contingencies: When the Buyer Wants Out - 05/07/19 09:49 AM
Sometimes it is tough to be the seller. Even when the market conditions seem to skew your way, getting your house under contract can be tough. I get it. I work with both buyers and sellers. I empathize with my seller when more than one buyer complains about the backyard...and there is really nothing we can do about that. I feel their pain when an interested party shows up and then disappears.   When I work with my buyers, however, it is a different type of empathy. They are selecting a home that will house their lives moving forward. Whether this is … (3 comments)

contingencies: What Can I Do To Avoid a Buyer Who Changes Their Mind? - 02/26/12 08:54 PM
Yesterday, I wrote a post called How Easy Is it To Get Out of a Contract? It was very well received, since this is a topic most buyers and sellers wonder about and most Realtors have to deal with, at some point. Turning the subject around, how do we protect Sellers from a buyer who changes their mind?  That is a little tougher. Keep in mind that each state has a different sales contract, and my comments deal specifically with Virginia. When a contract is ratified in Virginia, more often than not, it has contingencies. There is a mandatory contingency for any … (3 comments)

contingencies: What does 'Ratified Contract' Mean? - 04/14/11 12:10 AM
What does 'Ratified Contract' Mean?

Dear Holly,

We have had our house listed for sale and last week we got a contract. We are waiting to hear back about the Home Inspection right now. Every time I speak with my Realtor® she calls our contract a 'Ratified Contract.' What does this mean? What is the difference between a 'Contract' and a 'Ratified Contract?'

Confused in Northern Virginia

Dear Confused,

Like every other field, Real Estate is a discipline that has its own language. All Realtors® know the lingo, but we forget that not every one understands … (13 comments)

contingencies: What is the big rush to clear the contingencies? - 04/12/11 11:51 PM
What is the big rush to clear the contingencies?
Dear Holly,
We got a contract last night on our home and this morning we signed. My Realtor is telling me that now we are 'ratified.'  It has been such work to keep the house clean during the process and now my agent hits me with all of these other things we need to do: Let them in for the home inspection, have a radon test going in the basement for 3 days, allow the appraiser to get into the house, order property owners documents and get a septic system inspection. Frankly, I don't … (22 comments)

contingencies: What if I Change My Mind? Can I get out of a Contract? - 01/12/11 02:14 AM
Dear Holly,
I have been working with a Buyer's Agent and feel like we are getting close to writing a contract
 for my first home. I am very nervous about writing a contract--so much could go wrong! My sister says not to worry, I will be able to get out if it if I change my mind. That doesn't sound right to me.
How easy it to get out of a purchase contract for a home?
Sincerely,
First Time Buyer
The contract to purchase a home varies from state to state. As a Realtor practicing in Virginia, my knowledge of contracts … (39 comments)

 


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