Definitions2020-08-29T20:39:07+00:00

Sell Your Home: Definitions

Selling your home is all about financial transactions and legalities. Bottom line, you need to understand the lingo. Here is an abbreviated list of terms you should know.

A – CD – F  |  G – O  |  P – T
acceleration clause
A clause in your mortgage that allows your lender to demand payment of the remaining balance of your loan. A lender may accelerate your loan if you default on your payments or if you transfer title to someone else without properly informing the lender.
amortization
The process of paying off a loan over a predetermined period of time. It refers to the reduction of the outstanding principal balance of the loan.
appraised value
An estimate of a property’s fair market value at a specific time, based on a professional analysis that includes examples of sales of similar properties.
assessed value
The value placed on property by a public tax assessor for purposes of taxation.
assignment
Transfer of ownership of your mortgage from one company or individual to another.
assumable mortgage
An existing mortgage loan that can be taken over by a new buyer when the home is sold.
bankruptcy
A way of managing debt by filing for relief in federal court. Under the court’s supervision, individuals can restructure or eliminate debts and liabilities. Two types of bankruptcy are most common for individuals: Chapter 7 bankruptcy relieves a borrower with no assets of most types of debts. Under Chapter 13, for individuals with a regular income, the court approves a plan for repayment of debts over a three-to-five-year period; this may allow the borrower to keep such property as a mortgaged house or car.
broker
Anyone who earns a fee for bringing two parties together for any type of transaction; an agent.
chain of title
The history of all of the documents that have transferred title to a parcel of real property, starting with the earliest existing document and ending with the most recent.
clear title
A title that has no liens or legal questions as to ownership of the property.
closing
The point when buyer and seller sign all documents legally required to complete the sales transaction and transfer ownership of a property, including mortgage loan and title or deed transfers and payment of closing costs. In some states, a real estate transaction is not considered to be closed until the documents are recorded at the local government recorder’s office. In others, the transaction is closed when all documents are signed and money has changed hands.
closing costs
Fees, in addition to the sale price of the property, that are required to complete the real estate transaction. They include points, taxes, financing costs (including the appraisal and credit report) and items that must be escrowed. Buyers and sellers both usually pay some of these costs.
cloud on title
Any condition that adversely affects the title to a property. Usually, such clouds cannot be removed, except by deed, release, or court action.
collateral
Property pledged for the repayment of a loan. For a home loan, the home itself is the collateral. If the loan is not repaid according to the terms of the mortgage or deed of trust, the lender can take possession of the property.
collection
If a borrower falls behind on payments, the lender tries to collect the amount due. As part of the collection effort, the lender must mail and record certain documents, in case they are eventually required to legally foreclose on the property.
commission
A fee for services rendered, based on a percentage of the amount received or agreed to be paid. Real estate agents, mortgage brokers, loan officers, title representatives, attorneys, escrow representatives, and representatives for pest companies, home warranty companies, home inspection companies, insurance agents, and more, all receive commissions when a house is sold. The commissions are paid by the seller or the buyer in the purchase transaction.
comparable sales, “comps”
Recent sales of similar properties in nearby areas. These are used to help determine the market value of a property.
contingency
A condition that must be met for a real estate sale to proceed or a contract to become legally binding. For example, a potential buyer may state in an offer to purchase that his own property must be sold before he is able to purchase the new property, or the buyer may stipulate that the contract is not binding until a satisfactory home-inspection report is obtained from a qualified home inspector.
contract
An oral or written agreement to do or not to do a certain thing.
conventional mortgage
A mortgage loan that is not insured or guaranteed by the federal government or one of its agencies, such as the Federal Housing Administration (FHA), the US Department of Veterans Affairs (VA), or the Rural Housing Service (RHS).

We Buy Houses In Cincinnati, OH.

