Buying or selling FSBO homes: Real Estate terminology – Part - I

Buying or selling of FSBO homes and properties is a crucial task. It involves lots of understanding and techniques to know properly otherwise consequences can be harsh. So, before actually venturing into the business of selling or buying FSBO homes and properties, you must know the nominal terminology of the concerned area.

1. Listing
Listing is an agreement between a real estate broker and a FSBO homeowner which allows the broker to market and arrange for the sale of the owner's home. The uses of this word can be used for-sale home itself. A home being sold by the owner without a real estate agent isn't a "listing".

2. MLS
MLS stands for Multiple Listing Service. It is a type of organization that collects, compiles and distributes information about homes listed for sale by real estate brokers. Normally, its membership isn't open to the general public, although selected MLS data can be available online.

3. REALTOR®
A real estate broker or sales associate who is a member of the National Association of REALTORS® headquartered in Chicago, which issue licenses for its members.

4. CMA
CMA stands for Comparative market analysis or competitive market analysis. It is a kind of report that shows prices of homes that are comparable to a subject home and that were recently sold are currently on the market or were on the market, but not sold within the listing period.

5. 4B/2B
4B/2B stands for "four bedrooms and two bathrooms." A "bedroom" usually means a sleeping area with a window and a closet, but the definition varies in different places. A "full bathroom" is a room with a toilet, a sink and a bathtub. A "three-quarter bathroom" has a toilet, a sink and a shower, and a "half bathroom" has only a toilet and a sink.