Helpful Real Estate Definitions

Below are some helpful definitions you may encounter during the course of a real estate transaction when working with Huffaker Homes.

Foreclosure

When a bank takes possession of a home after the homeowner fails to keep up on or make their mortgage payments.

Trustee Sale

A trustee sale is a public auction, where your home is sold to the highest bidder. Once the trustee sale is completed, you no longer own your home. In many cases, the bank is the highest bidder and the property becomes bank owned.

Trustee Sale Date

This is the date the courts have set for the Trustee Sale (auction).

As-Is

We buy all houses in “As-Is” condition, meaning that you do not have to make any repairs, do any cleaning, or otherwise.

Offer

An offer is a formal document we provide to you for the purchase of your home. It outlines the purchase price, tentative closing dates, As-Is status, and other necessary information.

Under Contract

Putting a house “Under Contract” is the process of accepting a formal offer to purchase your home. The contract is a legal document that outlines various details of the transaction, including closing date.

Closing

Closing (also referred to as completion or settlement) is the final step in executing a real estate transaction. On the closing date, the ownership of the property is transferred to the buyer.

Closing Costs

Closing costs are fees paid at the closing of a real estate transaction.  They may include appraisal and inspection fees, title searches, title insurance, surveys, taxes, deed-recording fees, etc.  When we buy your home, we pay all closing costs.

Moving Date

When we buy your home, we schedule movers and cover the cost for their services anywhere within the Phoenix metro area.  The Moving Date is typically scheduled between one (1) and three (3) days after closing.