We’ve already bought more than 650 houses in Cincinnati. If you’re ready to sell, then We Buy Houses Cincinnati would like to make an offer for yours.
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Cincinnati Property Twins Mitch and Matt Painter buy houses “as is.” You don’t need to make repairs or improvements of any kind (our partners handle that). Revitalizing Cincinnati homes is a passion of the Painter twins, who believe in making it super easy for sellers to sell. They understand your need for execute quickly and can close in 10 days. If you’re looking for cash home buyers, Mitch and Matt are ready to do business with you.

“Mitch and Matt Painter made me a fair offer and bought my house very fast. They didn’t have to get a loan and were able to close right away. They were easy to work with and I was happy with the experience. I would recommend the Painter twins to anyone looking to sell their house.” -Jennifer Sharon

Why Sell To Us?

We buy houses “as is.” You don’t need to make any improvements (our partners take care of that end). Revitalizing Cincinnati homes is a passion of the Painters, who also believe in making it incredibly easy for sellers to sell. Bid lengthy closings goodbye. We understand your need for faster execution and closing. If you are looking for a direct house buyer, your friendly cash home buyers, Mitch and Matt, are more than happy to help!

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Frequently Asked Questions

Why don’t you care if my house is a mess?2020-08-16T23:17:40+00:00

In almost all cases, the houses the Painters buy are going to be renovated. As we said on our home page, we buy the good and the bad. Room dimensions and overall layout of the house are among the most important factors. Other major considerations are the age of major systems, including plumbing, electricity, and HVAC. Cosmetic repairs are of no concern; we simply expect to clean out and repair any property we buy. We often suggest sellers take only the belongings they wish to keep and leave the stuff they don’t want, to make the selling process as easy as possible for them.

What if my property is in probate?2020-08-16T23:20:34+00:00

The Painter twins specialize in probate property. We’re very familiar with the process and can work through it with you. We can easily make our purchase contingent upon approval by a probate court, to relieve you of worries about being held to the contract if the probate court doesn’t release the property. We’re very flexible with our timing as well. If your probate case takes longer than expected, or you need more time for any reason, no problem. Call or text us at 513-445-2274 or respond here to begin the process of having the Cincinnati Property Twins buy your probate house.
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Is We Buy Houses A Scam2020-09-08T16:58:05+00:00

Lots of “We Buy Houses” and “Sell Your House Fast For Cash” companies are operating these days. But unlike the majority of house buyers, the Painter twins use cash or an existing line of credit to buy houses. Because of this, they can close in as little as 10 days. Mitch and Matt Painter make it easy for Cincinnati property owners to sell a house “as is” – fast! They have a proven track record of buying houses for cash and the reviews to back it up. If you want to quickly sell your house, the Cincinnati Property Twins make it easy.

Get a free online quote.

 

I need to sell my house fast, for a fair price. What’s in it for you?2020-08-16T23:17:11+00:00

The Painter twins are Cincinnati real estate investors who buy houses needing renovation – and TLC. They buy at a fair price and have partners make each property “like new.” From there, the house is sold at a reasonable profit. Each renovation project takes significant capital, risk, and hard work. The average project takes 3-5 months to complete. The Painters tend to pay more than other buyers, and are able to buy homes without having to get a loan.

How does your selling process work?2020-08-16T23:18:34+00:00

The Painter twins make it easy for Cincinnati property owners to sell a house “as is” – fast! Call or text us at 513-445-2274 or respond here to give us some basic information about your property. From there, we’ll typically be able to make a ballpark offer with 24 hours, even if we don’t initially get the chance to see the inside of your house. Once we agree on a price, we’ll sign a simple one-page purchase contract and set up the closing. All you have to do is show up to add your signature on the day of closing. That’s all there is to selling your house for cash!
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How come you don’t need to get financing to buy my house?2020-08-16T23:18:04+00:00

Unlike the majority of buyers, the Painter twins use cash or an existing line of credit to buy Cincinnati houses. Because of this, they can close in as little as 10 days. This means sellers avoid surprises – like a problem securing financing, and thus, a deal falling through – and receive their cash very fast. Since the Great Recession, it’s become more difficult for buyers to get financing. That’s why it’s often risky to sell to a buyer who needs to get a loan.

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