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You know you want to buy a new home or sell your current one. That should be enough to get you started, right? The lingo used by many realtors* can make the whole process sound a lot more complicated than that.

Learning a few key terms will put you a step ahead of all the other buyers and sellers out there. Here are a few of the most commonly misunderstood real estate terms:

1. Good-Faith Estimate

A Good-Faith Estimate is given by the escrow officer during the sales process to predict how much money will be due when you close on the property. The exact amount can vary — hence the word “estimate” — so buyers should always save a little extra money to make sure they’re prepared for the final closing costs.

2. Pre-Approval

People often think getting pre-approved for a loan is like having money in hand. While it does open the door for you to shop, it’s not a guarantee, and things can always change during the buying process. The loan is not yours until you close. Buyers should be conservative with their credit and their time… don’t go out and buy a car before you close the deal.

3. The Comp

For sellers, the word “comp” can cause a lot of confusion. A comp is a comparable property. It’s likely around the same size and in a similar area or complex. It’s helpful when it comes to pricing your property to sell. Although you can go online to various websites and find comps, most are not in real time or super accurate. For a more holistic look at the market, real estate agents will do a CMA (Comparative Market Analysis). As a realtor, I combine my knowledge of the local market with a variety of factors of comparable properties to give you a CMA.

4. MLS

The Multiple Listing Service (MLS) was developed by realtors in the early 1900s to make the transaction process more efficient. It’s a real time collection of regional databases of homes currently for sale. Sellers’ agents post properties that are for sale, while buyers’ agents share links to these properties with their clients. Having all the listings in one place is a win-win for buyers, sellers and realtors.

5. Agent/Realtor®/Broker

They sound the same, and you’ve heard of each one… they do the same thing, right? Not so fast. A real estate agent is licensed to help people buy or sell properties. They take classes and must pass an exam in the state they work in. A Realtor® is a trademarked term for a real estate agent who belongs to the National Association of Realtors and follows its strict Code of Ethics. A broker is generally required to have more education and experience than real estate salespeople or agents. A broker can deal directly with home buyers and sellers, or they might have staff or agents working for them. I’m a broker and a realtor.

Most people hire a realtor without understanding what the job entails… It’s much more than just showing properties. Ask for testimonials from previous clients to see which real estate agent, realtor or broker is a good fit for you.

Learn more in my Ultimate Home Buyer’s Guide or Ultimate Home Seller’s Guide. If you’d like to talk, call me at (760) 914-4664.

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If Your Property Needs Major Updating or Repairs, Now Might Be the Perfect Time to Sell It...

More info in my blog, link in bio...

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This weekend is the Flash Fox Trailfest. Mammoth is always coming up with new events and experiences like this. It's so wonderful to live here and be a part of all the fun things going on locally.

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Summer flights are here!

Fly with Advanced Airlines from Hawthorne (HHR) or Carlsbad (CLD) directly into Mammoth Lakes this summer between June 16 and September 12, 2022. United Airlines is offering flights into the Eastern Sierra Regional Airport in Bishop (BIH) this summer. Fy June 24 through September 5, via San Francisco daily except Saturdays.

See you in the mountains!

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The lakes basin is one of my favorite places to hike. There are so many hidden gems and places to see back there and always a new adventure to find for yourself and your hiking partner (John of course!)

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Not ONE but TWO OPEN HOUSES
Thursday, June 23
9 AM - 11 AM

For full listing details: LINK IN BIO
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That is one way to get out of paying taxes! Crazy!

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The brain of a Realtor® never stops, trust me!

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In a seller's market, making a cash offer will help you compete against other buyers with a mortgage contingency in a bidding war, but it's not a license to make a low offer. If other buyers make a higher offer and are pre-approved for a mortgage, a seller could easily chose to take the calculated risk for more money.

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They say things happen for a reason and that is absolutely true with this sale. My buyer clients were disappointed when they missed out in a multiple offer situation earlier this year. I believe it happened for a reason -- this condo is PERFECT for them! Thanks to Mickey Brown and Sierra Escrow or a smooth transaction!

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My dad died in a car accident when I was 18 years old. He was a man of few words but during those 18 years (especially my high school years🤣) he provided plenty of advice. There was an entire "experiment" he watched me perform. I will spare you the details but the lesson was "we are all replaceable." Sounds harsh but it is true and has kept me on my toes and always doing my best -- nothing is guaranteed.

Anxious to hear the best advice you have received from your dad (or dad figure in your life).

Yes....that's me and my dad❣
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So many activities happening in Mammoth Lakes this summer it's almost impossible to run out of things to do. Mammoth Motocross is this week and its WILD!

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Just listed! 50 Hillside #201 at the Westin. Check it out!

Link in Bio...

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What will we think of next?! I still don't totally understand the "metaverse" let alone buy real estate there!

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Today starts the Mammoth Yoga Festival! June 16th-19th enjoy the stunning beauty of CA's High Sierra with health & wellness, yoga and meditation.

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Homeowners Should Have Some “Fear of Missing Out” on this market. Check out my blog post all about it...

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If your parents (or another close relative) are giving you money to use toward a down payment on a house, make sure to get a "gift letter" signed by them stating that it's a gift, and not a loan to be repaid. It's also a good idea to have the money in your account months ahead of applying for your mortgage so that the money is "seasoned" in your account.

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Is this a perfect day to go out on the lake or what? Which lake? Have your pick!

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Look who is celebrating a birthday today.....
It is NOAH the Destination Real Estate Client Services coordinator taking care of business behind the scenes! Hope you get out and climb some peaks to celebrate!

Happy Birthday @noahdach

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