Glossary

At Psalms Properties, we recognize the key differences between leasing a home and purchasing one. The primary distinction lies in the fact that buying a home leads to true homeownership, while renting is typically a temporary arrangement. 

When you buy a home, you engage with various important terms, including acceptance, amortization, annual percentage rate (APR), appraisal, closing costs, down payment, insurance, and homebuyer considerations. Understanding these terms is essential for navigating the home-buying process effectively, and our team is here to guide you every step of the way.

At Psalms Properties, we understand the critical differences between renting and buying commercial real estate. Commercial property encompasses real estate utilized for business activities, aimed at generating profit through rental income or capital. This category includes diverse range of properties, such as office buildings, medical centers, hotels, malls, retail stores, warehouses, and garages.

Commercial properties are subject to different regulations than residential properties due to factors like zoning, business activities, and inactivity. The classification of a property as commercial significantly impacts its financing, taxation, and applicable laws. If you opt to rent rather than buy, rental costs are typically calculated on a per-square-foot basis. Our team is here to provide expert guidance, ensuring you make informed decisions that align with your commercial real estate objectives.

At Psalms Properties, we specialize in helping you locate a home tailored to your specific criteria. Remarkably, 80% of the time, these homes may not be listed on the open market, allowing us to provide you with exclusive opportunities. Our strategic process emphasizes the overall value of your purchase, taking into account the total cost of ownership (TCO), supplier relationships, and contract compliance. 

Home procurement at our agency encompasses a range of activities, including researching, negotiating, and planning, ensuring that we find the best options for you. It is an umbrella term that includes purchasing, and we are committed to guiding you through every step of the process. Trust Psalms Properties to deliver a personalized and effective home search experience.

At Psalms Properties, we are dedicated to helping you find a home that meets your specific criteria. In fact 80% of the time, the homes we assist you with are already listed on the open market, ensuring you have access to a wide range of options. 

It's important to note that within our agency, procurement and purchasing are viewed as distinctly different processes. Our transactional approach focuses on the overall cost of an order and strategies to minimize it. While purchasing involves activities such as raising purchase orders and arranging payment, our procurement process encompasses a broader scope, ensuring that we secure the best value for your investment. Trust Psalms Properties to provide you with a comprehensive and tailored home-buying experience.

At Psalms Properties, we are dedicated to helping you find the ideal investment property, whether you're a first-time investor or a seasoned professional. The key distinction between an investment property and a business property lies in the level of time and effort required for management. 

An investment property allows you to earn a profit with minimal hands-on involvement, often utilizing a property manager or maintenance crew for day-to-day operations. In contrast a business property demands significant time and effort, as you are responsible for regular repairs, appliance replacements, and maintaining detailed records for each property. The IRS typically classifies rental properties as investments, and our team is here to guide you through the process, ensuring you make informed decisions that align with your real estate goals.

At Psalms Properties, we specialize in selling homes quickly and for top dollar, ensuring you achieve the best possible outcome. Deciding whether to rent out your home or sell it depends on your unique circumstances, including your housing plans and cash needs. 

Consider factors such as your financial requirements, potential income, the length of time you plan to hold the property, and whether you wish to keep the home in the family. Our team of experts is dedicated to guiding you through the complexities of the market, helping you navigate the selling process, which includes setting a competitive price, staging, marketing, inspections, closing, and adhering to disclosure laws. Trust us to facilitate a smooth transition as you move forward with your real estate goals.

At Psalms Properties, we prioritize the privacy of homeowners and the protection of our listings. As such, many times the address of a property may not be released without a submitted tour form for new clients. This is particularly relevant for pocket listings, which are real estate properties sold through private channels rather than being listed on the Multiple Listing Service (MLS) or advertised publicly. We appreciate your understanding and look forward to assisting you in finding the perfect home while respecting the confidentiality of our clients.

At Psalms Properties, we offer a unique pre-approval process for leases, particularly for our rent-to-own units, enhancing your chances of homeownership to over 80%. While lenders also have a pre-approval process, ours involves a more detailed assessment that requires documentation about your employment, savings, and debt, along with a credit check that may incur a fee. This pre-approval serves as a conditional commitment to loan you money, ensuring we can effectively support you in your journey to homeownership.

At Psalms Properties, we specialize in helping you find the perfect home, including many rent-to-own units. To streamline your journey, we encourage you to pre-qualify for a lease, which is a quick and general process that estimates how much you might be able to borrow and the interest rate you may qualify for. 

This prequalification involves providing basic financial information, such as your income and bank account details, along with answering a few questions about your finances. Best of all, there’s usually no fee or obligation, and no credit check is required. Trust Psalms Properties to guide you through this process and help you secure the home that fits your needs.

Lenders provide prequalification, which differs from our agency's prequalification process designed to assess how we can realistically assist you in your home search. This tailored approach ensures we align our services with your specific needs and goals..

At Psalms Properties, we understand the nuances between rent-to-own agreements and traditional mortgages. When you secure a mortgage to buy a house, the title transfers to you, and the lender places a lien against the property. If you default on your payments, the lender has right to foreclose your home. 

 In contrast, a rent-to-own agreement, also known as a lease purchase, is a legal contract between a buyer and a seller that allows you to purchase a home at a future closing date. the rental period, the title remains the seller, and you may pay slightly more in rent than the home's fair market value. This hybrid approach enables you to build equity over time, making it an attractive option for those looking to transition into homeownership..