Key Real Estate Terms To Know When You Want To Sell Your House Fast in Milwaukee

Key Real Estate Terms To Know When You Want To Sell Your House Fast in Milwaukee

If you are hoping to sell your house fast in Milwaukee, there are some real estate terms you should become familiar with. Below, we’ve compiled some of the lesser-known terms you might hear when selling your house in Milwaukee. Please feel free to reach out to us if there is anything else you would like to know about the selling process. We are happy to answer all of your questions. (262) 288-0580

Appraised Price

An appraised value is an evaluation of a property’s value by a professional appraiser. This is usually done in two occasions; during the mortgage origination process or to help buyer or seller to determine the value of the property. An appraisal can also be used for tax purposes or after a divorce.

Assessed Value

The assessed value of a property helps determine how much a homeowner will need to pay in property taxes. In order to determine this, the property appraiser will have to take into account data such as location, inspection information and recent sales in the neighborhood.

Carrying Costs

The carrying costs are the monthly expenses of owning a home. This includes things like your tax payments, insurance premiums, utility bills, and maintenance costs.

Clear Title

A clear title means that there aren’t any other ownership claims to the property, nor are there any liens against the house.

Comparative Market Analysis

A comparative market analysis, or CMA, provides information to help determine the value of the property. It takes into account recent sales to help you figure out what your house is currently worth.

Contingencies

A contingency is a stipulation in the contract that needs to be met before the contract is legal and binding.

Covenant

A covenant formal agreement in which one party gives the other certain assurances. An example would be covenants of warranty in a warranty deed.

Delinquency

A delinquency occurs when a homeowner defaults on their loan. This means that the lender can actively begin the collection process that can even end in foreclosure.

Disclosures

A disclosure is a document that seller provides the buyer so they can inform them of any problems with the property, such as defects, code violations or any other issues. If you fail to disclose a problem you may be sued for a fraud.

Encumbrance

An encumbrance is a claim against the property that restricts its transfer or use. A property lien is considered an encumbrance.

Foreclosure

A foreclosure occurs when a homeowner fails to make their mortgage payment, typically for 90 days. The owner waives all rights to the property and the home becomes the possession of the bank.

Inclusions

Inclusions are any personal belongings that are included in the property sale. These are usually things such as furniture, appliances or outdoor items.

Market Value

Market value is a valuation of the property in which the parties are free of pressure to complete the transaction and all details of the house are known. It can be formulated by finding the average between the highest price a buyer would pay and the lowest price a seller would accept.

Mechanic’s Lien

A mechanic’s lien is a lien against the property which will secure the payment of contractors, laborers, and those who provide materials.

Negative Amortization

While amortization refers to paying off your loan, negative amortization happens when the payments you are making aren’t enough to cover the interest and the amount you owe becomes greater as opposed to less.

Quitclaim Deed

A quitclaim deed transfers the interest in real property from one person to another.

Sale-Leaseback

A sale-leaseback occurs when a buyer purchases a property and then leases it back to the occupant.

Short Sale

A short sale occurs when an owner sells their property for less than what is owed, allowing the lender to recoup some of the cost of the loan as an alternative to foreclosure.

Title

The title refers to who has legal ownership and who can legally use the property. Just like a car, it is how you claim ownership of the property.

Title Defect

A title defect is when there is an adverse claim, somewhere in the chain of ownership. It can have an impact on who has legal rights to the property.

Waiver

Voluntarily giving up a right, claim or privilege. It removes liability for the other party in the agreement.


When trying to sell your house fast in Milwaukee, you will likely hear a lot of real estate jargon thrown your way. It’s important to know what is being said and how the terms used will impact you. Do your homework before selling your house fast in Milwaukee so you don’t miss something you should have been aware of!

If you have questions about these, or other real estate terms when selling your house in Milwaukee, don’t be afraid to reach out! We are happy to answer all of your questions, providing you with the info you need! Contact us today to learn more! (262) 288-0580 

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

What Do You Have To Lose? Get Started Now...

We buy houses in ANY CONDITION in Wisconsin. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call (262) 288-0580...
  • This field is for validation purposes and should be left unchanged.