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
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A style of architecture originating in Europe in the 1920s. The international architecture design was very functional and emphasized buildings constructed of steel, reinforced concrete, and ...
The reason a property appraisal is being made. The purpose of the appraisal is the first step in the appraisal process. The purpose of the appraisal should answer several questions: ...
Premiums in insurance and real estate define as a bonus or surplus money. A dividend means a periodic fee you have to pay for your insurance protection. While in real estate, a premium ...
Property of a defaulted borrower is sold under court order, and the judge must approve the amount received. For example, Fidelity Bank has a first mortgage balance of $100,000 on Mr. X's ...
Regulation of the Securities and Exchange Commission (SEC) establishing the criteria to avoid a private offering. For example, John wants to sell shares in an apartment house to several ...
Association of the owners of all condominium units in a building that is concerned with managing day-to-day matters in the building complex, including the surrounding and enforcing ...
Interest rate on a mortgage that moves up or down based on some variable such as an index of lender's cost of funds, inflation rate, or prime rate. ...
Also called earnest money. Money deposited with an individual for security for the performance of some contract. This is intended to show his/her willingness to follow through with the ...
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