We Buy Houses Glossary - F

Fair Market Rent
Fair Market Rents (FMR’s) are gross rent estimates that comprise shelter rent and the cost of utilities. The U.S. Department of Housing and Urban Development (HUD) sets FMRs to guarantee that an adequate supply of rental housing available to program participants.

Fair Market Value
The amount an article (such as property such as a house) would sell for on the open market, excluding any explanatory status such as a need to sell or buy quickly. The fair market value for real estate is often dogged by examining the range of selling prices for similar homes in the current economic environment.

Fee Simple
Means, an estate in which a person pays for both the
land and buildings on the property. It’s the complete ownership of real property and the greatest possible interest a person can have in real estate.

Foreclosure
It’s a legal process in which property securing debt is sold by the lender to pay a non-payment borrower's debt. This is a legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. It’s also known as a repossession of property.

Fixture
It’s fixed or attached to something as a permanent appendage such as the fixtures of a pump / the fixtures of a farm or of a dwelling place which is a tenant that may not be taken away. It is a personal property that becomes real property when attached in a permanent manner to real estate.