We Buy Houses In Salem, Oregon. If you are hoping to sell your property and get quick cash for houses in Salem, there are some real estate terms you should become familiar with. So as local homebuyers in Oregon, we’ve compiled some of the lesser-known terms you might hear when selling your house in Salem OR. Please feel free to reach out to us if there is anything else you would like to know about the home selling process. We are happy to answer all of your questions. (541) 780-5339
Appraised Price Of Your Salem OR House
An appraised value is an evaluation of a property’s value by a professional appraiser. This can be done during the mortgage origination process or by the buyer or seller privately to help determine the value of the property. An appraisal can also be used for tax purposes or after a divorce.
Assessed Value Of Your OR Property
The assessed value of a property helps determine how much a homeowner will need to pay in property taxes. The property appraiser will take into account location information, inspection information for the home, and recent home sales in the area.
Carrying Costs In Salem, Oregon
The carrying costs are the costs you facing each month to own the home. This includes things like your tax payments, insurance premiums, utility bills, and maintenance costs.
Clear Title Of Your Oregon House
A clear title means that there aren’t any other ownership claims to the property, nor are there any liens against the house.
Comparative Market Analysis In Salem
A comparative market analysis, or CMA, provides information to help determine the value of the property. It takes into account recent sales to help you figure out what your house is currently worth.
Contingencies In Salem OR
A contingency is a stipulation in the contract that needs to be met before the contract is legal and binding.
Covenant In OR
A covenant formal agreement in which one party gives the other certain assurances. An example would be covenants of warranty in a warranty deed.
Delinquency In Salem, Oregon
Delinquency occurs when a homeowner defaults on their loan. This is when a lender will actively begin the collections process, even initiating foreclosure.
Disclosures In Oregon
A disclosure is a document that the seller provides the buyer, letting them know about any problems, defects, or known issues with the property. Failing to disclose a problem with your home can be considered fraud.
Encumbrance In Salem
An encumbrance is a claim against the property that restricts its transfer or use. A property lien is considered an encumbrance.
Foreclosure In Salem ORA
Foreclosure occurs when a homeowner fails to make their mortgage payment, typically for 90 days. The owner waives all rights to the property and the home becomes the possession of the bank.
Inclusions In OR
Inclusions are personal property that is included in the home sale. This can be things like appliances, furniture, or outdoor items.
Market Value In Salem, Oregon
Market value is a valuation of the property in which the parties are free of pressure to complete the transaction and all details of the house are known. It can be formulated by finding the average between the highest price a buyer would pay and the lowest price a seller would accept.
Mechanic’s Lien In Oregon
A mechanic’s lien is a lien against the property which will secure the payment of contractors, laborers, and those who provide materials.
Negative Amortization In Salem
While amortization refers to paying off your loan, negative amortization happens when the payments you are making aren’t enough to cover the interest and the amount you owe becomes greater as opposed to less.
Quitclaim Deed In Salem OR
A quitclaim deed transfers the interest in real property from one person to another.
Sale-Leaseback In OR
A sale-leaseback occurs when a buyer purchases a property and then leases it back to the occupant.
Short Sale In Salem
A short sale occurs when an owner sells their property for less than what is owed, allowing the lender to recoup some of the cost of the loan as an alternative to foreclosure.
Title In Oregon
The title refers to who has legal ownership and who can legally use the property. Just like a car, it is how you claim ownership of the property.
Title Defect In Salem
A title defect is when there is an adverse claim, somewhere in the chain of ownership. It can have an impact on who has legal rights to the property.
Waiver In Salem, Oregon
Voluntarily giving up a right, claim, or privilege. It removes liability for the other party in the agreement.
Sell My House In Salem OR
When trying to sell your house in OR fast, you will likely hear a lot of real estate jargon thrown your way. It’s important to know what is being said and how the terms used will impact you. Do your homework before you sell your home fast in Salem OR so you don’t miss something you should have been aware of!
If you have questions about these, or other real estate terms when selling your house in Salem OR, don’t be afraid to reach out! One of our team of Oregon home buyers will be happy to answer all of your questions, providing you with the info you need!