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Huntsville AL Real Estate Lingo 101

By: Huntsville Real Estate Expert Mike Manosky On November 22, 2011

Do you know how closing costs actually work? Or, how you’d use CMAs (comparative market analysis) to evaluate Huntsville AL  real estate? And, can you decipher all of the abbreviations and acronyms, such as FDR, lo dues and MLS.

Purchasing a home is frustrating enough without having to go through the frustration of decoding all the complicated speak and legalese. If you brush up with a real estate dictionary before your home-buying search, you’ll gain valuable knowledge and save yourself a lot of time and headaches in the long run.

Basic lingo every Huntsville AL real estate buyer or seller should know …

  • ARM – This stands for Adjustable-Rate Mortgage, which is a type of mortgage where the interest rate periodically adjusts.
  • Closing costs – These are miscellaneous expenses buyers and sellers pay upon closing; they usually include brokerage commission, escrow taxes, recording fees, etc.
  • CMA – This stands for Comparable Market Analysis, which is a report of recently sold, comparable homes in the same market as the home you’re selling.
  • ERV Estimated Rental Value
  • FDR – Formal Dining Room
  • Fixture – Anything that is permanently attached to the home, such as door knobs, carpeting, light fixtures and landscaping
  • FP – Fireplace
  • HDW – Hard Wood Floors
  • Lo dues – Dues paid to the homeowners association
  • MLS – Multiple Listing Service, which is an organization that compiles multiple listings into one report and distributes it to all of their realty members.
  • PSF – Per Square Foot
  • Sale price – The actual price at which the property sells.

Don’t let the hectic housing market overwhelm you.  If you understand Huntsville AL real estate lingo, you’ll be more knowledgeable and able to easily achieve your real estate goals.

If you have questions about any of these terms or want help achieving your real estate goals, call me at 256-508-0211 Direct or 800-803-0053 Toll Free or email me at mike@movetohuntsville.com for more information.

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Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special.  In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville. 

Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future – Mike Manosky will help make the most of your Huntsville AL real estate experience. Give him a call today, 256-508-0211 Direct or 800-803-0053 Toll Free, and discover the difference he can make during your family’s move.

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