• Skip to main content
  • Skip to header right navigation
  • Skip to site footer

Phone: 979-693-0201 Email: [email protected]

Myke Leatham | Brazos County Realty

Myke Leatham | Brazos County Realty

Welcome to Aggieland!

  • About Us
    • About Myke
    • Myke Leatham Team
    • Service After The Sale
    • Testimonials
    • Realtors Be Your Own Boss
  • Search Properties
    • Our Properties
    • MLS Search
    • Map Search
    • Rentals
    • Patio Townhomes & Condos
    • Luxury
    • Golf Course
    • Farm/Ranch/Land
    • Foreclosures
    • Rental Applications
    • Reserve My Airbnb
  • Subdivisions
    • Attractions
    • Bus Routes
    • Resources
    • Utilities & Hook Ups
    • Becoming More Energy Efficient
    • Bryan & College Station School Information
    • School Reports
  • Buyers / Sellers
    • Frequent “Q & A” For Buyers
    • First-Time Home Buyers
    • Loan Approval
    • Local Lenders
    • Mortgage Calculators
    • Tips for Sellers
    • Sellers Info
    • Frequent “Q & A” For Sellers
  • Resources
  • Blog
  • Contact

Real Estate Glossary

April 30, 2020 by Myke Leatham

Whether you are buying or selling real estate you are bound to come across words and terminology that you have not heard before, or you are unfamiliar with. Many real estate terms are universal, however there are certain words that might describe the same thing but are used in different situations. For example, title insurance, which protects your property against hidden liens or potential ownership issues will always be referred to as title insurance. However, a term like “closing,” which refers to the completion of a real estate transaction could also be called a “settlement” elsewhere in the country. Whenever you come across a word that you don’t understand it’s always a good idea to look it up, especially when it comes to a big financial investment like buying or selling real estate. You can easily look up the definition of a word online, ask your real estate agent to clarify what something means, or explore the real estate glossary that we have put together for you in this post. There are many words and terms to be included in a real estate glossary, but in this post, we’ll go over the top 10 phrases that you should understand. 

Property Sold “As-Is”

When looking at properties for sale, you may come across descriptions that say the home is being sold “as-is.” This means that when the home is sold the buyer will receive the property exactly as it is, including any structural or cosmetic defects. The seller will not negotiate on price and will not offer concessions or credits for repairs necessary on the property. Buyers who look at properties that are listed “as-is” should still get a thorough home inspection by a qualified home inspector, because if anything major does pop up during the inspection it allows the buyer to back out of the sale if they need to. 

Comparative Market Analysis (CMA)

The hardest part about selling a home is locking in the perfect price at which to list – you don’t want to go too high, but you also don’t want to list too low and leave money on the table. A comparative market analysis is a tool that a real estate agent will utilize to help a seller figure out how much your property is worth, and how much it will most likely sell for in comparison to other recently sold properties in the neighborhood. A comparative market analysis, commonly referred to as “comps,” will look at recently sold properties that are similar to your own home – they have to be comparable in square footage, amenities, features, upgrades, bedroom/bathroom mix and can’t be too far away from your own home. A CMA will also only look at recent sales no further back than six months in order to paint a clear picture of what the market looks like in your neighborhood. A CMA is also something that buyers will take a look at when evaluating properties for sale to make sure that they are not overpaying for a home if comparable properties have recently sold for less. 

Earnest Money Deposit

The earnest money deposit is an amount of money that you put down, in addition to your down payment, that shows how serious you are about purchasing a property and gives the seller a commitment of your intent to buy. It can also be referred to as a good faith deposit. This deposit is meant to protect the seller in case the buyer backs out of the deal – it’s typically around one to three percent of the sales price and is held in an escrow account until the deal is complete. If all goes smoothly through the close of escrow, then the money is applied to the buyer’s down payment or closing costs. 

Closing

Closing is the final stage of the real estate transaction – the common phrase you will hear is “close of escrow,” or “closing escrow.” The date is agreed upon when both the buyer and the seller go under contract on the home and when the closing date arrives, the property is legally transferred from the seller to the buyer. 

Escrow

Escrow is a part of the home buying process and it refers to the third party that holds something of value during the transaction. This is most often the earnest money deposit that the buyer submits as part of their commitment to purchasing the property. When the transaction comes to a close escrow will release all funds to the seller, which will include closing costs, down payment, earnest money deposit and any additional funds that were agreed upon by the buyer and seller. Escrow also plays an important role when it comes to paperwork that needs to be completed during any real estate transaction, including documents that need to be notarized. 

