The "P's" of Real Estate for Denver and Parker, Colorado

PENDING:  If a sale is pending, it means the offer has been accepted, but the official closing has not gone through.  A home may stay in pending status for several weeks.

PRE-APPROVAL LETTER (ALSO CALLED A PRE-QUALIFICATION LETTER):  A document from a lender that expresses tentative willingness to approve the borrower for a loan up to a certain amount.

PRE-QUALIFIED:  A homebuyer status that indicates they have qualified for a loan of undetermined value.

PRINCIPAL:  The original sum borrowed to pay for a home.  This figure does not include interest.

PROOF OF FUNDS (POF):  A document that demonstrates a buyer has the ability and funds available for a specific transaction.

PROPERTY TAX:  A tax based on the value of property owned.  Colorado has some of the lowest rates in the nation!

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