Welcome to the Bowport Flip Dictionary of terms and definitions used in the house flipping and real estate business.
A multi-story home where the master suite is located on the main floor while the secondary bedrooms are primarily located on the upper floor.
Acronym for Multiple Listing Service, the vehicle by which a real estate agent advertises a property for sale to other agents, and indirectly to the public at large.
Mold is a dangerous fungus that can form in damp and wet areas of the home. Heavily infested materials need to be removed and others need to be cleaned and restored with a comprehensive remediation process.
A residential floor plan layout that eliminates or minimizes walls and doors such as combining the kitchen, living room, and dining room into a single area.
A home remodeling effort that involves adding a second floor.
Basic repairs on a property necessary to make it livable.
To change the layout and floor plan of a property to rearrange a kitchen, remove or add walls, add bathroom, or change the exterior facade.
To replace the major components in kitchens, baths, and other areas. Often includes new wiring, plumbing, windows, roof, and HVAC system.
An acronym for Real Estate Owned by a bank (mortgage) holder after foreclosure.
Returning an item to its original condition. In real estate, this term is usually limited to historically designated homes or specific items (such as a front door or wood fireplace mantle).
A real estate transaction where the mortgage holder (bank) agrees to a price less than (short of) the balance owed.
Trying to improve the value of a house by only performing minimal repairs, applying new paint (the "slap"), and listing it for sale or rent (the "dash").
The process of placing furniture and accessories in a home that is being sold to demonstrate to prospective buyers how the various rooms might be utilized .
A type of real estate transaction where the buyer assumes the seller's mortgage obligations.
The complete demolition and removal of a house to allow for a new build. Sometimes the prior foundation is saved.
To perform an extensive makeover of a home to include the features and amenities typically found only in new homes. It encompasses all aspects of a complete renovation and remodeling, typically resulting with a home unrecognizable from where it was.
It means something different to everyone, making it the most useless term in real estate marketing.
A real estate transaction involving a property that is placed under contract by a third party (wholesaler) who then sells their rights to the contract to the end buyer.