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#330603 - 03/10/10 06:31 PM Real Estate for Dummies (Terms)...?
Cirino_21 Offline
Member

Registered: 03/09/10
Posts: 48
Loc: Polk County, FL
Can someone please help break down these term definitions:
BPO-
REO-
HUD-
SOI-
CMA-
FSBO-
SHORT SALE-
COLD CALLS-
EXPIREDS-
FARMING A NIEBORHOOD-
(I no most of the terms, this to help out thoses bloggers who don't so please don't hesitate to help out thank you!...)

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#330615 - 03/10/10 07:48 PM Re: Real Estate for Dummies (Terms)...? [Re: Cirino_21]
neudot Offline
Veteran Member

Registered: 11/02/07
Posts: 1392
Loc: Central New York
The answers to all of the above are on this website, but probably no one will just hand them to you. One of our requirements is you check old posts before asking. Read, read, read.

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#330617 - 03/10/10 08:06 PM Re: Real Estate for Dummies (Terms)...? [Re: neudot]
Cirino_21 Offline
Member

Registered: 03/09/10
Posts: 48
Loc: Polk County, FL
Yeah I know!!! As I stated before I trying to have it simplified for new bloggers

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#330627 - 03/10/10 09:15 PM Re: Real Estate for Dummies (Terms)...? [Re: Cirino_21]
neudot Offline
Veteran Member

Registered: 11/02/07
Posts: 1392
Loc: Central New York
Tell you what. Do the research, and then YOU can simplify it for new bloggers.

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#330634 - 03/10/10 09:56 PM Re: Real Estate for Dummies (Terms)...? [Re: Cirino_21]
Justine Online   content
Veteran Member

Registered: 03/04/07
Posts: 1492
Loc: My Own Private Idaho
Originally Posted By: Cirino_21
Can someone please help break down these term definitions:
BPO- Business Process Outsourcing - sending jobs overseas
REO- Real Estate Owner - a person or entity that owns real estate
HUD- Housing and Urban Development - Federal Agency
SOI- Sphere of Influence - generally your immediate friends and family that may be able to provide referrals for listings or buyers
CMA- Comparative/Competitive Market Analysis - an analysis of what a house may potentially sell for considering current market conditions
FSBO- For Sale by Owner - seller's who don't use and agent to sell their house
SHORT SALE- Listings that may sell for less than owed on the mortgage
COLD CALLS- marketing calls made to potential sellers or buyer, usually from a list of phones numbers not on the Do Not Call list
EXPIREDS- Listing that have expired in the MLS and are free game to every agent looking for listings
FARMING A NIEBORHOOD- sending out personal marketing material promoting oneself to a particular area in the hope of snagging a client




Edited by jbt4re (03/10/10 09:58 PM)
_________________________
______
Justine Bradford-Trent
Associate Broker, ABR, GRI, e-PRO





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#330642 - 03/10/10 10:42 PM Re: Real Estate for Dummies (Terms)...? [Re: Justine]
neudot Offline
Veteran Member

Registered: 11/02/07
Posts: 1392
Loc: Central New York
Justine, you're too nice. Now let's see if he/she can figure out which two definitions are incorrect.


Edited by neudot (03/10/10 10:44 PM)
Edit Reason: Missed punctuation!

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#330651 - 03/11/10 01:49 AM Re: Real Estate for Dummies (Terms)...? [Re: neudot]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 2939
Loc: Vermont's North-East Kingdom
I think Manny Curino just has to settle down and decide where, IF ANYWHERE, he's going to attempt to get a Real Estate License . . . . Connecticut or Florida. If BOTH, then he still has to focus on them ONE AT A TIME.

He has to do his research on the Licensing Requirements for that 1st State, plan on studying for that Exam for a few months, work towards getting a License there, and then work that Territory for a few years. After that, he can THEN move on to the other State, IF his enthusiasm hasn't withered up and died.

Being so jumpy and indecisive, wavering (just in the past 24 hours) back and forth between these two places, which are 1200 miles apart, is really unproductive.

The very thought of discussing a "Mentor" when he hasn't even decided upon which State, let alone begun preparation for that State's Exam, seems ridiculously premature. WHO, in their right mind, would be willing to have a serious discussion about mentoring someone who has yet to show sufficient initiative to at least travel through the basic steps outlined above ?

So Manny, which is it? . . . . Florida? . . . . or is it Connecticut?

Maybe tomorrow, when he wakes up, it will be someplace in between, like Tennessee or North Carolina. It has to be someplace that currently lacks Agents for that abundance of $600,000 Listings that are waiting to be sold. Delaware also has some nice undiscovered luxury areas too! And there are lots of Mentors in D.C.

Reminds me of a Buyer who couldn't make up his mind on which of three Listings to Buy. Ultimately the decision was made for him . . . . it was None! The mere passage of time left them available to be purchased by someone else; and all three of them were.

