Important Real Estate Vocabulary to Know

Home AuctionReal estate auctions can be confusing for buyers and sellers who aren’t familiar with the process. We’re here to help teach you some of the real estate lingo you might not know!

“As is” (adj.) Buying a home or property exactly in the same condition they are in currently. Usually, in an auction, items are sold “as is.”

Chattel (n.) The personal property sold at an auction. This can include everything from furniture to cars.

DOM (n.) “Days on Market” — How long a home has been listed for sale on the MLS.

Escrow (n.) An arrangement where a neutral third party handles the transactions of a home sale between a buyer and a seller. A lawyer or title company ensures accountability between the buyer and seller, ensuring all transactions are made according to agreements.

MLS (n.) “Multiple Listing Service” — A list, in present day, usually on a website or forum, that offers all of the properties real estate agents have for sale. It is a crucial marketing tool for real estate agents to network with other agents to see what properties are available.

Reserve price (n.) The minimum price determined by the seller that they are willing to accept for a property

If you have any other questions about the real estate auction process, feel free to contact Dan O’Reilly at O’Reilly Auctions to learn more about home and property auctions in Northeast Ohio.