Foreclosure and Bank-Owned Vocabulary

As we all know the past eighteen months, and for the foreseeable future, foreclosures, and bank-owned are an indelible part of the housing landscape. A dramatic increase in these types of transaction has increased the need for knowledge about the terms associated with foreclosures and bank-owned properties. Become a resource for information; create a custom page on your website where you provide the vocabulary and define it for your readers.

Bob Corcoran of Corcoran Consulting & Coaching has created a wonderful list of terms and definitions that we have listed an excerpt below:

• Abandonment: The situation in which a homeowner leaves a house with no intention to return.
• Accrued Items of Expense: Those incurred expenses that are not yet payable. The seller’s accrued expenses are credited to the purchaser in the closing statement.
• Apportionment: The adjustment of the income, expenses, or carrying charges of real estate that are usually computed to the date of closing of title so that the seller pays all expenses to that date. The buyer assumes all expenses from the data on which the deed is conveyed to the buyer.
• Appraisal: An estimate of a property’s value made by an appraiser who is usually presumed to be and expert in this work.
• Appurtenance: Something which is outside the property itself but belongs to the land and adds to its greater enjoyment, such as a right-of-way or a barn or a dwelling.
• Assessed Valuation: A valuation placed upon property by a public officer or a board as a basis for taxation.
• Auction: The process of selling property at a public sale to the highest bidder. The person conducting the sale will call out the initial asking price and each price that anyone in the audience bids until no one will bid a higher price. The auctioneer then calls out “going once, going twice, sold to the highest bidder!”
• Automatic Stay: A bankruptcy court order. When bankruptcy is filed, the bankruptcy court will issue a court order that prevents any creditor from attempting to collect any debt from the person who declared bankruptcy. Creditors, even though they are owed money, may not undertake foreclosure, repossession, eviction or seizure, or even call or write the debtor demanding payment. Instead, they must all come to the bankruptcy court and seek the money they are owed together with the other creditors.

For the complete list of terms please contact Corcoran Consulting and Coaching at info@CorcoranCoaching.com. Corcoran Consulting & Coaching^SM is an international consulting company that specializes in Performance Coaching and the Implementation of sound business systems into the Brokers or Agents existing practice.