A broker’s open house is a showing of a property for sale targeted to other real estate agents and not

A broker’s open house is a showing of a property for sale targeted to other real estate agents. A broker’s open house is not for home buyers but is held for agents to enable them to determine whether a property may be of interest to any of their clients. A broker’s open house is a showing of a property for sale targeted to other real estate agents. Agents who tour a property will consider whether it would be a good fit for any of their clients and then bring those clients to the property for a private showing in the following few days, especially if the broker's open is well attended. A broker’s open house is the showing of a property to real estate agents and not homebuyers.

Broker's Open House

An exclusive listing is an agreement in which one real estate broker is authorized to act as the sole agent of the seller. There are two types of exclusive listings.

An exclusive listing is a type of real estate listing agreement in which a property seller appoints and specifically authorizes one real estate broker to act as the seller’s sole agent. An exclusive listing is a type of real estate listing agreement in which a property seller appoints and specifically authorizes one real estate broker to act as the seller’s sole agent. An exclusive listing is a type of real estate listing agreement in which one broker is appointed as the seller’s sole agent. 1:27
A listing agreement is a contract under which a property owner (as principal) authorizes a real estate broker (as agent) to find a buyer for the property on the owner’s terms, a service for which the owner pays a commission. With this type of listing agreement, one broker is authorized as the seller’s sole agent and has exclusive authorization to represent the property.

Exclusive Listing

An extender clause protects a listing agent for a property from losing their commission if the property sells after the listing agreement ends. 

An extender clause is a contractual provision in an exclusive real estate listing agreement. An extender clause protects a listing agent in the event that they show a potential buyer a property, but the buyer doesn't actually make the purchase until after that agent no longer has the right to the listing.
An extender clause only applies to a buyer whom the original agent brought in and typically extends the period in which an agent can earn a commission by a few months.
Without an extender clause, a seller could put off a sale until the listing agreement has ended, allowing them to avoid paying the buyer's agent a commission. When a listing agreement ends, if the seller enters into a new listing agreement with a different agent, it’s important that they let the new agent know about an extender clause still in effect for the previous agent. If the listing agreement contained an extender clause, then after the agreement has expired, if one of the potential buyers who had seen the home through the agent purchases the house, the agent still receives the commission they would have received through the expired contract. If the seller goes behind the agent’s back and makes a deal to sell the home to a buyer after the listing agreement has expired, the seller could save money by not paying the agent’s commission.

Extender Clause

For sale by owner means selling a home without a real estate agent. FSBO sellers don't use listing agents, but they may work with buyer's agents.

For sale by owner (FSBO) is a term that refers to a method of listing a property for sale. 1:45
Though the details of each real estate transaction vary, here are some of the tasks the seller is responsible for in an FSBO transaction:
Determine the asking price by researching neighborhood property values for homes with similar features (aka comps), such as the number of bedrooms and the home's square footage.
Stage the home for sale and make any necessary repairs. Still, it's important to remember that when a seller doesn't employ a real estate agent, the seller assumes all the responsibilities of completing the transaction. Sellers may also need to track down other documents, including the property survey, permits, certificates of occupancy (COs), loan documents, utility bills, property tax bills, homeowner association covenants and agreements, and the property title. However, sellers with little knowledge of real estate transactions can find the situation stressful and may be better off working with a qualified real estate agent.

For Sale by Owner (FSBO)

Landominium refers to a unit, built as part of a residential development, whose owner owns both the unit and the land on which it is built.

Landominium refers to a unit, built as part of a residential development, whose owner owns both the unit and the land on which it is built. Landominium complexes also tend to include a classification of common area that is generally not found in condominium complexes: the limited common area. A landominium complex expands upon the condominium model by bundling the living unit with the land on which it is built. Landominium refers to a unit, built as part of a residential development, whose owner owns both the unit and the land on which it is built. A potential landominium buyer would be wise to confirm that the association has sufficient financial reserves to cover its internal and external obligations over the short- to medium-term.

Landominium

The list price, in the real estate world, is the suggested gross sale price of real estate property when it is put on the market. 

The list price, in the real estate world, is the suggested gross sale price of real estate property when it is put on the market. In many instances, however, the list price is set with the expectation that a potential buyer will offer less, and so the list price is preemptively set higher than what the seller expects. The proceeds recouped by the seller—after the sale—will be the sales price minus any outstanding balance on the mortgage, unpaid real estate taxes, special assessments or any other liens and/or encumbrances attached to the property. If a property is in high demand, the sales price can exceed the list price.

