| Listing Agent |
The agent representing the seller |
| Buyer’s Agent |
The agent representing the buyer; aka the Selling agent |
| Offer |
Contract Documents signed by the buyer as written proof of an offer for a property. An accepted offer is signed and dated by the seller. Once accepted the offer becomes a legal and binding contract |
| Multiples |
The seller has received more than one written offer on the property |
| Highest and Best |
The highest and strongest offer a client is willing to write and submit to the seller |
| Prequalification |
A letter signifying the potential buyer has verbally stated their credit and financial information to the lender; however, much of this information has not been verified |
| Preapproval |
A form issued by a lender indicating the price they are comfortable letting the client borrow money; based on credit and proof of income |
| DTI |
Debit-to-income, which is the ratio used by lenders to help determine how much a client can borrow |
| LTV |
Loan-to-value, which is a ratio used by lenders to determine what percentage of a property’s value is covered by the loan amount |
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| DTI |
Debit-to-income, which is the ratio used by lenders to help determine how much a client can borrow |
| DTI |
Debit-to-income, which is the ratio used by lenders to help determine how much a client can borrow |
