Real Estate Term of the Day: Drive-by Appraisal DRIVE-BY APPRAISAL (aka: Limited Appraisal) – value estimated prepared without the benefit of an interior inspection (Barron’s Dictionary of Real Estate Terms) Due to the changes in the mortgage underwriting rules over the past couple of years and the creation of the HVCC, the practice of drive … More Real Estate Term of the Day: Drive-by Appraisal
Real Estate Term of the Day: Down Payment DOWN PAYMENT – the amount one pays for property in addition to the debt incurred (Barron’s Dictionary of Real Estate Terms) The main purpose of a down payment is to ensure that the lending institution can recover the balance due on the loan in the event that … More Real Estate Term of the Day: Down Payment
Real Estate Term of the Day: Department of Housing and Urban Development (HUD) DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (aka: HUD) – a U.S. government agency established to implement certain federal housing and community development programs. This federal agency attempts to assure decent, safe, and sanitary housing for all Americans, and investigates complaints of discrimination … More Real Estate Term of the Day: Department of Housing and Urban Development (HUD)
Real Estate Term of the Day: Delinquent DELINQUENT – past due. The state of having an unpaid amount after the due date and any grace period afforded has passed. Normally, delinquency occurs before a mortgage default is declared (Barron’s Dictionary of Real Estate Terms) Most banks will give a 15 day grace period for your … More Real Estate Term of the Day: Delinquent
LESLIE MONACO REAL ESTATE 