Glossary of Common Terms
After Repair Value or ARV
The After Repair Value is the projected value of the property after repairs.
A property appraisal can help determine the fair market value of your home. Learn what this type of appraisal entails.
When a property appreciates it means it has increased in value. There are a variety of factors that can cause a property to appreciate.
Real estate agents and property developers can engage in the illegal practice of blockbusting to try and buy properties at lower prices.
It is possible to get a good deal on a property that is considered distressed. Here are some factors that can lead to distress.
An eviction is the legal removal of a tenant from a rental property.
Fair Market Rent
Fair market rent is the estimated amount a property will rent for in a specific area. HUD calculates this number for over 2,500 counties in the United States.
The credit bureaus will determine your riskiness as a borrower by assigning you with a FICO score. Learn how this score is calculated and how it can impact your ability to get financing.
Grace periods are common in mortgage loans and in rental agreements. If a payment is made during the grace period, no late charges will be incurred.
When the person who owns a home also lives in the home, they are considered an owner occupant.
If you are a homeowner who is delinquent on an FHA loan, you can file a partial claim. However, there are certain qualifications you must meet.
A primary residence is a property where an individual spends most of his or her time.
Section 8 is also called the Housing Choice Voucher Program. It allows individuals to rent out homes using vouchers that are subsidized by the government.
A security deposit is a sum of money a tenant agrees to pay the landlord prior to move-in.
A Short Sale is an agreement between a lender and a borrower to settle mortgage debt for less than the full amount owed.
A tenant is a person who has the right to reside in a rental property according to an oral agreement, signed lease, or rental agreement.
Tenant Qualifying Standards
In order to rent your property, tenants should meet your qualifying standards. Here is what you can legally require.
Normal Wear and Tear
Normal wear and tear is the deterioration that happens to a property through a tenant's everyday use. Landlords can make deductions for damages in excess of normal wear and tear.
Public Housing Authority
HUD grants Public Housing Agencies the authority to administer housing programs such as Section 8. Learn what these agencies are responsible for.
Writ of Possession
A writ of possession involves taking back control of a tangible asset, usually property. It is issued through a court order and is common in evictions.