Some basic information that may help you in your quest for more information on a home listing.

If you notice the information located in the 'Additional Information' section of a MLS Listing Display. This information will be available for all listings and is typically located at the bottom right hand side of the display.




The 'Additional Information' will also let you know if the home is a Short Sale or Bank Owned Home.  This can be useful if you are or are not interested in short sale's or foreclosures.  If it does not specifically have RE/Bank Owned or Short Sale then it is just a regular sale.



So here are some quick definitions for financing:

  • Conventional - This is a common type of financing with a minimum of 5% down payment.
  • FHA - Another typical financing type which is government backed and a minimum of 3.5% down payment.
  • VA - Veteran financing with zero down payment.
  • Cash To Owner - Means you will write pay cash for the home with no financing contingency.
  • Owner Financing - This is when a Seller/Owner will carry the financing for you. Also known as REC (real estate contract)
  • Lease Purchase/Lease Option - Is a lease tied to purchasing the home at a later date. Lease Option is similar but you have the option to buy at the later date.

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