Real estate slang can be confusing for those new to the industry, but it can also be a helpful way for professionals to communicate quickly with one another. Here are a few standard terms you might come across:
1. Fisbo: This is a term used to describe a For Sale By Owner (FSBO) who is also a first-time home seller.
2. EM: Another common term you may come across in the real estate world is "earnest money receipt." This refers to a document that outlines the amount of money a buyer has paid as a deposit or "good faith" payment when making an offer on a property.
3. Binser: This is short for "Buyer Inspection sellers response form." It refers to a buyer hiring a professional inspector to examine a property before purchasing it. And the form to respond to the inspection is the BINSer.
4. BPO: "Broker Price Opinion" is an estimate of a property's value performed by a licensed real estate agent. It is typically used by banks and mortgage companies when evaluating a property for foreclosure or short sale.
5. CMA: "Comparative Market Analysis" is a report that compares the selling prices of similar properties in the same area to help determine a fair market value for a property.
P&S: "Purchase and Sale" Agreement, It's a legal contract outlining the terms and conditions of a real estate transaction.
By understanding these standard slang terms, you'll be better equipped to navigate the real estate market and communicate effectively with professionals in the industry.