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Back ratio |
The ratio of monthly housing costs (principal,
insurance, taxes, and interest) plus regular monthly payments to gross monthly
income, used by the lender to evaluate an applicant's qualification for a loan;
typical back ratios are between 32 - 45 percent |
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Balloon mortgage |
A mortgage with level monthly payments over a
stated term, but which requires a lump sum payment in full due at the end of an
earlier specified term |
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Balloon payment |
The final lump sum payment that is made at the
maturity date of a balloon mortgage, which is larger than preceding regular
payments |
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Bankruptcy |
A legal proceeding in a federal court in which a
debtor who owes more than the total of his or her assets can surrender those
assets to the Bankruptcy Court, thereby being relieved of the future obligation
to repay his or her unsecured debts; a Trustee in Bankruptcy administers the
assets, selling them to pay as much of the debt as possible |
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Bargain and sale deed |
A deed that carries with it no warranties
against liens or other encumbrances, but which implies that the grantor has the
right to convey title |
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Basis |
The financial interest an owner of an investment
property has, as determined by the Internal Revenue Service, in order to
determine annual depreciation and gain or loss on the sale of the asset
Adjusted Basis: When property is purchased, the owner's basis is calculated to
be the property cost plus the value of any capital expenditures for
improvements made, minus any depreciation taken |
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Benchmark |
A permanent reference mark made on a piece of
property for the sake of surveyors |
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Beneficiary |
The person named to receive income from a trust,
an estate, or a deed of trust |
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Bequeath |
To gift or transfer personal property to another
party, executed via a will |
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Betterment |
An improvement to property that increases its
value, as opposed to repairs or changes that maintain its value
only |
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Bid |
A financial offer to purchase a
property |
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Binder |
A preliminary agreement for the purchase of real
estate, secured by the payment of an earnest money deposit which evidences the
purchaser's good faith and intent to complete the purchase |
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Blanket loan |
A mortgage covering more than one parcel of real
estate, which provides for each individual parcel's partial release from the
mortgage upon repayment of a portion of the debt |
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Bond |
A written financial obligation, usually secured
by a mortgage or a deed of trust, and often posted with the Court, to guarantee
against loss incurred with a potential claim |
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Breach |
Failure to follow through on a contractual
promise or legal obligation |
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Bridge loan |
A form of second trust, collateral for which is
the borrower's present home, usually taken on to allow the proceeds from the
sale of the borrower's present home to be used to close on a new home, before
the previous home is sold |
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Broker |
An intermediary who assists in negotiating
contracts between two or more parties, for a fee; in real estate, a broker is
licensed to assist in the purchase, selling, rental or managing of real estate;
the broker's services will vary, depending on whether he or she is employed by
the seller or the buyer |
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Building code |
An ordinance that specifies minimal standards
for construction, alteration, or demolition of a building, set for the sake of
safety |
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Building Restriction Line (or
"Set-back") |
The minimal distance from the road where a
building may be positioned, which appears in the original plat of subdivision,
restrictive covenants, or in zoning ordinances and building
codes |
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Bureau of Land Management |
The branch of government responsible for the
surveying and management of public lands |
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Buy-back agreement |
A written agreement which specifies the
conditions under which the seller is allowed to repurchase the property,
usually restricted to a certain period of time and to a price stated in the
agreement |
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Buydown |
When the lender or home builder lowers the
interest rate on initial payments on a loan, often for the first few years,
allowing a borrower whose income is expected to increase in subsequent years to
qualify for a loan they otherwise are currently not qualified
for |
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Buyer-agency agreement |
When the broker is the agent for the buyer and
is financially obliged to the buyer |
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Buyer's market |
When the real estate buyer is at advantage
because there is more supply of houses or real estate available for sale than
there is demand, thus lowering prices |
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| Q |
What is the mysterious American island whose private owners are intent on preserving the ways of early island life?
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| A |
The Robinson Family, owners of Niihau, Hawaii, have done everything in their power to preserve traditional ways. |
 See More Real Estate Trivia > |
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Valerie Bertsch
Prudential Fox and Roach Realtors
352 Stokes Road, Suite 1
Medford, NJ 08055
(609) 654-1888 ext. 123
Direct: (609) 714-3223
Fax: (609) 257-0035
valeriebertsch@NUMBER1EXPERT.com
Valerie Bertsch is the #1 agent at the Medford Home Marketing Center. She has had over 500 real estate transactions in all price ranges. But most importantly, Valerie is committed to her clients. She represents them until she gets the results they want. And with Valerie, that tends to happen sooner than later. She works hard for her clients, always keeping their best interests at heart. As an experienced negotiator, Valerie knows how to get the results her clients want. Valerie Bertsch is the right agent. And the right agent makes all the difference.
Valerie is a native of South Jersey who knows the Medford area and its neighborhoods as well as anyone. After being in the real estate industry for over a decade, she has been awarded the New Jersey Association of Realtors Gold Award for 2001, 2003 & 2004, the New Jersey Association of Realtors Distinguished Sales Club Award, and Top Producer of the Medford Home Marketing Office for 2003, 2004, 2005, 2006, 2007 & 2008.     
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