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Real Estate Terms

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Glossaries

Term Definition
Open House

The listing Realtor sets up a time-usually a two or three hour period-for prospective buyers to look at the house. These are not clients brought in by other realtors; they are strangers who are attracted by an ad in the newspaper or a sign in the yard. Potential buyers brought in by other real estate agents usually make an appointment with the listing agent and have a chance to give the house a full review. Prior to the open house, sellers are advised to make the house spic and span, put personal items and jewelry away and then leave the premises. Potential buyers are given a tour of the property after properly registering with the listing agent. Listing agent often have a loan originator present at the open house to answer questions and pre-qualify prospective buyers.

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