offer: 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)

offer: Saga of a Shortsale - 01/30/09 01:17 AM
I am a little bit frustrated. We put our offer in on December 29, 2008 and have yet to hear if it has been accepted.  I know that this is the way it goes with short sales. I know it is made even more complicated by the fact that the sellers had both a 1st and 2nd Trust on the property. Who knows how many total investors were involved in those two mortgages?  Who knows how long the approval process will take?
I also know that  I have first time buyers (who went in to this with their eyes wide open) … (9 comments)

offer: Make an Offer! - 11/20/07 03:07 AM
Somewhere along the way (probably when houses were selling before going in the MLS), the mentality about real estate prices shifted. It used to be that an agent would show a client homes around their price range that fit their needs and if they liked a home they would make an offer.  Then came the craziness.  Suddenly, buyers/agents would only look at homes that they thought were accurately priced or below their maximum price.  (of course, if you are paying full price that maximum is really important).
Then the market shifted and we came to where we are today.  The price at which … (0 comments)

 


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