Types of Properties
Regardless of the property type you’re interested in, always consult your REALTOR® first.
It’s our speciality.
Give yourself an edge over other Buyers during your property search by understanding the local real estate terminology for Residential Searches utilized in our MLSSAZ system. This will also better help you express your property criteria to your REALTOR®!
Residential Searches
Properties that are for sale or exchange where the final sale includes a structure that has been framed.
Single Family
A structure built on site, or in modules and assembled to a permanent foundation on site.
Condo
Real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of the separate portions. Real estate is not a condominium unless the undivided interests in the common elements are vested in the unit owners.
Townhouse
A duplex or multiple dwelling constructed as a series of dwelling units, all of which are attached to the adjacent dwelling units with no visible separation between walls or roofs, and with areas of individual and common ownership indicated on a subdivision plat.
Manufactured Single Family
A structure built after June 15, 1976 in accordance with the national manufactured home construction and safety standards act of 1974. The structure must be on a permanent chassis, capable of being transported in one or more sections and is designated to be used with a permanent foundation as a dwelling.
Mobile Home
A structure built prior to June 15, 1976 on a permanent chassis, capable of being transported in one or more sections and is designated to be used with a permanent foundation as a dwelling.
Multi Family
More than one legal residential unit on a single parcel.
New Construction
Builder owned and not previously occupied.
The following are brief considerations that you may find helpful when pursuing properties from various sources. It is important for you to research and understand your options, weigh your pros and cons, and assess your individual needs and preferences to make the best-informed decision that aligns with your budget and lifestyle. Working with a qualified real estate agent can provide you with guidance and support to navigate difficult transactional situations – including those challenges specific to the property type that you ultimately decide to purchase.
The Multiple Listing Service (MLS)
The MLS is a database used by real estate agents to list properties that are available for sale. The multiple listing service is limited to use by authorized licensees that comply with multiple listing policy requirements of the National Association of REALTORS®.
By uploading a listing to the MLS, other licensed agents and potential buyers can view the property’s details and coordinate showings. Homes in MLS vary in age, condition, and price range, to facilitate the most options possible to potential buyers.
Residential (Resale) Homes
A Residential (resale) home is a property that has been previously owned and lived in. When homeowners decide to sell their properties through a REALTOR®, the agent lists the property on the MLS. Other housing websites usually propagate their own marketing content directly from the local MLS. Residential (resale) properties typically comprise the majority of properties listed on the MLS.
New Construction Homes
New construction homes are properties that are under construction to be built, or have been recently built, and have never been lived in before. These homes are often constructed by developers or home-building companies. Buyers can purchase a newly built house from a builder or, in some cases, custom design their own home within the guidelines set by the developer. New construction homes offer the advantage of new warranties, modern design elements, energy-efficient features, and the opportunity to personalize certain aspects of the property. However, new construction properties typically also have a higher price tag compared to older (resale) homes.
How do I include my REALTOR®? Do not visit a New Construction builder without your REALTOR® or you may be waiving your right to your own representation for your purchase. Your agent must be present during your first visit and register you as their buyer client.
For Sale By Owner (FSBO) Properties
For Sale By Owner (FSBO) properties are homes being sold directly by the homeowner
without the involvement of a real estate agent. The homeowner/seller assumes the responsibilities typically handled by a listing agent – including marketing, coordinating/conducting showings, negotiating with potential buyers and managing the paperwork. For buyers, there might be additional room for pricing negotiations as the seller is not paying a listing agent’s commission. However, FSBO transactions can be more complex and time-consuming, as both parties need to navigate the process without representation.
How do I include my REALTOR®? If you come across a FSBO, ask your REALTOR® to reach out to the Seller on your behalf, so that your agent can ask the seller if they would consider cooperating (paying compensation) to your agent to represent you. Many FSBOs are not averse to compensating buyer agents if they bring the seller a buyer.
Foreclosures
Foreclosures, aka, “bank owned” or “REO” (Real Estate Owned) properties, are homes that have been repossessed by a bank or lender due to the previous owner’s failure to make mortgage payments. When a homeowner defaults on their mortgage, the lender initiates a foreclosure process to sell the property and recoup the outstanding debt. Foreclosed homes are usually sold through public auctions or listed on the market via a representative of the bank or lender. These properties may offer buyers the opportunity to purchase a home at a lower price, but they can also come with certain risks and drawbacks, such as potential property damage, lack of property information/history, or difficulties in inspecting the property prior to purchase.
How do I include my REALTOR®? Ask your agent! Depending on the source of the REO, you can usually still have a REALTOR® represent you in your purchase to help you navigate this process. These properties may be subject to bank/court/auction requirements.
*Please note that this list does not include the following property types: Land, Commercial, or Rentals. However, those properties can also be identified in the MLS system. We recommend you speak with your REALTOR® before pursuing these options to ensure that you are working with an agent who is competent in those fields, as they are niches that require navigating other contractual requirements and due diligence processes.
