General real estate terms

• As-is

• Buyer’s agent/listing agent

• Closing

• Closing costs

• Days on market (DOM)

• Due diligence

• Escrow holder

• Homeowner’s association (HOA)

• iBuyer

• Multiple listing service (MLS)

• REALTOR ©

→ Learn the fundamentals of local real estate trends.

Listing & property info

• Conventional sale

• Land lease

• Probate sale

• Real-estate owned (REO)

• Rent back

• Subject to inspection

• Short sale

• Trust sale

• Tenancy in common (TIC)

→ Search our listings for your ideal home. Download the app.

Financial & documentation

• Adjustable rate mortgage

• Debt-to-income ratio

• Earnest money deposit

• Equity

• FHA loan

• FHA 203k rehab loan

• Fixed rate mortgage

• Hard money loan

• Mortgage pre-approval letter

• Natural hazards disclosure (NHD) report

• Pre-approval

• Preliminary report

• Pre-qualification

• Pre-approval

• Principal

• Proof of funds

• Purchase and sale agreement

• Seller disclosure

• Termite Report

• VA loan

→ See how Opendoor’s costs compare to a traditional home sale.

Offers & contingencies

• Appraisal

• Appraisal contingency

• Backup offer

• Blind offer

• Home sale contingency

• Inspection contingency

• Inspection

• Loan contingency

• Offer/counter offer

• Option period

• Seller concession

• Title search