Definition of "Workout"
- Trying to resolve a problem between two individuals up with some compromise or common ground. It occurs more often during times of poor economic conditions. An example is a creditor offering an accommodation to a borrower to avoid a bankruptcy situation.
- A debt which is in default but which the creditor allows the debtor to rectify by lengthening the time period of the loan, reducing the interest rate, or some other accommodation. An example is a bank that elects not to foreclosure on a mortgage because of the homeowner's nonpayment, but agrees to stretch out the payments.
Popular Real Estate Terms
The appraisal approach is used to estimate the value of an asset, based on various factors to reach the closest educated guess of the asset. While an appraisal approach does consider the ...
Judicial action to establish property ownership. In a quiet action, adverse claimants are required to state their claims or be forever stopped from any future title claim. The basic ...
Has not been registered on the companies books. It belongs to the person holding it. See also bearer bond; bearer instrument. ...
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Holder of a real estate license who solicits a prospective buyer of property and receives a commission for his efforts. ...
Aerial navigation that may interfere with a property owner, such as creating undue noise. The value of land near an airport may decline in value for this reason. Further airport congestion ...
In real estate, the basis to set an adjustable rate mortgage, such as a 6-month certificate of deposit (CD) rate, cost of funds index, or prime rate. A statistical measure stated as ...
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