faqs: 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)

faqs: 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)

faqs: 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)

faqs: 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)

faqs: FAQ 6 What is a "Rent Back" after settlement? - 06/08/12 08:34 PM
When a seller needs more time to vacate a home they have sold to a buyer, they sometimes do what we call a rent back.  After the buyer has purchased the home and had the settlement, they legally own the home.  If the seller is to stay after the settlement date, the seller usually pays rent to the new owners for the time they stay after the home changes hands.  Just like a rental transaction, a lease will be executed between the buyers and their new tenant, the seller.  The lease is usually for no more than a month.  The amount … (6 comments)

faqs: FAQ4 Why should I remove personal photos when selling my house? - 06/06/12 10:48 PM
Personal photos should be removed from the home when selling your house because:1. Depersonalization shows the buyer that it could be "their" house and not belong to someone else.2. It's distracting and uncomfortable to some buyers to have someone else's personal photos staring at them.    You want the buyer's to be looking at your house - not at your personal items and photos.3. Political or Religious Icons, Political Slogans, posters, etc are also not a good idea.4. Magnets and photo murals should be removed from the fridge.5. Fido, Fluffy or Uncle Earl's Ashes in a Memorial Urn on the mantel … (2 comments)

faqs: FAQ3 When will I have the money from the Sale of my House? - 06/06/12 09:46 PM
When the buyer's loan is approved and final walk thru by the buyer is completed, we all meet with a Title Attorney or a Closing Officer.  The money for the sale is exchanged at the settlement or closing.  All money is accounted for on a HUD1 Statement.  During the settlement you will be signing a deed conveying or transfering the house from you to the buyer.After the settlement is concluded, you hand over the keys to the buyers and in return will recieve a check. If you prefer, funds from the settlement can be wired into your bank account. This is … (0 comments)

faqs: FAQ2 When and How do I give possession of my house to the Buyers? - 06/05/12 08:49 PM
Once the buyers have "performed" (come to settlement with their money to purchase the property) under the sales contract, and settlement is complete, then delivery of possession is to be given to the buyers (i.e., they are to be given keys AT the time of closing).Unless otherwise negotiated in the contract the seller must have the house vacant, free of trash and debris and broom clean.  The utilities must be on.  The buyers have a final walk through of the house prior to settlement to make sure that your home is in the same condition as it was at the time … (1 comments)

faqs: FAQ1 - What should I consider when buying a Condo in Silver Spring? - 06/01/12 06:20 PM
When shopping for a condominium in or near Downtown Silver Spring.  These are the most important questions to ask about the different buildings:Is a parking garage space included?    What type of finishes are in the kitchens and baths? Is there granite, stainless steel? Ceramic tile?  Are the appliances newer?Is there a washer and dryer in the unit? are they full size or stacked?Are there hardwood floors?What's the view like from the unit? Looking at a parking lot, another building? or a great skyline?Is there a balcony? Units on upper floors tend to sell for a higher price.Do the ammenites include a … (0 comments)

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

Debbie Cook

Silver Spring and Takoma Park Maryland Real Estate

Silver Spring, MD

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Long & Foster Real Estate, Inc

Office: (301) 587-3528

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