Real Estate Wholesaling Vocab Flashcards

Real Estate Wholesaling Vocab Flashcards Back Taxes (Lead)The seller or person responsible for the property has fallen behind in paying the property taxes and now no longer had the ability to cover the bill and needs to sell Emotional Reasons (Lead)There is no shortage of emotional turning points in which someone needs to sell or liquidate a property Escrowa trusted third party such as a title company or closing attorney that holds any money until certain specified conditions are met UnderwaterWorth less than what is owed Seller Wants To Reinvest Sale Funds Into New Deal (Lead)There are times when a new investment opportunity has presented itself to a seller, and to take it, he needs to sell a property Out Of State (Lead)Family members or friends end up with a property hundreds of miles from where they live. It is best for them to sell and relieve themselves of the responsibility of owning other home they will never see Probate (Lead)A death in the family has caused an unwanted property to come into a seller's hands.Bankruptcy (Lead)A seller is approaching bankruptcy, and the sale of the house is either required or might help save the seller from having to file bankruptcy Lessen Responsibility (Lead)When people are motivated to sell to become renters again, renting is far less time consuming and holds less responsibility, so the seller can focus on other aspects of life Problematic Tenants (Lead)The "tired landlord" is a very common selling situation and this is when problematic tenants or vacancies occur with great frequency, it can be a great time for you to come in and save the day Bankruptcy(can't repay debt to creditors and is seeking relief) Title Companya company that completes all the paperwork for your transaction. This team will handle your closing documents, title searches, purchase agreements, money transfers, and state filing Ghost Ad (bait and switch)when a wholesaler posts a great deal online to then tell the caller the property has been sold, but they will collect your contact information for future deal awareness (they never had a deal) Poor Lending Terms (Lead)This mean that whoever or however they secured funds to pay for the house, is no longer working for them. The payment might be higher than the rental income they

receive or they can no longer make the mortgage (loan) payments Divorce(a legal official arrangement that dissolving a marriage)

Health Code Violations (Lead)Sellers are required to update a home or clean up a property because its living conditions have been determined to be below code. (Such as house hoarders) Foreclosureis when someone has failed to make a required payment, and the lender is taking the property back (through legal action and the court system) Pre-Foreclosure (Lead)A seller is in the process of being foreclosed on by the bank or county.Down Markets (Lead)When a market hits a recession, people who are either over-leveraged or have lost their jobs need solutions to bring in money. You can help even if the property is underwater.Downsizing (Lead)Parents sell their home after kids move out because they no longer need the extra room.House Expenses (Lead)The house is in poor or worsening condition, and the seller can't keep up with the maintenance expenses Deferred Maintenance (Lead)Property is in such poor condition that the seller doesn't want to take on the daunting task of fixing everything. The work may even cost more than what the house is worth in certain markets.Divorce (Lead)It is common for a seller to need to liquidate property when going through divorce Liquidation (Lead)Many people would rather not pass down the property and the responsibilities thereof after passing away. As a result, sellers will liquidate their assets when they get older, or when they are comfortable with no longer owning Moving To New Home (Lead)When moving to a new property, sellers need to sell their old property to help pay for their new home