Jack Walker Realtor Whitinsville MA Real Estate Northbridge Uxbridge Douglas Sutton Grafton


Home buying and selling can be a complicated process, especially for first-timers. The vocabulary involved will only compound your confusion if you jump right into it without knowing what they mean. Real estate, like other fields, has some terms that are peculiar to it. Before you set out to list your home for sale or seek to buy one, it is good to understand some valuable real estate terms you will encounter in the process. Here are some words you must know when involved in a home purchase:

Appraisal

In the real estate market, every property has unique qualities owing to its different conditions and structures. An appraisal determines the estimated value of a piece of real estate based on specific criteria. Appraisal reports by a certified real estate appraiser are used to resolve mortgage loans and taxation issues.

Contract

A purchase contract is a written document that contains the contract price and other terms of a property sale. The property is said to be 'under contract' when both the buyer and seller have reached an agreement and signed a formal offer and acceptance on the sales price and contingencies.

Listing agent

A listing agent is a real estate specialist operating with a license. They are in the real estate market to help home sellers advertise, market, and sell their homes. They represent the seller during negotiations and charge a commission on the sale.

Buyer’s agent

A buyer’s agent represents the interest of a buyer during negotiations on a home purchase. They usually charge commissions for bridging the gap between the buyer and the seller, but the seller pays the commission.

Debt-to-income ratio

Debt-to-income ratio, or DTI, is an essential factor that mortgage lenders consider before granting you a mortgage for your new home purchase. It shows how much your debt load is. You can calculate your DTI by dividing the sum of your debt expenses and your monthly housing bill by your gross monthly income, and then multiply by 100. Arriving at a percentage higher than thirty-six percent, after calculating your DTI, points to the need for adjusting your budget.

Escrow company

An escrow company functions as an unbiased third party that monitors the transaction process. They ensure that all parties involved follow proper procedures before closing the deal and hold the earnest money until buyers and sellers sign all paperwork.

Earnest money

After a buyer indicates an interest in purchasing a home, a percentage of the selling price is paid immediately to the seller but placed into escrow. This money is called earnest money and indicates the buyer’s serious intent to purchase. If the buyers decide to back out, a contingency in place can help them recover their money. However, when the transaction goes through successfully, the money becomes a part of the buyer's down payment. 

Contingencies

These are conditions that need to be fulfilled for the home sale to go forward. A home appraisal is a common contingency clause. Another is a financing contingency which is the required time frame for a buyer to raise funds to acquire the property. A popular contingency is the length of the closing process. 

Always ask your real estate agent to explain any terms you do not understand so that you can make the right decisions.


This Land in Northbridge, MA recently sold for $368,000. This style home was sold by - Jack Walker Realtor.


Lot 2A&B Quaker St, Northbridge, MA 01534

Land

$200,000
Price
$368,000
Sale Price

17.17
Acres
Residential
Land Type
Lot A is an approved retreat lot can be sold separately for $125000 or both lots together as listed. Lot B is not being sold separately.




This Land in Northbridge, MA recently sold for $1,232,000. This style home was sold by - Jack Walker Realtor.


off Quaker St, Northbridge, MA 01534

Land

$1,400,000
Price
$1,232,000
Sale Price

137.74
Acres
Residential
Land Type
Looking to sit down with large developer to negotiate details of the 138 acre land mass. Involves multiple lots that can reconfigured for best use. Land does have an approved air strip, 2600 feet in length, that is not currently used.




This Multi-Family in Uxbridge, MA recently sold for $254,900. This style home was sold by - Jack Walker Realtor.


11 Sayles St, Uxbridge, MA 01569

Multi-Family

$249,900
Price
$254,900
Sale Price

2
Units
2,818
Approx. GLA
Over-sized duplex with large backyard in convenient location in North Uxbridge. Each unit consists of a living room, dining room, kitchen, three bedrooms, full bath, full unfinished basement, walk up unfinished attic, and enclosed porch. Roof is young, exterior is covered with vinyl siding, and many of the windows have been replaced. Unit A has updated kitchen, updated electrical entrance, and young oil tank. Both units need lots of interior cosmetics. Natural gas is available if wanted to convert. Condition may prohibit FHA/VA financing. Two separate driveways and side by side units so good candidate for condo conversion at some point.




This Single-Family in Northbridge, MA recently sold for $365,000. This Colonial style home was sold by - Jack Walker Realtor.


90 Lea Ave, Northbridge, MA 01534

Single-Family

$369,900
Price
$365,000
Sale Price

7
Rooms
3
Beds
2/1
Full/Half Baths
Terrific cul-de-sac location in Brendon Woods. Highlights include granite counters in kitchen, hardwood flooring in living/family/dining rooms, brick fireplace with pellet stove in family room, master bedroom with walk in closet and its own full bath, and attached garage. Plenty of choices to enjoy the outdoors with a farmer's porch on the front of the house, a screen porch off the rear of the house, and a deck leading to an above ground pool. Call to view this listing, you won't be disappointed!

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