real estateSelling your property? While it’s not essential to become a real estate expert, a grasp of key terms can simplify the process. Remember, the following definitions aim to provide a practical understanding rather than exhaustive detail. Ready to demystify real estate jargon? Let’s dive in.

Key Myrtle Beach Real Estate Terms

1) Acceptance: The seller’s formal agreement to a buyer’s offer. This is typically the culmination of several counter-offers between the involved parties.

2) Appraisal: A certified professional’s assessment of a property’s worth. Local regulations dictate who qualifies as an appraiser. Lenders often mandate that the property’s appraised value matches or exceeds the purchase price. In cash transactions, buyers may also have this requirement.

3) Bridge Loan: A short-term loan bridging the gap between the sale of one home and the purchase of another. They become handy when a sale is delayed, and the seller has already committed to another property. Though sometimes referred to as “panic loans,” they can be crucial in tight situations.

real estate4) Coinciding Settlements: This arises when a buyer’s next home purchase is contingent on the funds from their previous home’s sale. Although these sales seldom occur simultaneously, funds from the initial sale typically get wire transferred to facilitate the subsequent purchase.

5) Closing: Depending on jurisdiction, “closing” might differ in implication. Generally, it denotes the exchange and execution of requisite documents and transfer of funds during a real estate transaction.

6) Comps: Short for comparables, this refers to the sale prices of properties similar to the one in focus, aiding in determining its fair market value.

7) Conditions: These are stipulations that need fulfillment before finalizing a sale. They might encompass aspects like property appraisal values, satisfactory home inspection results, or the buyer’s loan approval.

Indeed, the world of real estate in Myrtle Beach is packed with terms that can seem daunting at first glance. However, with the right guidance, navigating this realm becomes less intimidating.

Considering buying or selling in Myrtle Beach? Reach out to Full Potential Real Estate. Our seasoned agents are here to illuminate the process and stand by your side every step of the way.

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Full Potential Real Estate, LLC
PO Box 571
Conway, SC 29526
(843) 251-3794

We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle BeachSocasteeLittle RiverMurrells InletLongs/LorisForestbrook