Searching For A Connecticut Home
FSBO, MLS, Liens, Taxes, Short Sales and Foreclosures: Gain a comprehensive understanding of all aspects of liens, titles, short sales and foreclosures. Learn how to profit with them. Search Like a pro.
147 Elm Street Thomaston, CT
Gain a comprehensive understanding of the multiple listing service, liens, titles, short sales and foreclosures
Are you confused about the terms that you have heard from realtors regarding property transactions? Want to be conversant with real estate jargon before approaching an agent to buy your first property? Read on to gain a clear understanding of some of the common concepts:
- Multiple Listing Service (MLS)
The term MLS is widely used in the United States to refer to a system trough which brokers get in contact with other brokers who can help them to sell properties. Those brokers who are bound in a listing contract with the seller are allowed to share information with other brokers who can find buyers for listed properties from among their clientele. The broker, who helped another broker to make a sale, gets a monetary compensation which is a small percentage of the sale. Buyers can find a huge variety of properties in one place by accessing an MLS portal.
A lien is the legal right that a creditor is granted by the law or the property owner to sell the property if the owner is unable to fulfill the terms of the contract. The property acts as a collateral for the loan taken by the owner. When a property is the subject of a lien, the owner cannot make a sale without the authorization from the creditor.
The title is a formal document which establishes the ownership rights of a person over a particular property. In case there are multiple parties with individual interests in a property, the title is given to each party with the rights mentioned in it. The title also refers to the type of ownership.
- Short sale
A short sale refers to a transaction in which the proceeds which are generated are less than the debt that is associated with the property. This type of sale requires an agreement between the lender of the loan and the receiver to sell the property at a particular price such that the lender suffers a moderate loss but gets back most of the loan amount. The aim of a short sale is to free up the money borrowed by a buyer.
The process of foreclosure starts when the borrower of a mortgage loan is unable to pay back the money consistently for a few months. If the missed payments are not made within the grace period and after repeated notices, the lender has the right to evict the owner and sell the property. Usually the lender first needs to seek permission from the court by giving evidence of the borrower’s delinquency before starting the foreclosure process.
These five important concepts can help you to become a more informed purchaser of property.