Real Estate Jargon

Bob Sirott

MIAMI – SEPTEMBER 16: A pre-foreclosure sign is seen in front of a home on September 16, 2010 in Miami, Florida. RealtyTrac, an online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report for August 2010, which shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 338,836 properties in August, a 4 percent increase from the previous month. (Photo by Joe Raedle/Getty Images)

Do you know what escalation clause means? How about appraisal gap? There are some new terms that are making the rounds in the real estate world, so David Hochberg (the Vice President of Lending for Team Hochberg at Homeside Financial) joined Bob Sirott to explain what these terms mean, and why you need to look out for them. They also discussed how much damage a late mortgage payment does to your credit score and credit profile. David hosts “Home Sweet Home Chicago” on Saturdays from 10am to 1pm on WGN Radio. You can call him at 855-56-David, or check out the Team Hochberg website.

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Bob Sirott
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Bob Sirott's acclaimed broadcasting career has spanned nearly five decades and has included stints at WMAQ, WBBM-FM, WLS, WGN and various television stations. (Click for more.)
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