes bigger and bigger bites out of your bank account.
A mortgage exceeding conforming loan limits set by Fannie Mae and Freddie Mac, typically requiring better credit and larger down payments. It's called 'jumbo' because both the loan and the payments are supersized.
A contingency allowing sellers to accept backup offers and 'kick out' current buyers if they can't remove their contingencies fast enough. The real estate equivalent of keeping your options open while dating.
The increased value created when adjacent properties are combined into a larger, more useful parcel. It's the financial proof that sometimes the whole really is worth more than the sum of its parts.
A formal eviction warning telling tenants to pay up, shape up, or get out. The landlord-tenant relationship's breakup letter, now with legal consequences.
The theoretical rental income from a vacant unit that's factored into pro forma projections but not actually being collected. It's the imaginary money that makes cap rates look better on paper than they are in reality.
A legal right allowing someone else to use part of your property for a specific purpose, like utility access or a driveway. It's basically permanent permission to trespass, enshrined in your deed.
One one-hundredth of a percentage point, used to describe interest rate changes and fees without dealing with decimals. It's how mortgage professionals make 0.25% sound more important by calling it 25 basis points.
When one agent represents both buyer and seller in the same transaction, creating a conflict of interest wrapped in a commission opportunity. It's like having the same lawyer represent both parties in a divorce.
A contract binding a buyer to an agent for a specific period, ensuring the agent gets paid even if the buyer tries to ghost them after months of work. It's basically a pre-nup for the house-hunting relationship.