Many Americans and people who come to America want to own a home . But buying a home can be difficult . Even talking about it can be confusing . The language of real estate – the buying and selling of property – includes its own terms , phrases and expressions . For starters , let's talk about who has the advantage in the real estate market . Well , that depends . A buyer's market means a lot of people are trying to sell their homes . People shopping for a home – the buyers – have a lot of choices , and the price of property can be low . But in a seller's market , more people are trying to buy property than there are homes for sale . As a result , people selling their homes can charge a lot of money . Or they can wait for just the right offer before deciding to accept a bid . In other words , sellers have the upper hand . So , let's say you finally find a place . You and the seller agree to a price . But most houses cost a lot more than anyone can simply buy outright in cash . So you put some money down . For the rest , you take out a mortgage – a loan from the bank to help you pay for your home . Having a mortgage -- or carrying a mortgage -- is normal . A lot of Americans owe money on their homes . But you never want to be upside down in your mortgage . That means you owe more than your house is worth . Having a home with more debt than value is also called being underwater . Maybe a highway is built through your front yard , or a natural disaster strikes , or violent riots terrorize your once peaceful neighborhood . Suddenly , your house is not worth as much as you paid for it . People who find themselves upside down in their mortgage often have no choice but to foreclose . This means the bank becomes the official owner of the house . The buyers have to move out , and they lose the money they had originally paid for the property . Before foreclosing on a family , banks sometimes offer a grace period . This extra time allows the homeowner to pull together some funds to pay the mortgage . Now , let's listen to a dialogue using some of these terms . Hey , thanks for coming over . I have big news to tell you ! You're getting married . Well , don't keep me waiting . I'm buying a house ! But I love your apartment . It's so hard to find a rental with a great outdoor deck like this ! Believe me , I love this apartment too . But I'm tired of paying rent . It's time to invest in some property . And right now , it's a buyer's market . There are so many houses available that prices have really hit rock bottom . Housing prices have not been this low in decades . Now is the time to look for a great deal . My cousin Bernie bought a place 15 years ago in this neighborhood for a song . It was so cheap ! And now he owns it free and clear . My friend Rebecca is not so lucky . She bought her place three years ago when the market was peaking . Is she carrying a big mortgage ? Not only is she mortgaged up to her eyeballs , she's actually upside down in her mortgage . She owes the bank more than the house is worth in the current market ? Being underwater is the worst situation to be in . It gets worse . She just lost her job and can't make payments . The bank is threatening to foreclose ! That is serious . Maybe she can ask her bank for a grace period . Actually , she found a job in another city . But she can't move and sell her house right now because she's underwater and will lose all the money she has invested . Well , that's a catch-22 if ever I heard one . Stories like my friend Rebecca's scare me to death . Maybe I'll wait a little longer before becoming a homeowner . Just keep an eye on the market and do your research . You don't want a big mortgage hanging over your head , but it also sounds like you don't want to rent forever . Especially with my other big news . I got a puppy ! Come here , boy ! Come and meet Uncle Mario ! Whether you own or rent , now you have some expressions for the next time you talk about real estate .