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SCHOOL

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Number of rooms required? Beds 1 2 3 4 5 6 7 8+ Baths 1 2 3 4 5 6 7 8+

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ZIP

Enter Zip Code Choose a property type: All Property Types Detached Homes Condominiums Townhouse Multi-family Land Commercial

What is your price range? No Minimum $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $375,000 $400,000 $425,000 $450,000 $475,000 $500,000 $525,000 $550,000 $575,000 $600,000 $625,000 $650,000 $675,000 $700,000 $725,000 $750,000 $775,000 $800,000 $825,000 $850,000 $875,000 $900,000 $925,000 $950,000 $975,000 $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $1,400,000 $1,450,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,250,000 $3,500,000 $3,750,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 $6,000,000 $6,500,000 $7,000,000 $7,500,000 $8,000,000 $8,500,000 $9,000,000 $9,500,000 $10,000,000 No Maximum $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $375,000 $400,000 $425,000 $450,000 $475,000 $500,000 $525,000 $550,000 $575,000 $600,000 $625,000 $650,000 $675,000 $700,000 $725,000 $750,000 $775,000 $800,000 $825,000 $850,000 $875,000 $900,000 $925,000 $950,000 $975,000 $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $1,400,000 $1,450,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,250,000 $3,500,000 $3,750,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 $6,000,000 $6,500,000 $7,000,000 $7,500,000 $8,000,000 $8,500,000 $9,000,000 $9,500,000 $10,000,000

Number of rooms required? Beds 1 2 3 4 5 6 7 8+ Baths 1 2 3 4 5 6 7 8+

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MLS #

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MAP

Select a Starting Point: No Preference Accokeek Aldie Alexandria Annandale Annapolis Arlington Arnold Ashburn Baileys Crossroads Bealeton Beltsville Bethesda Bluemont Bowie Boyds Bristow Brookeville Burke Burtonsville Calverton Catharpin Catlett Centreville Chantilly Chevy Chase Clarksburg Clifton Clinton College Park Crofton Crownsville Damascus Davidsonville Derwood Dumfries Edgewater Fairfax Falls Church Falmouth Frederick Fredericksburg Gainesville Gaithersburg Glenn Dale Goldvein Great Falls Greenbelt Hamilton Hanover Haymarket Herndon Hyattsville Kensington Lanham Laurel Leesburg Lovettsville Manassas Manassas Park Marshall Mclean Middleburg Millersville Mineral Nokesville North Potomac Oakton Occoquan Odenton Oldtown Olney Pasadena Poolesville Purcellville Remington Reston Rockville Round Hill Severn Severna Park Shady Side Silver Spring Spotsylvania Springfield Stafford Sterling Stone Ridge Suitland Takoma Park The Plains Triangle University Park Upper Marlboro Vienna Warrenton Washington Winchester Woodbridge Choose a property type: All Property Types Detached Homes Condominiums Townhouse Multi-family Land Commercial

What is your price range? No Minimum $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $375,000 $400,000 $425,000 $450,000 $475,000 $500,000 $525,000 $550,000 $575,000 $600,000 $625,000 $650,000 $675,000 $700,000 $725,000 $750,000 $775,000 $800,000 $825,000 $850,000 $875,000 $900,000 $925,000 $950,000 $975,000 $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $1,400,000 $1,450,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,250,000 $3,500,000 $3,750,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 $6,000,000 $6,500,000 $7,000,000 $7,500,000 $8,000,000 $8,500,000 $9,000,000 $9,500,000 $10,000,000 No Maximum $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $375,000 $400,000 $425,000 $450,000 $475,000 $500,000 $525,000 $550,000 $575,000 $600,000 $625,000 $650,000 $675,000 $700,000 $725,000 $750,000 $775,000 $800,000 $825,000 $850,000 $875,000 $900,000 $925,000 $950,000 $975,000 $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $1,400,000 $1,450,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,250,000 $3,500,000 $3,750,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 $6,000,000 $6,500,000 $7,000,000 $7,500,000 $8,000,000 $8,500,000 $9,000,000 $9,500,000 $10,000,000

Number of rooms required? Beds 1 2 3 4 5 6 7 8+ Baths 1 2 3 4 5 6 7 8+

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What You Need to Know--Regional Sales Contract for Northern Virginia Real Estate

Posted by Jay Seville on Friday, October 3rd, 2008 at 1:17pm.

One of the most uncomfortable parts of purchasing a home is signing the Northern Virginia real estate regional sales contract.  Allow me to fix that....

Let's go through the contract and quickly cover the parts that matter most to you in advance so you it doesn't feel like a surreal and dangerous event when it comes time to sign on the dotted line so to speak when me make our aggressive offer on your preferred home.

 Northern Virginia Regional Sales Contract for Arlington Real Estate, Fairfax, McLean, etc.