In another business, we used to call this condition Analysis Paralysis ! Progress then would always equate to N O T H I N G !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#330657 - 03/11/10 06:07 AM Re: Real Estate for Dummies (Terms)...? [Re: Vermont]
Perky_REALTOR Offline
Major Contributor

Registered: 11/27/06
Posts: 5864
Loc: PA
But he 'nos' all the terms. He must also 'no' what he's going to do Vermont...he'll 'no' it to death, so that's the answer.

no.

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#330690 - 03/11/10 11:45 AM Re: Real Estate for Dummies (Terms)...? [Re: Perky_REALTOR]
Cirino_21 Offline
Member

Registered: 03/09/10
Posts: 48
Loc: Polk County, FL
Let me set the record straight for Nuedot and Vermont that seem to be my biggest fans they like to pop up in my threads with all of there negativity. I'm 23yrs old originally from CT now I don't no if you guys no about CT but it is not a cheap place to live expecially in my area the cheapest home in my town is 425k. The main reason I have a huge interest in luxury homes is becuase I use to build them. I use to work for a developer, after I left this job I went to NYC were I worked in the music Industry both Sony Bmg & University/interscope till this day I still have relationships with excutives, lawers, even my old boss the developer etc.. all who live in CT and have mula so I'm confident I can make clients on out of these relationships plus I have all my nieghbor too. This is why I want to tackle this market I have faith in my ability. This industry is just like the entertainment industry some realtors make it big some never do and keep trying & put down the ones that are coming up bottom line is it's all about luck your either lucky and at the right place at the right time or your not! I am absolutly 100% sure I'm going to Florida I already have my school payed for I have $1,500 set for all my fees and $5,000 for emergency I also already have spoke to 3 brokers. I do wish to return to CT after some time. I have done alot of reseach I have spoke to many of the realtor/brokers posted on luxuryportfolio.com/luxurylivinginCt.com greenwhichfinehomes.com etc. and I keep in contact with many of them by email this is all apart of my 10 year plan I no I have to work my way up I am far from being stupid but rather smart! As far as my postings go "RE for dummies" & "highest commissions ever made" this is called [ASPIRING AGENT!] a forum for people thinking of becoming agents people who don't know everything! I do know alot of these terms my reason here is to help make things easy so people don't have to research like I did.
ALWAYS WORK HARDER NOT SMARTER....

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#330723 - 03/11/10 02:23 PM Re: Real Estate for Dummies (Terms)...? [Re: Cirino_21]
neudot Offline
Veteran Member

Registered: 11/02/07
Posts: 1392
Loc: Central New York
Cirino, I don't mean to dump on you. Your youthfulness and enthusiam are refreshing, and hopefully these plus your contacts may help you along in your chosen career.

Your writing skills, however, are deplorable. Pine has criticized me in the past for beating up on new folks for their poor writing skills. So I have for the most part, kept a lid on it. But really! Please improve in this area. Run on sentences, lack of capitalization, wrong useage of some pretty common words (the difference between "know" and "no"), incorrect spelling all over the place.

If you improve in your writing skills it can only help in your career aspirations.

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#334731 - 04/14/10 05:49 PM Re: Real Estate for Dummies (Terms)...? [Re: Justine]
mWoods Offline
Member

Registered: 12/11/09
Posts: 72
Loc: Indianapolis
Originally Posted By: jbt4re
Originally Posted By: Cirino_21
Can someone please help break down these term definitions:
BPO- Business Process Outsourcing - sending jobs overseas
REO- Real Estate Owner - a person or entity that owns real estate
HUD- Housing and Urban Development - Federal Agency
SOI- Sphere of Influence - generally your immediate friends and family that may be able to provide referrals for listings or buyers
CMA- Comparative/Competitive Market Analysis - an analysis of what a house may potentially sell for considering current market conditions
FSBO- For Sale by Owner - seller's who don't use and agent to sell their house
SHORT SALE- Listings that may sell for less than owed on the mortgage
COLD CALLS- marketing calls made to potential sellers or buyer, usually from a list of phones numbers not on the Do Not Call list
EXPIREDS- Listing that have expired in the MLS and are free game to every agent looking for listings
FARMING A NIEBORHOOD- sending out personal marketing material promoting oneself to a particular area in the hope of snagging a client




Some of these are not correct.
BPO = for Broker Price Opinion.
REO = Real Estate Owned (not "owner"). REO real estate often refers to HUD-owned real estate, but may also refer to repossessed properties that are privately owned--e.g., by the banks that foreclosed upon them.
_________________________
Mike Woods - Our Indianapolis Real Estate Agents receive
100% of the commission minus $445 for the first 12 sales, then 100% minus $50 per sale.

Indianapolis, Indiana News and Events | Indianapolis MLS homes for sale

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