« Return to Blogs

Lewes, DE Real Estate Vocabulary Spawns this List

Every profession creates them—an ever-expanding vocabulary of specialized terms, followed by the list of acronyms they spawn. Lewes, DE real estate is certainly no exception

Fortunately for the numerous house-hunters who have been out prospecting for Lewes, DE homes this fall—and for the homeowners whose properties are their quarry—there’s really no need to memorize them all. Your Realtor® (ideally, that’s me) will acquaint you with all the definitions you need to know, if and when they crop up.

Even so, since some of the most common ones do occasionally creep into blogs, ads, and various other Lewes, DE real estate communications, here is an abbreviated list of some common ones. Anyone with personal home buying and selling experience will recognize many of them, but may not remember the literal definitions. You can make this into a quiz by covering up the column on the right—if you get more than half of them, consider yourself a REV (Real Estate Virtuoso):

 

ARM ………………………………... Adjustable-Rate Mortgage

ASP ………………………………...    Accredited Staging Professional

COE………………………………....  Realtors® Code of Ethics

CMA ………………………………...  Comparative Market Analysis (aka, a “comp”)

CPM ………………………………...   Certified Property Manager

DR ………………………………......   Designated Realtor® (a member of the NAR)

DTI ……………………………….....  Debt-to-Income Ratio

FHA ………………………………...   Federal Housing Administration

FICO ………………………………...  Fair Isaac Corporation’s creditworthiness rating

FMV ………………………………...   Fair Market Value

FSBO ………………………………... For Sale By Owner

GAA ………………………………...   General Accredited Appraiser

HOA ………………………………...   Homeowners Association

HUD ………………………………...  Federal Dept. of Housing and Urban Development

L/O ………………………………...     Lease Option

LTV ………………………………...   Loan-to-Value ratio

MFH ………………………………...   Multi-Family Home

MLS ………………………………...   Multiple Listing Service

NAR ………………………………...   National Association of Realtors®

NOO ………………………………...  Non-Owner Occupied

OO ………………………………...     Owner-Occupied

PMI ………………………………...    Private Mortgage Insurance

REO ………………………………...   Real Estate Owned (a property owned by the lender)

RTO ………………………………...   Rent-to-Own

 

The difference between REO and RTO is only significant when they are fixtures in your everyday professional life. Call me whenever it’s time for you to capitalize on my extensive Jamestown real estate experience! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com.