First, before we dissect the Virginia regional sales contract and its ancillary forms--perhaps to be saved for a 2nd post--I want to make 2 important points: there is a profound difference between the paper contract and the real world contract/process/negotiations.  Don't ever let the paper contract get you too freaked out compared to how real estate works in the real world.  You see often there is AMD at play in Arlington real estate in Virginia--assured  mutual destruction.  For example, let's say you've ratified a contract and according to the contract you're supposed to have  Form 100 regarding the financing contingency in by Tues 9pm.  So you don't have it till Thurs morning.  Do you really think the Seller wants to terminate the contract  and find another buyer because you're loan approval was 36 hours later than planned?  Probably not.

In this article I'll pick out my favorite pieces of the contract about which to comment. 


1. It does not matter what numbers you put initially on your offer such as 5 or 10% down in that paragraph 13 gives you the freedom to change those numbers and modify your financing terms so long as it does not impede settling on time at agreed sales price.  This is liberating in that the contract now finally conforms to reality of buyers--plans change do don't worry about getting your exact down payment and its percentage of the sales price perfect in the initial offer.  You can change it up all you want.
Here's paragraph 13 to which I just referred:

"Purchaser may substitute alternative financing and/or an alternative lender for Specified Financing provided:...."  Why specified financing is capitalize I have no idea!

2. The earnest money deposit is made out usually except for new construction to the brokerage representing the buyer.   It is a portion of the down payment paid early to show the Seller you are serious and have some skin in the game in that if you default on the contract the earnest money deposit (EMD) in theory is supposed to go to the Seller to compensate them for their damages (loss of time, increased days on the market, perhaps losing real buyers while under contract, etc.).

How much is the right amount for your EMD?  Here are a couple of examples: 1) $400,000 condo could be a $5000 EMD  2) $700,000 could be a $10,000 EMD.  My goal as the selling agent (buyer agent) is to keep the EMD as low as possible so as little of your money as possible is at risk regardless of what transpires such as you choosing to break a contract for example due to some emergency.  Again the EMD is part of your down payment. 

Another trick I like to do since I've seen some drama before (1x in 7 years) with EMD is have all parties sign an addendum stating that the EMD will not be deposited until all parties have signed off on the home inspection addendum which adds about a week from ratifying the contract before the EMD is to be deposited after buyer and seller agree to the home inspection items.  Why do I do this? 

Well home inspection form states that a Purchaser may void the contract after receiving the home inspection report if they are not happy with it or cannot come to agreement with the the Seller on the issues.  If that happens, then the EMD is supposed to be refunded promptly back to the Purchaser--at least that's the spirit of the addendum and other "outs" in the contract.  However that is not the reality of the contract per paragraph 4 above: "All parties have agreed in writing to its disposition;".

Even if everybody knows the EMD is supposed to be returned to the Buyer, the managing broker cannot release the funds as such until the Seller signs a form agreeing that all the EMD goes to the buyer.  He is handcuffed from doing so. 
In other words a jaded Seller--annoyed that the home inspection could not be negotiated--could essentially hold hostage the Buyer's EMD by not signing off on the release or demanding a portion of the EMD even though he has no right to it.  Is that messed up or what?  You bet it is.  So I like to have everybody sign an addendum that the EMD will not be deposited until after the inspection terms are signed off on by by both parties. 

The JustNewListings.com team is very aggressive in representing buyers and protecting their financial interests.  "nuff said.  And just so you know, I do hang my hat at RE/MAX Allegiance.  One thing for sure--don't be a "floater"!

3. In Paragraph 6 we select the closing date that would be best depending on the situation.  If we're being aggressively low then the Seller is likely going to be looking for a quicker closing to make it an easier pill to swallow.


4. In paragraph 7 it states that all appliances and systems such as heating, cooling & plumbing will be in working order at closing.  So these are mandatory repairs that Selle must make unless something at outset is declared an AS-IS item in the listing and contract.  If there are any issues with the systems it could be that the Seller and Buyer could find it more convenient to just to do a credit $$$$ instead of the repairs--which often are not pressing or immediately needed.


5. Paragraph 10 is the Conventional Financing section and in 10A is the Seller Subsidy blank to be used in many cases by Purchaser to make buying a home easier by applying it to your closing costs--which are generally about 2.5% of the sales price.  As the price goes up, the percentage goes down.  Your lender will give you a very accurate estimate of your closing costs for various scenarios.  Often we can use the Seller subsidy with no intention of needing the money for closing costs by demanding $10,000 seller subsidy for example so that later in negotiating we can give it away-- or concede it in our negotiations instead of giving in on sales price, closing date or whatever variables are important to us.  Or it can be useful when you want to make an aggressive offer without giving offense to use the even or flat number such as $400,000 --a magic "4" in this case for the Seller to see.  But then add a $10,000 Seller subsidy so that the negotiating is really starting with a $390,000 net offer instead of starting at  $400,000--perhaps the home is listed at $445,000 for example.



This is a great point  to take a break.  I've got a lot more to cover in this contract and the misc forms that go with it to put you in the know.  So stay tuned for Part II.

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