Legendary Real Estate - a Boutique Firm
Sandi Maki
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Legendary Real Estate – a Boutique Firm
Sandi Maki - Real Estate Broker, Michigan

Real Estate Lingo for Home Buyers

Sandi Square Buyers 2There are a lot of buzzwords used in the Real Estate world that may confuse Home-Buyers, especially First Time Buyers. Here’s a quick reference guide to help you understand the lingo.

  • Appraisal is the estimated value of the property.
  • Certificate of Title is a document that ensures the property is legally owned by the person who claims it.
  • Comparative Market Analysis (CMA) is a study of how comparable local homes have sold to help determine a reasonable price for property.
  • Contingencies are conditional that must be met in order for the offer on a home to proceed.
  • Due Diligence are the actions that a responsible buyer must address to protect the real estate investment.
  • Debt to Income Ratio in order to qualify for a loan, your monthly debt cannot exceed 43% of your monthly income.
  • Earnest Money Deposit payments are made to the Seller with the offer to show your serious intention.
  • FICO Score is a numerical value assigned to lenders based on their credit history.
  • Fiduciary Duties are the responsibilities of the broker that the Real Estate Agent works for and are determined by the state.
  • Good Faith Deposit is a payment made to the lender with the offer to show serious intention to complete the transaction.
  • HOA is the Homeowners Association, an organization that determines community rules and standards.
  • Loan to Value Ratio is how the lender determines if the loan is worth the risk associated with it.
  • Mortgage is the home loan.
  • Pre-qualification is the process used by the lender to determine if the borrower is qualified for a loan.  The amount is approximate.
  • Payment Terms are the principal, interest, taxes, PMI, etc.  What the Buyer really needs to know if the monthly and cummulative totals.

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5chirosmithaa

Sandi at Legendary Real Estate handled our home purchase in Flint Township this past summer. We had a bit of a difficult seller to deal with, but Sandi and her team handled negotiations and some snags with skill and expertise. In the end, the closing went... (more)

5user14688863

Before contacting Sandi, I was completely overwhelmed as a first time homebuyer. I didn't even know where to begin! I contacted Sandi in hopes that she would be able to help us with the home buying process, and match us with the perfect home for me and my... (more)

5mallencurtis

Sandi went above and beyond on my first home purchase. While there were times that the other parties involved in the transaction were dragging their feet a bit, she always let me know what was going on and kept me up to date about what the next step in the... (more)

Review Sandi Maki on Zillow.com