8 Real Estate Buzzwords (And What They Really Mean) | Renters ...

The language of real estate is much like the language of love ? difficult to decipher if you're not previously familiar, and full of potentially confusing nuance. When your realtor or landlord says "needs some work," you should know that means you'll be completely replacing whatever piss-poor element of the place looks freshly painted. But, take heart ? and property. These eight real estate buzzwords have been decoded for you. Commit these to memory, and you'll be reading between the lines of Craigslist postings and MLS listings in no time.

1. Cozy

   This "rustic cottage" has an "intimate" bedroom. This "quaint bungalow" is adorably "cozy."
   What It Really Means: Small. Tiny. Possibly a shack. If you're not looking for cramped crannies, maybe look for buzz words like "spacious" instead.

2. Steps From?

   This apartment is "steps from" the Metro. In the Williamsburg "area," it's "just blocks" from the best nightlife that dirty hipster Brooklyn has to offer!
   What It Really Means: More than a mile and half, or eight crack dealer-ridden blocks, away from anything remotely resembling fun urbanity. Be careful with this one ? always use a map service (try Google Maps, and preferably the Street View option) to check out precisely where a property you're interested in is located. It could be that it's literalyl "steps from" Capitol Hill, but better safe than Anacostia.

3. As-Is

   Beautiful rustic two-bedroom apartment, just steps from public transportation and night life. As-Is.
   What It Really Means: Yikes. While several of the buzzwords in that sentence should be cause for pause, "as-is" means one of two things: the property either has a host of "too expensive to be dealt with when considering the value of the property" problems (otherwise known as Money Pit problems), or it's extremely dirty/inconvenient/some other nightmare scenario. If you're going to rent or buy a property "as-is," try this two-step method: inspect the property thoroughly, and expect the worse soon after you get settled.

4. FSBO

   FSBO means "For Sale By Owner." Many available properties forego the use of a real estate agent, for better ? and, many times, for worse. Another common and related acronym is FLBO or FRBO ? For Lease (or Rent) By Owner.
   What It Really Means: FSBO should be a bit of a red flag for the homebuyer, especially if it's your first time. If you don't want to do the lion's share of the homework involved with renting or buying a new place, better to deal with someone whose reputation is at stake if you're left unsatisfied.

5. Starter Home

   This foreclosure would be a great "starter home" for a young family! Newly married? Two-bedroom duplex! "Starter home" for your nest!
   What It Really Means: Why would you buy a house just to outgrow it? Unless you have a cohesive real estate strategy (flipping, rental properties, etc.), can the idea of a "starter home," opting instead to live frugally and save up for what you really want.

6. Charming

   Nestled on a "charming" street, this turn-of-the-century home has "charming" features. The previous owners left the "charming" original details intact.
   What It Really Means: Old. Ancient. In structural disrepair. Without grounded plugs and without sufficient lighting. No option for DSL. Definitely run-down. Potentially kitschy.

7. Semi-Functional, Super Adequate

   "Semi-functional, super adequate" is a term used in and among real estate brokers and property owners. If you hear this phrase in reference to a property you're considering, think again.
   What It Really Means: Exactly what it says. (SFSA houses are akin to the McMansions of the world. You may better know them as "starter castles" or "Hummer houses.")

8. Unique

   This "unique" loft has original appliances. Truly "unique" floorplan boasts two sitting areas!
   What It Really Means: It doesn't have a bathroom. In real estate terms, "unique" usually means extremely hard to sell. Whether it's a bad floorplan, no Internet hookup, or it's impossible to find from the street, you'd probably rather have a less "unique" and more "functional" apartment or home.

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Source: http://www.rentersinsurance.com/2012/03/8-real-estate-buzzwords-and-what-they-really-mean/

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