Friday, June 15, 2012

Understanding the Lingo of Minnetonka Realtors

When you’re dealing with Minnetonka realtors, there is a good chance that they will throw around some terms you don’t understand! So many people are afraid to just step up and ask what these terms mean, for fear of looking stupid in front of the realtor. While you are always encouraged to speak up and to ask for answers to your questions, you can also educate yourself on some of the most commonly used terms in the industry. That way, you’ll be much less likely to be confused or to have to ask a lot of questions in the first place. This will make you look very “in the know” in front of your realtor, which means the possibility of you getting the runaround won’t be so great.

Let’s start with a simple one. When you’re taking to a realtor or looking at a listing and see something like this, “2B/2B,” you might be left at a loss. Don’t worry, the first number and letter simply tells you the number of bedrooms a home has, and the second clues you in to the number of bathrooms. Keep your eye out for additional bathroom details too. Full bathrooms contain a toilet, a sink, and a tub, while three quarter bathrooms include a shower in place of the tub and half bathrooms don’t have a shower or a bath.

“Closing costs” is another important term to know. It refers to all of the expenses that must be paid by the buyer and the seller after the deal is complete. It generally includes brokerage commission, escrow, transfer taxes, and more. It is up to you to take the time to learn these and other terms for an all around better experience with Minnetonka realtors.

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