Workout | Real Estate Glossary | Realestateagent.com

Definition of "Workout"

Bill Somers

Real Broker LLC

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.

Reward for investing. The real estate investor must compare the anticipated return for an investmen ...

Property deriving at least 75% of the income from personal residences. ...

The restitution of a property insurance policy that has lapsed due to nonpayment of premiums. ...

Transfer of property from a seller to a buyer. ...

Legal property rights that don not include possession. Examples of incorporeal property rights are a ...

Lawsuit brought by one or more persons of a large group for the benefit of all members of the group. ...

A joint tenancy is an equal, undivided ownership in a property by two or more individuals. ...

A Good Faith Estimate is when a lender must give a prospective homebuyer a written estimate of closi ...

Zoning is the laws that establish how a property can be used and what codes must be followed when er ...

A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the ...

A REALTOR® is an agent or agency that belongs to the local or state board of REALTORS® and is affi ...

A treasury index is an index used to determine interest-rate changes for certain adjustable-rate mor ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews