Warren County Ohio Real Estate News and Observations: Real Estate Lingo & The Land Of Confusion

Real Estate Lingo & The Land Of Confusion

CDOM

Short sale

Earnest Money

Inspection Contingency

Waiver

Builder's Rep

Pending

And that's just the VERY short list of terms as real estate agents we throw around, but do the people we serve understand those terms?

In some cases, I'd say the answer is a VERY apparent NO to their understanding level. 

If I had a 10 spot for every time I'd explained to a caller why going direct to the builder's rep without an agent is NOT a good idea, I'd have one heck of a European vacation.

If I had a 20 for every time I've had an Internet showing request for a PENDING home, I'd have my own private island.

And while we as agents are only PART of what leads to the confusion.

It's always interesting to me when some of the local Facebook groups have a real estate related thread.

"My agent MADE me use their home inspector!" 

(Was it at gunpoint or knifepoint, because I don't know too many agents that want the liability of "making" someone use a particular service.  Fact is my office has a disclosure for our buyers and sellers making it clear, CHOICE is always their option).

"I got my home from the builder WITHOUT an agent for $40,000 less than others buyers!"

I'm calling Shenanigans on that statement.  The builder's rep loved you so much that they gave you 10% off?  No, more likely you DID get a home $40,000 less than someone else with the same plan, but it's because they spent $40,000 MORE on options than you did.

There's obviously no lack of opportunity for a home buyer or seller to get REALLY confused. 

And all the more reason to make sure we're having the right conversations with our clients.

Asking "Do you have any questions?" may be the difference between understanding and having a big misunderstanding later.

Serving Greater Cincinnati home buyers and sellers,

Bill of Bill & Liz aka BLiz

 

 

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Comment balloon 2 commentsLiz and Bill Spear • June 27 2019 02:08AM

Comments

I often hear home buyers and sellers voice confusion when they hear acronyms and shortened versions of terms used in real estate.   Heck, a few years ago when they came out with a number of form revisions and additions in our state, it took me a few days to get up to speed!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 23 days ago

This is such an important point you make because consumers, including myself, Google something and we feel we understand how it all works.  It's our job, in part, to bridge that gap of Internet information into knowledge and understanding. 

Posted by Francine Viola, REALTOR®, In Tune with your Real Estate Needs (Coldwell Banker Evergreen Olympic Realty, Olympia WA) 23 days ago

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