Sell House Definitions D-F2020-08-29T20:41:34+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.

The legal document that conveys ownership or title to a property.
deed-in-lieu of foreclosure
The transfer of title, from a borrower to the lender, to satisfy a mortgage debt and avoid foreclosure. Also called a voluntary conveyance. The lender may or may not stop foreclosure activities if the borrower offers to provide a deed-in-lieu.
Failure to fulfill a legal obligation. A default includes failure to pay a financial obligation, but it also may be a failure to perform some action or service that is not monetary. For first mortgages or first trust deeds, if a payment is not made within 30 days of the due date, the loan is considered to be in default.
Failure to make a payment when it is due. The condition of a loan when a scheduled payment has not been received by the due date, but generally used to refer to a loan for which payment is 30 or more days past due.
A decline in the value of property; it may be due to changing market conditions or lack of maintenance. Depreciation is also an accounting term that indicates the declining monetary value of an asset; it is used as an expense, to reduce taxable income. Since it is not a true expense, involving actual payment of money, lenders will add back the depreciation expense for self-employed borrowers and count it as income.
due-on-sale provision
A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.
earnest money
A deposit made by a potential buyer to demonstrate sincerity about buying a property.
effective age
An appraiser’s estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.
A homeowner’s financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.
An item of value, a piece of property, money, or documents, held in trust by a third party, to be delivered upon the fulfillment of a condition. For example, earnest money is deposited in escrow and is not delivered to the seller until the transaction is closed.
All of an individual’s assets (both real property and personal property) and liabilities, especially at death. Also, an individual’s interest in land and other real property.
The lawful expulsion of an occupant from real property.
examination of title
A report of the title of a property, taken from public records, or an abstract of the title.
exclusive listing
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
exclusive right-to-sell listing
The traditional agreement under which a property owner appoints a real estate broker as exclusive agent to sell the property on the owner’s stated terms, and agrees to pay the listing broker a commission when the property is sold, regardless of whether the buyer is found by the broker, the owner, or another broker. If a second real estate broker finds the buyer for the property, then some commission will be paid to that broker.
exclusive agency listing
A listing agreement under which a real estate broker acts as an exclusive agent to sell a property but may be paid a reduced or no commission if the property owner rather than the listing broker finds the buyer. If a second real estate broker finds the buyer for the property, then some commission will be paid to that broker.
A person named in a will and approved by a probate court to administer the deposition of an estate in accordance with the instructions of the will.. The court will appoint an administrator if no executor is named.
fair market value
The price at which property would be transferred between a willing buyer and willing seller, each of whom has a reasonable knowledge of all pertinent facts and is not under any compulsion to buy or sell.
fee simple
A fee without limitation to any class of heirs and without restrictions on transfer of ownership; the private ownership of property, in which the owner has the right to control, use, and transfer the property at will.
Personal property that becomes real property when it is attached to real estate in a permanent manner.
A legal action that terminates all ownership rights of the home buyer due to failure to make mortgage payments or meet other terms of the mortgage loan. This usually involves a forced sale of the property at public auction, with proceeds of the sale being applied to the mortgage debt.

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.

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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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