One of the great things about living in Irvine is that we have a lot of Real Estate Agents, lenders, escrow agents and home inspectors here who speak a wide variety of languages including: Chinese, Korean, Spanish, English, Farsi and even Italian.
Besides speaking their native tongues, anyone who works within the Real Estate industry also speaks their own industry specific language as well.
When speaking with a lender you will most likely hear terms mentioned like VOI, VOE, HOA Cert, FHA loan and Appraisal Contingencies.
Mastering the lender language is important because, it could mean the difference between you getting pre-approved for a mortgage loan, or not, so it’s best to ask your lenders questions about “their language” and provide them with the documentation they require to get your mortgage loan approved.
Learn the Escrow Language
Escrow is another important part of the Real Estate market since this is when the funds are transferred into a third party account where they are held and monitored by the escrow agent until the sale of the home is finalized.
Some of the most common terms you might hear mentioned during escrow include: EMD, EI, CI, CDA and NHD.
The Title Reps Language
When the title rep enters the home buying process they could let your agent know that there is a lien on the title, or unpaid tax bill, which needs to be cleared up before the sale of the home can go through.
Getting To Know the Home Inspectors Language
Once the home inspector enters the picture you will know that you are getting closer to buying a home but they may also have terms in their “language” which you don’t understand like: GFCI (Ground Fault Circuit Interrupter) or they may tell you things like there is a breech on the fire door, or the HVAC to the home needs a solid pipe.
Understanding Your Brokers Language
Last of all, but most important, you may also hear some terms from your broker like BIA, AD, PRBS, SPQ or CMD.
During the process of buying or selling a home in Orange County you shouldn’t hesitate to ask questions because this is an essential part of learning, and will insure that you are able to successfully sell your home or purchase an Orange County property you will really love.
For more information about the “secret language” of the Real Estate world, or to view homes for sale across Orange County, contact Fred Sed & Associates today by calling (949) 272-0125.