Real estate has its own vocabulary, and most of it sounds more complicated than it actually is. Here are the terms that come up most often when people are reading or talking about property condition, ownership, and sales — defined in plain English, without jargon.
Off-market
A property that is for sale (or could be) but isn’t publicly listed. There’s no sign in the yard, no MLS entry, no photos on Zillow. The owner may or may not even be ready to sell yet. “Off-market” simply means: not on any public listing system.
Distressed
A property whose condition, ownership, or financial situation shows visible signs that something has gone wrong. Distressed doesn’t mean abandoned, worthless, or a bargain. It just means stuck or struggling.
MLS
Multiple Listing Service. The professional database real estate agents use to advertise properties for sale. When a property is “on the market,” it’s almost always on the MLS. Everything else is off-market.
Pre-foreclosure
A property where the owner has fallen behind on mortgage payments and the bank has started the formal process of repossession — but hasn’t completed it yet. Pre-foreclosure can last weeks or months. The owner still owns the property during this stretch.
Foreclosure
The legal process by which a bank takes back ownership of a property when the owner has stopped paying the mortgage. Once foreclosure completes, the property belongs to the bank, not the original owner.
REO
Real Estate Owned. A property the bank has fully repossessed and now holds on its books. REO properties often sit empty while the bank decides how to sell them.
Tax delinquent
A property whose owner is behind on property taxes owed to the city or county. Long-term tax delinquency can eventually result in the property being seized or sold at a tax auction.
Probate
The legal process by which a deceased person’s property is sorted out — paid creditors, transferred to heirs, retitled. Probate can take months or years, especially when there are disagreements among heirs or unclear paperwork. Many quietly-vacant homes are sitting in probate.
Vacant vs. abandoned
These are not the same. A vacant property is one with no one living in it right now — it still has an owner, taxes are still being paid, the property is still being held intentionally. An abandoned property has been formally walked away from, often after foreclosure or tax loss. Most “abandoned-looking” homes are technically just vacant.
FSBO
For Sale By Owner. A property the owner is selling without a real estate agent. FSBO listings are sometimes off-MLS and sometimes posted there with a flat fee. FSBO signs that have been up for months are often a sign the owner is having trouble selling.
Motivated seller
An owner who has a real reason to sell soon — life event, financial pressure, relocation, inheritance — rather than someone testing the market. The term doesn’t have a legal definition. It’s just industry shorthand for “the owner is more likely to act.”
Comp
Short for “comparable.” A recently-sold property similar enough to the one being evaluated that it can be used to estimate the latter’s value. Real estate professionals “pull comps” to figure out what something is worth.
Lien
A legal claim against a property — usually filed by someone the owner owes money to (a contractor, a tax authority, a court, a bank). Liens travel with the property until they’re paid off. A property can have multiple liens.
Why these matter
You don’t need to know any of this vocabulary to notice that a house has been empty for months. But the words show up in news articles, neighborhood conversations, and any deeper reading about real estate. Understanding them removes one barrier between what you see and what you can usefully describe.
Going deeper
The Quiet House Field Guide
A seven-day email course on safely reading property condition from public areas — what to look for, what to ignore, and what to record. Plain English. No hype.