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Common Real Estate Terms Defined For Home Sellers In Washington, DC

The real estate market seems to be unlike other industries, with a vernacular that may confuse many potential homebuyers and home sellers in the Washington DC area. There is no need to be confused, let's talk about what those terms really mean.

Listing contracts can include a variety of terms used, all of which describe the type of listing it is in terms of real estate agents. When a homeowner decides to sell his home, he may choose to work only with one particular Realtor. While this may provide a bit of reassurance for the homeowner, it also greatly reduces the access to the public who are likely to see the home.

An open listing is commonly used by people who are attempting to sell them home on their own, or "for sale by owner," but also is willing to work with a real estate agent. Simply, an open listing allows all real estate agents to bring potential buyers through the home. The agent of the buyer earns a commission. There is not an exclusive relationship between the homeowner and any particular real estate agent.

One of the biggest drawbacks of this type of listing is the lack of advertising. Part of what a Realtor does is markets the home through the Multiple Listing Service, advertisements and open houses. These added benefits make working with a Realtor more beneficial than otherwise.

A one-time show listing is very similar to the open listing in many ways. This is typically used by real estate agents who have clients interested in a home that is for sale by owner. The homeowner signs a contract that identifies the potential homebuyers, and guarantees the real estate agent a commission if that identified buyer purchases the house. This is a way to protect the Realtor from side-deals between the homebuyer and homeowner, in an attempt to avoid paying commission.

Again, a one-time show listing does not receive the benefits of real estate agent advertisement and investment.

When thinking about buying or selling a home in the Washington DC area, contact Buckman Realtor. Michelle Buckman has the experience and expertise to sell your home, and the understanding and knowledge to walk even first time homebuyers through the sometimes-complicated process.