The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their feet wet in real estate for the first time.

 
Agency - The relationship of trust that exists between buyers or sellers and their agents. The agency is formed via a written contract.

Amortization - The process of paying the principal and the interest on a mortgage through regularly scheduled payments.

Appraised Value - A licensed appraiser's opinion of the current market value of a property.

Assessed Value - A tax assessor's determination of the value of a home in order to calculate a tax base.

Breezeway - A roofed passage way with open sides.

Capital improvement - Any improvement that extends the life or increases the value of a piece of property.

Comparable sales - Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."

Contingency - A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contractual right to obtain a professional home inspection before purchasing the home.

Dry Rot - Decay of seasoned wood caused by fungus.

Earnest Money Deposit - A deposit made by the potential home buyer as evidence of good faith that he or she is serious about buying the house.

Easement - A right or interest in the use of the land of another which entitles the holder to some use, privilege or benefit, such as to place power lines, pipe lines or roads.

Abbreviations in Listing Advertisements

The agent shorthand found in listing ads can baffle the average consumer. Below are some of the most common acronyms and abbreviations found on listings.

AGP - Above Ground Pool
ATT - Attached
CA, CAC -Central Air Conditioning
CH/BW - Chain Link/Barbed Wire
EIK - Eat-in-kitchen
FDR - Formal dining room
FP - Fireplace
FSBO - For Sale By Owner
Gar - Garage
HDW/HWF/Hdwd - Hardwood Floors
HVAC - Heating, Ventilation and Air Conditioning
IGP - In-ground pool
MLS - Multiple Listing Service
NC - New construction
PSF - Per Square Foot
SFD - Single Family Detached
Upr - Upper floor
w/d - washer/dryer
wic - walk-in-closet

Egress - The exit point from a property.

Escrow - An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.

Energy Star - A joint program through the U.S. Environmental Protection Agency and the U.S. Department of Energy that sets energy efficiency guidelines for products, homes and businesses.

Equity - A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.

Fixtures - Those parts of a property affixed to structures or land, usually in such a manner that they cannot be independently moved without damage to themselves or the property housing supporting or pertinent to them. Fixtures are usually included in a sale and commonly include but are not limited to items such as carpets and awnings.

Full Disclosure - In real estate, revealing all the known facts which may affect the decision of a buyer or tenant. A broker must disclose identified defects in the property for sale or lease.

Green building - Also known as sustainable building or environmental building, this definition varies depending on the agency or group. Generally it means to construct a building to the highest environmental standards by minimizing the use of energy, water and materials. A green building, for example, might have skylights, recycled building materials and solar panels.

Ingress - The entry point to a property.

Lien - A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.

MLS (Multiple Listing Service) - An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. MLS's are local or regional.

Private mortgage insurance (PMI) - Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require PMI when the amount borrowed exceeds 80% of the purchase price or home's value.

Plat - A plan, map or chart of a tract or town site dividing a parcel of land into lots.

Subdivision - An area of land laid out and separated into lots, blocks, and building sites, and in which public facilities such as streets, alleys, parks, and easements for public utilities are also planned.

Sweat equity - used to describe the contribution made to a project by people who contribute their time and effort.

Title - A legal document evidencing a person's right to or ownership of a property.

Title company - A company that specializes in examining and insuring titles to real estate.

Patricia " PATTIE" Romano
REALTOR® Associate
RE/MAX At Barnegat Bay
31 North Main Street ( RT 9 )
Manahawkin,NJ 08050
www.soldbypattie.com
609-978-4046
Direct cell-609-312-9043
eve: 609-978-5985 - till midnight

The Romano Team
Buyers Agent-
Janis Olson
REALTOR® Associate
609-276-1741

The Price is Right!

It has been said that everything in this life has a price.  For real estate sales, let's call it the "Right price!"  When things are priced correctly, all things are able to be sold.  Equilibrium is the point in which the seller agrees to sell and a buyer agrees to buy.  It is a meeting of the minds in which the terms, location, and price have been put into a binding contract with a pledge of all parties to perform as promised.  In this current market this point of equilibrium is a grey area.  The sellers feel they deserve more in price, and the buyer is afraid the prices are moving lower.  The buyers fear is that they will overpay if prices continue to fall.    In retail sometimes a promise or a pledge that if a better price is found, the retailer will honor the new price and pay you the difference.  With a home, there is no way to do that.  A home is just too expensive.  There is no safety net to protect future value, and so we have a stalemate.  Falling prices, buyer bonuses, and incentives are not enough to sway the reluctant buyer.   The toughest part of the entire equation is to educate the sellers and buyers with facts, and truth.  Most real estate contracts affirm that as real estate agents we cannot gaurentee future values.  Appreciation is not a given, but with compromise movement in price and terms  a sale can become reality.

