If you have ever been involved in selling or buying property, you may have heard the term “comps”.
Most of the people only
know that comps is the abbreviation of comparables and nothing more. If you want to know more about this term, then give this read a couple of minutes.
What are Real Estate Comps?
In real estate terms, comps refer to the price paid for recently sold property that is comparable in location and size. With comps, you can estimate the current market value of property in your surrounding areas.
Selling a home appears to be a headache in some conditions. There are many things that are involved in selling a home. A home is a great piece of investment and there is always a strong reason due to which a person wants to sell his home. Therefore, everybody wants to sell their home fast so that they can fulfil their needs as soon as possible.
There are many factors that you need to address before putting your house for sale but going to the right place to sell your home is also extremely important. There are several people who can help you sell your home fast but your personal preferences will determine that whom should you contact to sell your home fast.
There are different kinds of rental housings available in different types and sizes. Choosing the right type of housing depends on your personal preferences.
Each type of housing has its own positive and negative aspects. As we’ve mentioned before that your desires, requirements, and preferences will help you decide that which type of housing suits you the best.
Here we’re going to talk about different types of rental housing and their benefits to help you make an informed decision.
These types of houses are particularly designed for a single person or a group of renters to reside in. One of the great advantages of the single-family house is that it makes you feel like owning your own house. Single-Family houses offer you a huge amount of privacy as you separately live there without sharing the space with any other tenants.
No matter whatever you are selling or buying, you will come face to face with the term escrow. In terms of real estate, escrow has several meanings, but in short, escrow is when a third party during a real estate transaction, holds on to something of value.
Escrow and Offers:-
When you make an offer for a property, you make an earnest check, and that amount in check is saved in escrow. A third party holds that amount in escrow and you along with the seller does not have access to that amount unless both parties agree to the final terms.
Putting the payment in escrow is safe as it protects both parties. For example, you have made the early payment to seller’s account and somehow the negotiations between you and the seller end, this way you will not want seller holding your money. Likewise, the seller will not want to sign the final document, unless he/she has a guarantee of payment from the buyer.
Escrow and Closing:-
You may have listened the term “escrow closing”, this is when you complete your purchase. All the escrow process is taken care by the escrow officer. Sometimes, other than escrow officer, an attorney ensure the process of escrow.
If you don’t know what are closing costs and you are going to buy a house, then you must know it before buying one. Closing costs are associated with a property and you must pay those at the time of closing of a real estate transaction. You can assume the word “Closing” as a point in real estate, where the property is handed over from seller to buyer.
How much are closing costs?
Closing costs vary from region to region and depend upon the area in which you are buying a property. However, following is the list of fees which are included in closing costs:
When you apply for a property, you must pay an application fee to the lender. This fee may include checking for your credit card and may vary from lender to lender.