What Is a List Price

A pocket listing is a real estate listing that is retained by a listing broker or salesperson and not distributed or shared among any of their peers.

Real Estate Glossary: What is a pocket listing in real estate?

A pocket listing is any type of real estate listing that is retained by a listing broker or salesperson and not made available to other brokers in the office or to other multiple listing service (MLS) members.﻿﻿ A pocket listing may also be referred to as an “off-market listing” or “exclusive listing.”
A pocket listing is an exclusive real estate listing that is not available to the general public.
 A pocket listing is any type of real estate listing that is retained by a listing broker or salesperson and not made available to other brokers in the office or to other multiple listing service (MLS) members.﻿﻿ A pocket listing may also be referred to as an “off-market listing” or “exclusive listing.”
A pocket listing is an exclusive real estate listing that is not available to the general public. A pocket listing may offer a considerable advantage to the real estate agent charged with selling the property, as they have the listing exclusively and are therefore entitled to the full commission. 1:27
When a real estate agent is hired to list and sell a property, a listing agreement is made in writing between the seller and the agent and their hiring company. Because Sadie already has a buyer lined up, she contacts the real estate agent she has used in the past with an offer of a pocket listing.

Pocket Listing

In real estate, a short sale is when a homeowner in financial distress sells their property for less than the amount due on the mortgage.

Research Looks at How Mortgage Delinquencies Affect Scores

What Is A Short Sale In Real Estate? A Guide To The Process

Table of Contents
What Is a Short Sale? The package includes financial statements, a letter describing the seller’s hardship(s), and financial records, including tax returns, W-2s, payroll stubs, and bank statements.
**Short sale offer:** Once a seller accepts an offer from a potential buyer, the listing agent sends the lender the listing agreement, an executed purchase offer, the buyer’s pre-approval letter, a copy of the earnest money check, and the seller’s short-sale package. It can take weeks or months for a lender to approve a short sale and many buyers who submit an offer end up canceling because the short-sale process takes too long. Also, be aware that a short sale can still affect your credit score in the sense that the months of mortgage payments you missed prior to the short sale can show up as delinquent payments on your credit report. If the lender is willing to consider a short sale, you’re ready to move forward with creating the short-sale proposal and finding a buyer.

Short Sale (Real Estate)

Real property is the land, everything that is permanently attached to the land, and the rights inherent in the ownership of real estate.

Real property is the land, everything that is permanently attached to the land, and all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land. Each state has different laws regarding what is real property and how to handle its sale; for the most part, real property is not subject to federal law because real estate necessarily stays in one place. Real property is everything included in real estate, plus the rights of ownership, including the right to possess, sell, lease, and enjoy the land. Real property is the land, everything that is permanently attached to the land, and all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land. Real property is the land, everything permanently attached to it, and all of the interests, benefits, and rights inherent in the ownership of real estate.

Real Property

Seller-paid points are a form of discount offered on real estate paid by a property's seller.

Publication 936 (2019), Home Mortgage Interest Deduction

The term seller-paid points refers to a concession or rebate offered by a seller to the buyer in a transaction. The fee for the mortgage points is paid at the loan's closing or when the documents are signed with the lender.﻿﻿ Although homebuyers usually buy mortgage points, sometimes a seller might offer to pay mortgage points on behalf of the buyer to entice the buyer to purchase the home. Seller points reduce the interest rate a buyer pays to the lender on their mortgage These points also have the effect of increasing a buyer’s down payment by reducing the price that's ultimately paid for the home since the borrower will pay less interest over the course of the loan. The (IRS) considers seller-paid points as prepaid interest or interest paid by the buyer of the home.﻿﻿ Mortgage interest can be deducted from a homeowner's total taxable income when they file their taxes.﻿﻿ Loan amount
Interest rate
Monthly payment
Total interest paid
Total interest saved
The buyer's monthly mortgage payment would decrease to $955 per month, excluding property taxes and home insurance.

Seller-Paid Points

A subject offer is one that is intended to be informational in nature.

A subject offer is a financial term related to a potential transaction or deal as part of a negotiation for sale. After receiving a counteroffer on their home in response to the subject offer, the seller of the home can offer a counteroffer to the buyer's counteroffer, and so on. This type of offer permits a person to decline a previous offer, and if the original offer came without any formal commitment, it is known as a subject offer. A subject offer does not, by definition, necessarily depend on a counteroffer, but subject offers often elicit a counteroffer. A subject offer is a potential offer to effect a transaction that relies on certain information, terms, or conditions being established before the sale can proceed.

Selling Your Home

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Terms in Selling Your Home