Gift Letter

Buying a home is a very big financial investment, and often times many buyers will seek or receive help from loved ones with the hefty upfront costs of buying a house including the down payment and closing costs. If a buyer receives a generous check from parents or a loved one that is meant to cover a portion of the money necessary to buy a house, they will be required to provide a gift letter. A gift letter states that the funds provided are a gift and there are no expectations for the money to be repaid. Lenders request this letter because they need to account for all money that is being contributed towards a purchase. 

Loan Closing Costs

Closing costs can often come as an unpleasant surprise to a buyer, especially after forking over a hefty amount for a down payment. Closing costs include various fees for the services and expenses required to finalize a mortgage – closing costs are something you pay for when you purchase a home as well as if you choose to refinance. Closing costs are split between the buyer and seller and they can run between two and five percent of the loan amount. There is room for negotiation on some of the fees included in the closings costs and you may also have the option to fold these fees into your loan so you can finance them over time versus paying for them upfront. 

Loan Commitment

A loan commitment shows that your lender has preapproved you for a mortgage based on your credit and income. This is a letter that most lenders will issue to verify your approved loan status and it can significantly help a buyer who is up against other buyers on a specific property. Making an offer on a property with a loan commitment shows the seller that they can take your offer seriously because you have the ability to complete the deal. 

Off Market

An off-market listing is a term that is used to define a property that is for sale, or has already been sold, without any public advertising. Off market properties can be exclusive high-end homes or it could be a home that needs to sell quickly. Some sellers see value in maintaining privacy when they look to sell their homes, and some people may see off market deals as very appealing because there won’t be as much competition on price. The best way to access off market listings is to work with a professional and experienced real estate agent who can tap into their network and professional relationships so they can identify these properties. 

Private Mortgage Insurance (PMI)

Private mortgage insurance is a type of mortgage insurance for conventional loans that can increase the cost of a loan and is typically included in the total monthly payment. This type of insurance is typically required of homebuyers if they put down less than 20 percent of the home’s purchase price. This type of insurance protects the lender in case the homeowner defaults on the loan, and it also allows buyers to purchase a home even if they don’t have the required 20 percent down payment. The average PMI premium can range from .55 percent to 2.25 percent of the original loan amount, and this is strongly influenced by your credit score and loan to value ratio. 

There are many other terms and words in the real estate industry that you may not be familiar with, especially if you have never purchased or sold real estate before. That’s why it is so important to work with a team of experts who can guide you through the process from start to finish, whether you are a first time buyer or a seasoned investor. Our team at Brazos County Realty boasts a wealth of knowledge and expertise in all areas of real estate including 1031 exchanges, finance, appraisals, inspections, contracts, marketing, bankruptcy and so much more. Please contact us today to learn more about our qualifications, services and to see how we can help make your real estate goals a reality. 

Share this:

  • Facebook
  • Email
  • Twitter
  • Tumblr
  • Pinterest
  • More
  • Print
  • Pocket
  • Reddit
Category: Blog

About Myke Leatham

I’m so glad you found me – your College Station and Bryan, TX real estate source! When you choose to buy or sell a home in College Station/Bryan, TX or other surrounding areas using our expert services, you will receive a free consultation to determine your needs, free listings, and free reports sent to you by email. These weekly reports will show you how hard the members of my team are working to accomplish your property goals, and we guarantee the best service and consultation you have ever experienced. You’ll find the best community information for the College Station, Texas region right here.

It’s nice to know YOUR Realtor will still be of service after the sale.

Experience Counts: Broker/Owner of Brazos County Realty
Over 25 years of sales experience. With past ABR, GRI, CRS, & Epro designations.
Continuing education in real estate: Education is paramount in an ever changing industry like Real Estate. Myke has taken over 1000 hours of real estate specific courses which include but are not limited to: Residential Appraisal, Marketing, Law Contracts I & II, Finance, Residential Inspections, Principles and Practice, Law of Agency, Code of Ethics, Bankruptcy/Easements/Surveys/and Probate, Home Warranties, 1031 Exchanges and hundreds of hours of extensive real estate training.

Reputation: SALES LEADER since 1998; Top Producer 2000 through 2009. Listed among the top agents in the county. Consistently ranked among top realtors for total sales volume out of 900 realtors for commercial and residential real estate in the Bryan/College Station, TX area. When Myke represents buyers, she presents all viable options to her clients, including those properties that are not officially listed, but could be available for sale based on her inside information. Her expertise lies with investors and marketing homes of all price ranges in College Station/Bryan to local, national and global buyers, across all major media channels and through her extensive, personal network of contacts.