 

Credit Consequences After a Short Sale or Foreclosure

Planning a Vegetable Garden

During World War II, Americans responded to pressure on the public food supply by growing fruits and vegetables at home. These Victory Gardens were planted in backyards and on apartment rooftops, in big cities and small rural towns, and in every corner of the country. A homespun solution to a national problem, Victory Gardens came to be a part of everyday life in America.

Today, some people are re-purposing this wartime effort on the home front into a modern strategy to combat rising grocery bills, economic uncertainty and global warming.

Why Garden at Home?

Having a vegetable patch right outside your door has many benefits. Most notably, growing your own vegetables is an easy way to save money on groceries. A small investment in seeds and supplies combined with just a little sweat equity can reap pounds of fruits and vegetables over one season. Canning or jarring the surplus from each crop allows you to enjoy the bounty of your harvest throughout the year.

In addition to the economic benefit, home-grown vegetables are fresher and often more flavorful than grocery store produce. By taking charge of your own greens, you neednt be concerned about unknown chemical pesticides affecting the vegetables you eat.

Gardening can have intangible benefits as well. Many amateur horticulturists use time in the garden as a stress reliever a chance for alone time and peaceful reflection. Gardening doesnt have to be a solitary activity, however: growing vegetables can be a great outdoor activity for families and a fun way for children to help the household. Local gardens also help fight global warming, they eliminate the need for fuel to transport food thousands of miles from farm to table.

Where Will Your Garden Grow?

You dont need to have a large available space at home in order to start a vegetable garden. A well-tended smaller garden will actually yield more vegetables than a larger counterpart that is ill-managed. If you live in an apartment or if space is very limited, you can choose to grow in containers housed on a deck or balcony.

Regardless of your gardens size, there are some key requirements for successful growing:

1. Sunlight Most vegetables require anywhere from six to eight hours of direct sunlight each day. Plants that dont get enough light typically bear less and are more susceptible to attacks from diseases or pests. Leafy vegetables such as spinach and lettuce can be grown in the shade if you dont have access to a spot in full sunlight. Cool-season varieties such as peas can also be grown in partial shade.
2. Water Most vegetables require regular water in order to survive. While a full-scale irrigation system isnt necessary, the closer your garden is to a water source the easier time you will have keeping vegetables well-watered.
3. Soil Plants tend to thrive in moist, well-drained soil rich in organic nutrients. When using containers to grow vegetables, make sure to use a potting mix designed for containers (most contain equal parts clean sand, perlite, vermiculite, potting soil and peat moss).
4. Convenience Many home gardeners like to locate their vegetable patch close to the kitchen, making it easier to harvest fresh produce while cooking. If your only suitable growing spots arent conveniently located, consider keeping a few favorite potted veggies on handy indoor counters.

What to Plant?

The next step is to determine what youll be growing in your garden. Begin by examining the types of vegetables your family eats throughout the year. First time gardeners have been known to plant more than they either need or can manage. To begin, follow the old adage that less is more." Seed catalogs can help you narrow down your choices, or you may seek help at your local home and garden store.

Remember that certain types of vegetables such as peppers and tomatoes produce throughout the year, while others such as carrots or corn produce only once. You may need to plant more of the latter as a result. During your first growing season, you may want to plant several varieties of each vegetable to determine which will grow best in your garden.

Row Cropping Vs. Intensive Cropping

Home gardens typically adhere to two basic designs:

Row Cropping vegetables are planted in single file rows with a walking path between each row. This layout is especially effective for larger gardens, and allows space to use mechanical tillers and for weed control. The drawback of row cropping is that fewer vegetables are planted in a given area, making it less suitable for small gardens.

Intensive Cropping vegetables are planted in wide bands from one to four feet across. The closer spacing of the plants usually necessitates hand weeding. Because of this, the width of the bands should not exceed easy reach. Intensive cropping allows for more flexible garden layouts. Many gardeners will leave certain areas unplanted initially, allowing additional crops to be planted and harvested later in the season.

Upkeep

Vegetables generally require a steady supply of water. If you have indoor/covered plant containers or if rain isnt plentiful, youll need to handle watering detail. Always water when the topmost inch of soil is dry. In-ground crops may require watering once or twice a week, while faster-draining raised beds or containers will likely require watering every other day.

For maximum results, consider applying a packaged vegetable fertilizer. Always follow the provided instructions and avoid applying more than the recommended amount. If you are planning an organic garden, youll want to dig in high quality compost during the initial planting. Organic fertilizers may also be used if desired.

Weeds are the bane of every gardener: they compete with your vegetables for nutrients and water. Discourage weed settings by using a hoe or hand fork to regularly stir the top inch of soil (this is known as cultivation).