Real Estate Terms and Acronyms -Understanding the MLS Client Report
I recently posted a blog on Understanding the MLS Listing Status but realized there is actually much of the MLS Client Report that may need explaining too starting with "MLS".
MLS - Multiple Listing Service - This is basically a sharing of home information among real estate professionals that includes comprehensive information that includes price, square footage, bedrooms, bathrooms, listing status, photos, and much, much more. There are several MLS's across the country. Each MLS services a specific area and has their own set of rules that real estate professionals must adhere to. Here in our Sacramento area we are part of Metrolist MLS. It encompases the counties of Sacramento, El Dorado, Placer, Yolo, San Joaquin, Stanislaus, and Merced.
Here are a few of the common acronyms and terms I found on one of our MLS Client Reports that may have you wondering:
APN - This is the Assessors Parcel Number (the same as Tax Identification Number) and how a property is located for tax purposes.
DOM - Days on Market. This is a running total of the days since the property listing first came on to the MLS. This date is listed to the right of the Listing Status in the top left corner of the page.
CDOM - Cumulative Days on Market. If a property is listed under one listing number and then re-listed under a different number (for instance if they change realtors) this will be the total time on the market for the property. If you see them together the first number will usually be the DOM and the second the CDOM.
Baths -(FH) 4 (3 1) - The first number is the total bathrooms. The numbers in parentheses represent the full (the first number) and half (the second number) baths. Technically a full bath has a tub and shower. Where there is a shower only it is a 3/4 bath; and a half just has the toilet and sink.
Sq. Ft. Primary Residence - Here in our area this square footage does not include the garage.
Map - This is the map book used (ie Thomas Brothers used most often in Sacramento County or El Dorado Compass Map Book used in El Dorado County) and the map coordinates for that property.
Acres - This is how big the lot is in terms of acreage. For a great visual on this read: How Big Is That Lot? Help Me Understand. I learned recently from that post that a football field, end zone to end zone is 1.1 acres. One acre is roughly 91 yards. Or in basketball terms, an NBA court is .1 acre or one tenth of an acre, .25 acres is about the size of 2.5 basketball courts, .5 acres is the size of 5 basketball courts.
Terms - These are acceptable financing options for the property. Most common Cash, Conventional, FHA, VA. This is where you'd see if they were willing to Owner Financing or Lease Option as well.
HOA - Home Owners Association. Dues should be listed here. They can be listed by month, quarter, or year so make sure you know what the amount shown is for. It may or may not show below this what is included in the dues. This is especially important to note because these fees are added to your loan payment when qualifying you and you may need to consider their worth. Read Before Buying Think Twice About Those HOA Dues.
Bonds/Asmts/Taxes - (Bonds/ Assessments / Taxes) An example of this would be Mello Roos. This does not include HOA dues as these are listed separately.
Sewer - Most common are "In and Connected" meaning that it is on the city or county system and "Septic System" meaning it has it's own tank and leach lines but important to take note of.
REO - Stands for Real Estate Owned but also another term for bank owned or foreclosure. This will be marked either yes or no.
One final thing to mention in Understanding the MLS Client Report is the clause written at the bottom, "All measurements and calculations of area are approximate. Information provided by Seller/Other sources, not verified by Broker. All Interested Persons should independently verify accuracy of above information." Should you find other real estate terms or acronyms you don't understand leave feel free to email me.