Todays term is Spec Home: A spec home is built by a builder/developer who is speculating that they can find a buyer for it once it is built. The spec home can be used as a showcase for what the builder is
Todays word is HUD: HUD stands for the U.S. Department of Housing and Urban Development. Find out more about HUD on their website: HUD.gov
Today’s term is Private Mortgage Insurance (PMI): Specialty insurance paid by a borrower monthly, generally when the amount borrowed exceeds 80 percent of the properties value.
Every Wednesday I will define a Real Estate term. Todays word is Listing: A listing is a brokers written agreement to represent a seller and their property. Agents use the term to refer to their inventory of agreements with sellers.