Realtor Terms Defined

[beer234]

Hello, I was wondering if you could offer your professional opinion of what you'd expect if you saw the following terms in the public or agent remarks. Assume you've not seen anything beyond the outside picture of the home.

1: "Just Needs TLC"
2: "Great Equity Builder"
3: "Needs Work"
4: "Bring Your Investors"

I was just wondering what the typical condition of a home is when the terms above are used to describe it.

Thanks
John

[Greg]

Needs TLC can mean anything from some paint to gutting the house. The one thing for sure is that in using those terms the agents have doomed their sellers to a longer time on the market and a lower sales price.

[slh2002_77]

1,2,3,&4 all mean its a POS.:p

[creativeagent]

I usually see those terms attached to bank owned of foreclosed properties. In fact, I usually use them as search terms when I'm finding houses for my investor buyers.

[rama1]

I usually see those terms attached to bank owned of foreclosed properties. In fact, I usually use them as search terms when I'm finding houses for my investor buyers.
Well, not always. In these market conditions you could assume that terms above related to the foreclosure or pre-foreclosure. However, this is not always the case. It helps you find foreclosure properties but not assume that they are in foreclosure state...

[RyanLends]

Here are my thoughts:
1: "Just Needs TLC" ---> clever way of saying that the property is run down. I also picture someone who was in the home for a long time.

2: "Great Equity Builder" ---> Makes me think that the property makes a positive cash flow.

3: "Needs Work" ---> I picture the house literally falling apart

4: "Bring Your Investors" --> Makes me think that there is a large stake and that it is very time sensitive.

[TahoeResource]

1. "Just Needs TLC"...TLC = "Tender Loving Care". A broker or agent advertising a property using this term is indicating that the property needs work.

2: "Great Equity Builder"...usually refers to "sweat equity", or the potential to increase in the value of the property by improving the condition

3: "Needs Work"...may be cosmetic or structural. Conduct a diligent inspection (hire a professional whole house inspector, termite inspector, etc), and ask the listing agent for relevant disclosures.

4: "Bring Your Investors"...is usually aimed at real estate agents suggesting for them to find investors who would be interested in the property.

Some other common real estate advertising terms:

* As-Is = Property to be purchased in it's present condition. Buyer still has the right to conduct inspections, cancel escrow for unsatisfactory findings, and ask the seller for repairs (the seller does not have to reply or comply)
* COE = Close of Escrow (upon completion of the transaction)
* OWC = Owner Will Carry (the seller may finance)
* LA = Listing Agent
* L/O = Listing Office
* KILO = Key In Listing Office
* HOA = Homeowner's Association (usually found in condos and planned unit developments)
* TIC = Tenants in Common, or Tenancy in Common

[kwaltersmi]

I'd say all those terms mean the home is going to need mucho work.

[panamamalcolm]

Hey there,
Yes.....all factors seem to point in the direction that they want to sell quickly without too many questions being asked....you have an outline of what the terms mean so you have been educated as to what to expect....tread carefully.

[FastFreeOffer.com]

Everytime I've seen a house advertised by an agent as needing "TLC" it has been practically falling down.

Here are a few more agent terms and their English translations:
Cute = Tiny
Charming = Old
Has Character = Last updated pre-WWII

[beer234]

After visiting several bank owned properties with my realtor I can sum up what these mean now.

1: General filth
2: Paint needed every wall. Sometimes the previous owner tried to paint doing a poor job.
3: Filthy carpet or bubbling flooring
4: Strange smells, musty etc.
5: Siding or at minimum exterior paint needed.
6: Driveway needing replacement.
7: Closet doors needing replacement.