I’m just getting started in the world of short sales investing and there are some terms (I think some might be slang) that I’m not sure about. Can anybody help? I feel totally retarded!
wet closing
dry closing
30 day sale price
CMA
deed of trust (is this like a mortgage??)
general warranty deed
hud1
release
30 day arv
desk appraisal
true market value
gatekeeper
If anybody can tell me what some of these words mean I’d appreciate it. I can’t make heads orr tails out of some of the books I read. I feel like an idiot!
Thank you for any help anyone can give.
Joshua
i’m not trying to be an A$$ but how old are you? you have a lot to learn
i’ll post a few to get you started
30 day sale price = price it will sell for in 30 days?
CMA = comparitive market analysis
hud1 = an itemization you get at closing prepared by the attourney
release = releases you from a contracted obligation
desk appraisal = it is an appraisal done site unseen
true market value = well…true market value?
gatekeeper = this is a sales term … a gatekeeper keeps you away from someone or something, an example would be a secretary who answers the phone
Shortrookie, BTW there is a section to left called “investing abbreviations”. Herbster
You can search over the internet to look up for these terms as well… :smile
The other posts are right on…
The analogy is this: when a Canandian walks into bar in China…you can ID the Noobie pretty quicly…
- He looks different
- He can’t speak the language
the most important thing is to know the lingo that the locals (realtors, investors, etc) use. You’ll not be seen as a noobie and they’ll let their guard down. Down load every single little thing you can about real estate. Listen Learn and absorb every bit you can.
One day it’ll just click…yes, even in this market.
Jason
Jason S. Gray, Manager
Holding & Gray Investments, LLC