Buying your first home is exciting but it can also feel like learning a whole new language. From contracts to closing costs, the real estate world is full of terms that may seem unfamiliar at first.

The good news? You don’t need to be a real estate expert. That’s what your agent is for. But having a basic understanding of common terms can help you feel more confident and prepared during one of the biggest purchases of your life.

Whether you’re exploring homes in Lewisburg, Alderson, White Sulphur Springs, or anywhere in the Greenbrier Valley, these key terms will help you navigate your journey more smoothly:

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Terms Every First-Time Homebuyer Should Know

Appraisal

A professional estimate of a home’s market value. Lenders require this to ensure the home isn’t overpriced before approving your loan.

Contingencies
These are conditions written into your contract that must be met for the deal to go through…like a home inspection or loan approval. In rural areas of WV, we often also see well, septic, and survey contingencies.

Closing Costs
Fees paid at the closing of a real estate transaction. These may include loan origination, attorney’s fees, title insurance, and local taxes. In West Virginia, many buyers negotiate for the seller to cover a portion of these costs.

Down Payment
This is the percentage of the home’s price you pay upfront. It can vary, but many first-time buyers in our area use USDA loans or WV Housing programs, which may offer 0% or low down payment options.

Escalation Clause
Used in competitive markets, this clause allows buyers to automatically outbid competing offers up to a certain amount. While less common here than in larger cities, they do occasionally come into play in hot neighborhoods like downtown Lewisburg.

Mortgage Rate
The interest rate on your home loan. Even a small change in this rate can impact your monthly payment, so it’s important to shop around and lock in a rate that fits your budget.

Pre-Approval Letter
A lender-issued letter that shows how much they’re willing to loan you. It’s a must-have before you start touring homes…it shows sellers you’re serious and financially ready.

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What you need to know

You don’t have to memorize every real estate term. But understanding the basics helps you feel empowered when it’s time to sign contracts, ask questions, or negotiate.

What real estate term or phrase have you come across that left you scratching your head?

Let’s connect and walk through it together, so you can move forward with confidence in your homebuying journey.

About Byron & Kerry:
Byron Rausenberger and Kerry Baldwin are experienced real estate agents based in Lewisburg, West Virginia, serving clients across the Greenbrier Valley, including Greenbrier, Monroe, and Summers Counties. Whether you’re buying your first home, selling property, or relocating to the area, Byron and Kerry offer local expertise, personalized service, and smart real estate strategies to guide you every step of the way.

They specialize in residential homes, land, farms, and investment properties and are known for their community-focused approach, professional marketing, and in-depth knowledge of the West Virginia real estate market.

📍 Serving Lewisburg, WV and surrounding counties
🌐 livinginlewisburgwv.com
📲 Byron: 757-871-3165 | @byronsellshouses
📲 Kerry: 304-503-3445 | @yourwestvirginiahome