8 Terms San Diego Home Sellers Must Have in Their Vocabulary

The real estate industry could have its own dictionary. When you start going through the process of selling your San Diego house there will be lots of new terms and phrases that come your way that you probably haven’t used in the past. With that in mind, here are seven words that San Diego home sellers may need to know.

1. MLS

This stands for Multi-Listing Service. MLS is a private database of houses that are on the San Diego market. Home sellers don’t have access to placing their house on the MLS it can only be done through a real estate agent or broker. This helps get your San Diego home listing in front of a larger group of buyers which is one advantage to using an agent instead of selling it as a For Sale By Owner.

2. Deed

A deed is a legal document that is used to transfer a property between the buyer and the seller. When you originally purchased your San Diego house you received the deed. Sellers will be required to provide it at closing. It is signed by both you and the buyer.

3. Chattels

These are the items in your San Diego house and on your property that you take with you when you move. Chattels includes things like your car, your personal belongings inside the house, and your animals that live on the property.

San Diego home sellers do not want to confuse these with ‘fixtures.’ A fixture is something that is expected to transfer along with the house to the new owner. These include items like mirrors that are attached to the wall, cabinets, and light fixtures. If you want to take any of these types of items with you then it needs to be disclosed to any potential buyers.

4. Equity

The equity is the value of your house that is over and above what your current mortgage is for. For example, if your house is valued at $350,000 and you still owe $100,000 on the house than you have $250,000 worth of equity in the San Diego house.

5. Staging

Home staging has become very popular in recent years. This is the process of setting your house up in a way that appeals to buyers. It can include actions like repainting the walls to the arrangement of your furniture to removing your personal photographs. You can hire a professional stager or go through this process on your own.

6. Conditional Sale

This is when a deal is agreed on that can only go through to closing if certain conditions are met. This includes conditions like a home inspection that doesn’t turn up any problems or the house appraising for more than the agreed upon price.

7. Comparative Market Analysis (CMA)

A CMA is a report that shows how your San Diego house stacks up against the other homes that are on the San Diego market or that have recently sold. It can help home sellers determine how much to ask for your house and the buyer determine how much they are willing to pay.

8. Mortgage Prepayment Penalties

Depending on the fine print on the mortgage that San Diego home sellers currently have for your house, you may be required to pay a penalty for paying your house off early. Not every mortgage includes this, but many that do use a penalty that is equivalent to 3 months of interest.

When San Diego home sellers are working through the process of selling a house you may stumble upon other words that you aren’t sure the meaning of. Some words have important definitions that come along with them. If you ever wonder what something means make sure to ask or research the definition on your own.