Essentially, they are recent sales of nearby homes that are similar to the property you are interested in buying. Comps are a commonly used tool to help determine a fair value for a property. [Read more…]
Defined: What is a FHA Loan?
A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). [Read more…]
Defined: Short Sales
[tagline_box link=”” title=”Short Sale” description=”A short sale is when a home owner sales their property and the proceeds from the sale will be less than what is owed on the mortgage currently on the property. The home owner can not make up the difference in what they owe on the property, and the lender agrees to accept this less amount and release their lein on the property.”][/tagline_box]