Property Spotlight
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Columbia CityIN
For Sale
$249,900
3 Beds / 3 Baths
| JUST REDUCED $10,000. Like new. Relax at peaceful & clean water Goose Lake! Spectacular & unique custom built year-round lake front home. Completed in 2007. A decorator''s dream... more >>
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Columbia CityIN
For Sale
$249,900
3 Beds / 4 Baths
| REDUCED $15,000. Feels like brand new! Former Model Home. Many bells & whistles! Conveniently located half way between Warsaw and Ft. Wayne--about 20 minutes either way... more >>
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Fort WayneIN
For Sale
$149,900
4 Beds / 3 Baths
| WOW! JUST REDUCED $5,000. Sharp Condo w/Basement in Buckingham. Updated throughout. Cul-de-sac street. Lawn care & snow removal by association... more >>
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Fort WayneIN
For Sale
$124,900
3 Beds / 2 Baths
| JUST LISTED! All brick ranch on Full-Finished Basement with Two Fireplaces on a nearly 1/2 Acre fenced lot. Gorgeous Oak Hardwood Floors. New roof shingles June 2011 (tear-off)... more >>
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Fort WayneIN
For Sale
$93,999
3 Beds / 2 Baths
| JUST REDUCED $11,000!--NOT A REPO. Wonderful, deep fenced backyard--almost 3/4 acre... more >>
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Fort WayneIN
For Sale
$84,900
3 Beds / 1 Baths
| REDUCED $10,000! Enjoy Summers on your large porch.Has had many recent updates but remains full of charm & character... more >>
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Fort WayneIN
For Sale
$84,735
3 Beds / 2 Baths
| New on Market. Affordable Ranch on Finished Basement. Low traffic street. 1.5 baths, fenced yard. Freshly repainted in neutral colors. Hi-Efficiency Gas Forced Air heat + Central Air... more >>
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HuntertownIN
For Sale
$139,900
3 Beds / 3 Baths
| JUST REDUCED $10,000 by Motivated Seller. ZERO DOWN Payment USDA loan option. LOW MTG RATES=LOW PAYMENTS... more >>
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Fort WayneIN
For Sale
$139,900
3 Beds / 3 Baths
| WOW! $20,000 price drop! Fantastic buy. First time on market. Cul-de-Sac lot w/great backyard. Custom built & quality by Ervin Evard... more >>
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Fort WayneIN
For Sale
$79,900
3 Beds / 2 Baths
| New Listing & Affordable! Monthly payments will be cheaper than rent for many buyers due to today''s 40 year low mortgage interest rates... more >>
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TOPICAL REAL ESTATE DICTIONARY
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Top 20 Terms
amortization
The process of
paying the principal and interest on a loan through regularly scheduled
installments. Initially, most of each payment is applied toward interest owed,
and later in the loan term increasingly applied toward
principal.
appraisal
An opinion of the value of a property at a given point in
time.
closing
The final procedure in which documents are signed and recorded and
the property is transferred.
comparative
market analysis
An estimate of the value of a
property based on an analysis of sales of properties with similar
characteristics.
credit
report
A detailed account of an individual's
credit, employment, and residence history. A lender uses this report to
determine a loan applicant's creditworthiness.The three largest credit bureaus
are Trans Union Corp., Equifax, and Experian (formerly TRW).
disclosure
A statement to a
potential buyer listing information relevant to a piece of property, such as the
presence of radon or lead paint.
escrow
A neutral third party
holds documents and money for a real estate transaction and ensures that all
conditions of a sale are met. Also refers to a special account that a lender
uses to hold a borrower's monthly payments on property taxes and
insurance.
home
inspection
An examination of a home's
construction, condition, and internal systems by an inspector or contractor
prior to purchase.
homeowner's
insurance
This insurance includes hazard
coverage for any damages that may affect the value of a house, in addition to
personal liability and theft coverage.
interest rate
The fee,
expressed as a percentage, charged for a loan. The interest rate also helps
determine the monthly payment. For adjustable-rate loans, the interest rate may
change from its initial level.
mortgage
In casual use, a sum
of money borrowed to purchase a home at a certain interest rate using the
property as collateral. In formal use, a mortgage is the legal document that
pledges property as collateral for a loan.
multiple listing service (MLS)
A service that combines listings of all available homes in an area
into one directory or database, with the exception of For Sale By Owner (FSBO)
properties.
point
An amount equal to 1 percent of the loan amount. Points may be paid
by the borrower at the time the loan is made to get a lower interest rate.
Lenders offer various rate/point combinations.
prequalification
A lender's
preliminary assessment of a buyer's ability to pay for a home, and an estimate
of how much the buyer may borrow.
property
tax
Tax paid on privately owned property.
Property taxes are usually paid semiannually, or monthly if the lender requires.
The amount is based on local tax rates and assessed property
value.
purchase
agreement
A document that details the purchase
price and conditions of the transaction.
refinancing
The process of
replacing an older mortgage with a new mortgage that has better
terms.
title
The legal document conferring ownership of a piece of real
estate.
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