The Lowering of Standards to the Mostly Ratified Contract

By
Real Estate Broker with Long & Foster REALTORS®, Gainesville, VA VA License # 0225089470

The Lowering of Standards to the Mostly Ratified Contract

I don't know when getting a ratified contract became so freaking difficult.  The market in Northern Virginia is moving at a break neck pace, but when we receive an offer on our listings, shouldn't we actually look at it first and then make sure, if the terms are acceptable to our sellers that we get them to initial EVERYWHERE they need to.  You can't miss an initial and have a ratified contract.

But wait, it seems that missing initials, missing contact information and missing notification delivery specifications are EXACTLY what I'm getting back from Listing Agents when they send me "ratified contracts."

What the heck?  Can we not sit down, take a sip of our favorite beverage and a deep breath before embarking on sending a contract out for final signatures to make sure we provide everything we need to?

When sitting with sellers in person, I make sure to highlight every place they need to sign or initial.  If they counter an offer, I circle where initials are not missed by the Buyer's Agent.  When using DocuSign, I take my time and crawl through the paperwork page by page.  Hurrying leads to mistakes and those can be costly in real estate.  And no matter how I do it, I make sure to double check my work.

So today, yet another Buyer-client has a "mostly ratified" contract.  I'm sending it back out to the Listing Agent one more time for the initials she missed from her client the first second time around.  Third time's a charm.

Posted by

Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155.  To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.  Or you can visit her website:  www.nvarealestate.net.

Header photos taken by Chris Ann Cleland.

The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.

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Comments 18 New Comment

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Ambassador
1,803,274
Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Emily:  Missing an EMD is a MAJOR point of contention.

Barbara:  I'm sure training, and the lack of it, is a major component to the problem.

Kathyrn:  Funny.

Alan:  Getting things done right the first time is definitely a time saver, though it may not feel like it at the moment.

Carla:  I once got one with different sellers on it than the ones selling the paticular house they were wrriting on.  That's what you get when someone goes into their electronic forms to the last written offer to try a short cut.  Oops!

Belinda:  Best advice I ever got from an attorney was that if you add language, keep it simple and to the point.

May 20, 2012 12:15 PM
Rainmaker
887,005
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Chris Ann -- mostly ratified --- seems a bit like "kinda pregnant" -- either it is or isn't.   The sloppy and haphazard execution of these important documents may become even more common(and more stressful and frustrating) as our markets continue to heat up.   Yikes!

May 20, 2012 01:04 PM
Ambassador
1,803,274
Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Michael:  I'm really getting tired of sloppy work.  Feel like a school teacher when I'm trying to get an offer signed off by the opposing side of the transaction.

May 20, 2012 01:20 PM
Rainmaker
256,173
Coral Gundlach
Century 21 Redwood Realty, Arlington Virginia

I just went through this too.  Had to send back to LA 3 times before it was "really" ratified.   Call me anal, but it's important.

May 21, 2012 05:27 PM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Coral:  I know the feeling.  It's annoying.

May 22, 2012 08:52 AM
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