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Well a very happy Wednesday from lovely but wet Hollywood, Florida. Eduardo (Eddie) Acevedo here of Superior Real Estate Team of Re/Max bringing yet another awesome and informative blog to you.
I got to thinking that many times in my day to day words I use words familiar to me that not everyone may know. Why do I do this? Well because I know what the word means and I assume that everyone else does also. I do it almost unknowingly but nonetheless I should really work to make sure that everyone understands what I am saying. In the Real Estate world is can be the same. Even if you are buyer, seller, investor or renter, it really doesn’t matter these words may come up. Today I want to touch on a few words that may come up and I want you to know what they mean so that you have a complete understanding of what is being said to you. I do not want you to ever be taken advantage of. Remember education is the key to anything.
Word number one – HOA (Home Owner Association) – basically this is referring to an association that runs, manages, or maintains at community. When you hear the word HOA you should instantly think HOA fee because in 9/10 cases these words go hand in hand. The HOA fees include specific things such as pool, common area, lawn or exterior maintenance. ALWAYS be sure to check what you HOA procedures are and what the HOA fees include.
# 2: BPO (Broker Price Opinion) – basically this means what the broker deems a certain property valued at in the certain market. This term can be used in various fashions but is usually used what banks are handling foreclosures.
Number 3: REO (Real Estate Owned) – This term is used when referring to a property that is owned usually by a lender or the government and has been unsuccessful at a foreclosure auction. As well, REO’s usually are maintained by a particular management company or Real Estate Agency. By the way, you can get some great deals on REO homes.
# 4: Zoning – I know most of us know what this means but nonetheless a vital word to know especially when you are looking to investing or build a specific type of property with a specific use (like a car dealership). Zoning is a legal tool for municipalities to control the use of real estate. A zone is created, inside which the properties can only be utilized for certain functions. An example is R4, or Residential use with no more than four units per lot/acre, etc. In this zone there could not be commercial businesses, unless a variance to the zoning could be acquired. Always pay attention to the zoning.
& last but not least #5: NOI (Net Operating Income) – when this term is used is means that the individual wants to know how much rental income is going to be yielded after expenses. This is a great term if you are looking to invest. Remember you want to know what everyone is saying because you never want to be left behind.
Well there you have it my lovely readers. FIVE key words that you may need to know when dealing with the Real Estate world. Now this is only the tip of the iceberg as always I am here to help you with anything you need, you can email me at firstname.lastname@example.org or call/text (954) 610-9112. Have an awesome day & God bless.
There has never been a better time to buy, sell or invest – get it going today.