Myke is among the top 1% of all Realtors in North America!
She has earned the Designations of ABR (Accredited Buyers Representative), CRS(Certified Residential Specialist), GRI (Graduate of Realtors Institute)CHMS (Certified Home Marketing Specialist), and E-pro (Certified Internet Professional)
Fewer than 3% of all Realtors nationwide earn these certifications. They are not only a symbol of Myke’s commitment to this business, but these designations are your assurance of a skilled, trained real estate professional.

Myke is a consummate real estate professional who not only understands the art of deal-making, but also the art of relationships. She makes the process of buying and selling homes an uplifting and fun experience. She has a tremendous appreciation for Bryan and College Station, its rich history, and Texas A&M traditions having lived in the area for 25 years. Her knowledge of Bryan/College Station’s real estate market and market trends is unparalleled. Having been personally involved with clients through their remodeling, purchasing and selling processes, she knows intrinsic quality and value when she sees it. When she doesn’t see it she lets her clients know, without hesitation.
Myke’s proven track record and affiliations in the field of real estate demonstrates her high level of professionalism.

* High energy and enthusiasm
* Aggressive marketing
* Expert negotiating skills
* Ability to listen and ascertain customer’s desires and needs
* Fun to be with
* Internet savvy
* Because Myke is an experienced investor, she quickly helps her customers locate and define good business opportunities. No one likes the feeling of being ‘sold to’ so Myke provides as much information as possible to help you make the right decision.

Personal Commitment:
I am prepared to go the ‘Extra Mile’ for you, because I understand the financial and emotional significance of purchasing and selling your home. I will carefully listen to your desires and arrive at a workable plan. I believe sensitivity, listening, and service are important keys to success.
Whether you are buying or selling a home or you are just curious about your home’s market value, I’d be happy to provide my market expertise and intelectual property without obligation, or meet with you to evaluate your home for future reference. I want my customers to have a great time and enjoy the total process of purchasing or selling property. It gives me great pride when my customerspass my name on to their friends and family. I will continue to work hard to make sure critical information is available at www.AggieRealEstate.com and I invite all interested investors to search my site for cash flow opportunities. I will dedicate my time and talents to helping you achieve your goals. It is my goal to make your buying and selling experience extraordinary. Look closely and you’ll see how much I love meeting and working with people. You’ll experience the difference in working with an experienced and dedicated professional.

Personal information:
Michelle goes by ‘Myke’ and is the proud mother of 6 children – 3 girls and 3 boys. Her husband is David Leatham. They met at Brigham Young University. They have been married since 1977. David is a finance professor, and Associate Head over graduate studies in the Agricultural Economics Department at Texas A&M University, and speaks fluent Spanish. They have lived in College Station since 1983 and loved every minute of it. Myke loves to quilt, sing, swim, ‘sing’, bake bread, ‘sing,’ garden, ‘sing’, sell real estate, and ‘sing some more’ :-). Family, church, and real estate consume most of her time. Truth, honor, integrity, kindness, loyalty, gratitude, and service are very important words to her.

Slogan: ‘Let Myke Help You With Your HOMEwork!’

Referrals: The highest compliment I can get is when you pass my name on to others or post a kind remark on the internet. When you send your friends and family my way, I’ll always provide them with the highest quality of service that I know you would appreciate. Thanks in advance for all your support and friendship.

Previous Post:My Real Estate Predictions in Brazos County for the Next 10 Years?
Next Post:How are Interest Rates Affecting Buying?

Brazos County Realty

Your leading resource to search for College Station homes and BCS real estate. Let us help you find your dream home in Bryan & College Station, Texas!

Contact Us
Company

13464 I and GN Rd.
College Station, Texas 77845

Phone: 979-693-0201
Email: [email protected]

Navigation

About Myke

Featured Properties

Search Properties

Rentals

Quick Search By Area

IDX Sitemap

Resources

Areas of Expertise

Homes for Sale

College Station Houses

MLS

Land & Investment Properties

Additional Info

Information About Brokerage Services

TREC Consumer Protection Notice

Still Have Questions?
Get More Information

  • Facebook
  • Twitter

AggieRealEstate.com is Not Affiliated With Texas A&M University. Copyright © 2023 · All Rights Reserved · Made With ⚡ By imFORZA

 

Loading Comments...