"I joined the program on line February 7, 2008. I did not wait to receive the packet, I went to the web site and printed out possibilities for our new home. We looked at several properties. In less than two weeks we found what would become our new home. The foreclosed property was already scheduled to go up for bid over the internet. We had to obtain financing and obtain a letter of guaranty and submit an offer to the seller. We offered $131,000.00 and the seller paid 4% of the closing cost. Our new home required some cosmetic work to be done before we could move in. We moved into our new home May 2, 2008 and are very happy with our find. We intend to remain members of Consumer Resource Network for possible investment properties. THANK YOU CONSUMER RESOURCE NETWORK FOR OUR NEW HOME!"

- Steve and Carolyn M.

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Glossary of Terms


We have compiled a list of the most common real estate terms and definitions to assist you in your search for a home. Whether you are a buyer or seller of real estate it is easy to get confused by the language used in real estate transactions. With our comprehensive real estate glossary you can easily navigate through the complicated world of buying and selling a home.

Click in the letter below to see the glossary

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S


second mortgage
A second financing arrangement, in addition to the first mortgage, also secured by the property. Second mortgages are usually issued at a higher interest rate and for a shorter term than the first mortgage.
secured loan
A loan secured by specific collateral. A creditor may foreclose and seize the specific property that is collateral to satisfy an unpaid secure loan.
starter home
A small home, inexpensive, suitable to first-time homebuyers.
state board of equalization
A board which certifies the equalized value of real and personal property in each county and assesses railroad and public service corporation property in the state and sends that certification to the state auditor for transmission to the county assessors.