DOM in real estate measures how long a house has been marketed. It reflects whether the house is priced correctly.

Market conditions and the upkeep of the house also affect this number.

Buyers and sellers both should look at this number with other objective and subjective criteria to determine the true market value of a property.

 

EMD are good faith funds held in escrow that shows the buyer is serious about the contract for a house.

These funds should be held by a third party, so neither party has access.

The seller has a claim if the buyer walks away without cause, but contingencies in the contract also protect purchasers.

At closing, the money is put toward the closing costs and/or down payment.

 

An automated valuation tool is not an appraisal, but it can be a valuable tool to help you understand what your home is worth.

It predicts what the price of your house should be based on a mathematical algorithm, which usually includes a hedonic statistical model and a repeat sales index.

 
 

Due diligence means that you do your homework on the entire process from beginning to end.

Start by learning about your local market. Then shop around for competent professionals to help you.

Finally, be on top of every issue that arises. Don’t just wait for your agent to advise you, make sure you really understand what is going on.