article thumbnail

What Is Buying a Foreclosure Really Like? 5 Homeowners Spill the Tea

HomeLight

As well, Fannie Mae was only giving them two days to overnight mail the earnest money deposit. With buying it cheaper than the neighboring houses and my husband doing the construction work, I had instant equity.” They had an opportunity to get the house, but they had to make a decision that day.

article thumbnail

131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

It’s essentially the idea that if you invest your returns into more investment, that money multiplies. Construction loan. A short-term loan that covers the cost to build a property until the owner can secure long-term financing. Earnest money deposit. Short sale. Contingency. Related Article.