Buying a Foreclosure Foreclosed and foreclosing properties dominate many of today’s U.S. real estate markets—more than four years after the sharpest observers saw the market shift

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The national housing market continues to recover, indicated by a balanced supply of inventory and increasing home prices across the country. NAR President Moe Veissi

Photo: Housing tracts in Aliso Viejo. (Marc Martin / Los Angeles Times ) Article By E. Scott ReckardJuly 19, 2012, 7:50 a.m. The average rate on a

Home values rise for first time in 5 years Well after a bumpy road it looks like we might start to see things settle down.

EARNEST MONEY. A sum paid by a potential buyer to demonstrate that the buyer is serious about buying. If a contract is executed, the earnest

EASEMENTS. Rights of way granted to persons or companies authorizing access to or over the owner’s land. For example, utility companies may have easement rights

ENCROACHMENT. An unlawful intrusion onto another’s adjacent property by improvements to real property, e.g. a swimming pool built across a property line.

ENCUMBRANCE. Anything which affects or limits the fee simple title to or value of property, e.g., mortgages or easements.

EQUITY. The value in excess of all indebtedness against the property.

ESCROW. A system or document of transfer in which a deed, bond or fund is delivered to a third party to hold until all conditions

EXCLUSIVE AGENCY LISTING. A listing agreement employing a broker as the sole agent for the seller of real property under the terms of which the

EXCLUSIVE RIGHT TO SELL LISTING. A listing agreement employing a broker to act as agent for the seller of real property under the terms of

FANNIE MAE An acronymic nickname for Federal National Mortgage Association (FNMA), or Fannie Mae. A quasi-public agency converted into a private corporation whose primary function is

FEDERAL HOME LOAN MORTGAGE CORPORATION. Aka Freddie Mac. An independent stock company which creates a secondary market in conventional residential loans and in FHA and

FEDERAL HOUSING ADMINISTRATION. (FHA) An agency of the federal government that insures private mortgage loans for financing of new and existing homes and home repairs.

FHA (Federal Housing Administration): This federal agency established by Congress in 1934, insures mortgage loans made by FHA-approved lenders on homes that meet FHA standards in

FIXTURES. Appurtenances attached to the land or improvements, which usually cannot be removed without agreement as they become real property; examples. plumbing fixtures, store fixtures

HUD. The Department of Housing and Urban Development, which is responsible for the implementation and administration of U.S. government housing and urban development programs.

IMPOUNDS. A trust type account established by lenders for the accumulation of borrowers funds to meet periodic payment of taxes, FHA mortgage insurance premiums, and/or

INTEREST ONLY LOAN. A straight, non-amortizing loan in which the lender receives only interest during the term of the loan and principal is repaid in

INTEREST The cost paid by a borrower for use of money borrowed to purchase a home.

JOINT TENANCY. Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest

MORTGAGE COMMITMENT. A formal written communication by a lender agreeing to make a mortgage on specific property, specifying the loan’s amount, length of time and

MORTGAGE/DEED OF TRUST. Pledge of property as security for the payment of debt.