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Home Buying Lingo and Euphemsims

I was recently asked by someone starting the home buying process how to tell if a listing was a foreclosure from the description. Good question!

However our local Board of REALTORs doesn't have a specific flag or descriptor that signals a property is a foreclosure. But it is now done in some other boards and it may be coming.

For now, the best bet is to look for phrases in the description like these:

Bank Owned.

Listing office to hold EMD (Earnest Money Deposit)

Bank addendums required

Required seller documentation

Bank addendum overrides local contract

Our professional association published a report that details these phrases along with the "sister" of the foreclosure, the dreaded "short sale".

The report is available as a free pdf download here.



News article to share with sellers during negotiation

Area foreclosures have jumped about 90% last year, and some economists predict there will be more this year.

This is critical information to include in your negotiations if you make an offer on a home this next month.

Especcially if your seller is out of the area.

Contact us if you are interested in other important negotiating tools when you buy a home. (Most of which you will never hear about from designated/dual type buyer agents.)

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