Real Estate Terminolgy

Shadow Inventory: A glut of troubled homes not yet on the market that threatens to prolong a housing slump. (This is all the homes that are being foreclosed on that have not hit the market yet.)

REO: Real estate owned or REO is a class of property owned by a lender typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction

TLC: Needs alot of work. May not qualify for certain loans.

Excellent Condition:

• according to seasoned agents - ready to move in and has upgrades
• according to new agents - recently painted
• according to discount brokers - recently cleaned

Above Average Condition:

• according to seasoned agents - ready to move in, no upgrades
• according to new agents - recently cleaned
• according to discount brokers - no junk cars in the yard

Average Condition:

• according to seasoned agents -needs paint and carpet
• according to new agents - needs minor repairs, paint and carpet
• according to discount brokers - needs repairs and has junk cars in the yard

Fair Condition:

• according to seasoned agents - needs larger repairs, paint and carpet, probably dirty
• according to new agents - needs major repairs, not livable
• according to discount brokers - house fell down living in junk cars in the yard

Poor Condition:

• according to seasoned agents - needs major repairs, possible tear down
• according to new agents - house burned down
• according to discount brokers - there used to be house there

From a FSBO - Newly remodeled kitchen equals new refrigerator

From rookie agent -  Maintenance fee includes Cable TV means the condo has a cable outlet.

From an area Realtor - Vintage décor means yellow shag carpet and avocado appliances.