home buying: FAQ 10 - What does "Ratified" Mean? - 06/09/12 09:29 PM
A real estate Offer is not a Contract until it is "ratified" by all parties.  This means that all parties to the contract/offer have agreed to all the terms of an offer to purchase real estate.  Once all the terms in the offer are agreed to, the parties sign and initial the offer and it becomes a contract between the parties.  At this point no other offers can be accepted.  If there is even one small term that all parties have not agreed to and signed off on, the offer is still just an offer and not a contract yet.It is … (4 comments)

home buying: FAQ 9 - What is a "Financing Contingency" - 06/09/12 09:06 PM
A Contingency in a real estate contract usually means that something needs to happen in order for something else to happen.Example -  “This contract of sale is contingent upon the purchaser receiving loan approval.”   This  means that loan approval must happen for the sale to happen (or close).  A financing contingency should be included in your offer if you are relying on a mortgage lender (a loan) to buy the property.  Included in the statement about financing is the type of  loan you are seeking, whether it is FHA or conventional, how much you are financing with this loan and the interest rate. … (0 comments)

home buying: FAQ 8 - What are the "other" offers for? - 06/09/12 08:23 PM
If you are involved in a multiple offer situation, it is only human nature to ask or want to know, how much the other offers are for on a property.The selling agents that make offers for their buyers on a home are not privy to this information.  The listing agent will know what the other offers are for, but does not disclose this to other agents.It is best to but your best and highest foot forward when you are offering to purchase a house that has muliple offers.  The offers are presented to the seller at the same time and the … (1 comments)

home buying: FAQ 7 - What is an "EMD"? - 06/09/12 02:43 PM
An EMD is the buyers Earnest Money Deposit. 
The deposit is the money put "up front", usually in the form of a Check and accompanied by the contract offer for sale.   It is a deposit to demonstrate to the seller that the purchaser is serious about buying the property and is willing to put some money up in advance of the closing to prove their willingness to buy.  In other words, the deposit shows how "earnest" the buyer is about purchasing the property.The amount of an EMD can vary, depending on the purchase price, the location of the property.  A larger EMD will make the offer to purchase stronger, since a larger EMD shows to the … (0 comments)

 
Debbie Cook, Silver Spring and Takoma Park Maryland Real Estate Expert (Long & Foster Real Estate, Inc) Rainmaker_large

Debbie Cook, Silver Spring and Takoma Park Maryland Real Estate Expert

Silver Spring, MD

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Long & Foster Real Estate, Inc

Address: Silver Spring, MD, 20910

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