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
When someone throws around the term “mobile home”, it almost requires further explanation to fully understand what that person is talking about. Why is that? Well, one mobile ...
The definition of a closed-end lease is what happens when an individual rents or leases an asset at a monthly rate with no obligations for the lessee to purchase the asset that he rents at ...
The definition of the Environmental Protection Agency can be explained by what the agency does. This independent executive agency works for the United States federal government and is ...
Persons considered legally capable of entering into a binding contract. ...
Listing Agreement A.K.A. Listing is basically a contract allowing a real estate agent or broker to list a home for sale and act as the home seller agent representing his/her interests ...
Situation in which a purchaser acquires mortgaged property and continues to pay the mortgagee for the debt outstanding. Although the new buyer continues to pay the mortgagee for the debt ...
Use of other people's money (OPM) in an attempt to maximize the return but at high risk. The use of leverage in real estate investing is a way to maximize yield on a small down payment. ...
Managing the day-to-day activities in a real estate brokerage office including recruiting and training new real estate agents, holding real estate closings, updating and managing real ...
Degree of completion or accomplishment such as a home that is 70% completed. Condition of real property. Position of an item. Legal standing such as of a case. ...
Have a question or comment?
We're here to help.