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How to be a Spring Market home buyer

February 1, 2016 By Doug Francis

Vienna real estate spring readyThe Spring Market arrives early in Vienna, and I want to share some pro-tips to help make you competitive. Not the same old advice you see everywhere, but tips that I give my clients.

Preparation is the key to success…


 

Make decisions quickly

All the real estate ads I see these days show people looking at amazing homes with confident looking agents standing in the background. (this is total fantasy)

The reality is that you will need to be prepared to see a house and then make a dozen decisions before 5:00pm.

  • Offer price
  • Size of your Deposit
  • Settlement Date
  • What conveys
  • Home Warranty
  • Home Inspection
  • Radon Inspection
  • Rent-back
  • Any other possible contingencies

See the house immediately

You can’t wait until the Sunday Open-House.

Everything is rushed and, if you wait until Sunday, then understand that you are not a serious home buyer.

The Spring Market works on an accelerated pace and there aren’t necessarily ground-rules for when a home seller can look at or accept an offer.

So, if you wait until Sunday, then understand that the seller may already be in negotiations with a buyer who is Spring Market savvy.

Basic understanding of the Sales Contract and Contingencies

We use a standard sales contract created by the local Realtor association (in most cases.)

Review the contract with your buyer agent when you first meet to also make sure he/she understands the contract too. It is written and vetted by real estate attorneys prior to being published to be current with all Virginia real estate laws.

It is the same with our contingencies.

But, these contingencies do require some work adding time periods and buyer protections.

Understand the EMD

The Earnest Money Deposit needs to accompany your offer. The amount is up to you, and you should ask your agent for some guidance especially if a competing offer is likely.

In Virginia, the EMD must be deposited within five business days of the contract “Ratification Date” – discuss that term with your agent too.

Information and Communication

You can always provide information about yourself, but the seller will always be looking at information like who your lender is that will provide financing.

Have you Googled your loan officer or mortgage lender? Is their information building confidence or hurting your cause?

Every Seller’s #1 Concern? That your financing will fall apart.

How about the Title Company? Are they helping your overall strategy? Oh, and don’t get manipulated by a seller “preferring a title company” especially since Virginia law puts that choice into the buyer’s hands.

Communication between all parties is essential. If you have an offer in then remain available

Responsibility (it’s on you)

If you are planning to get a mortgage then you have a number of new responsibilities.

Most of the CFPB’s critical deadlines can be met by logging in and acknowledging your mortgage lender’s secure email, but if you miss a deadline then your Settlement may be delayed since mortgage lenders know CFPB compliance is not optional.

So, the responsibility is on your shoulders!

The Spring Market can be Exhausting

With most home buyers near me tied to the “ping” of a Zillow alert, you may find you are running out to see a place minutes after you get an alert. It’s tough but, if you can’t handle it, then wait until the fall because virtually every year fall seems to offer better times to buy.

Take a look at the Vienna real estate market as new listings are starting to pop up every day.

Maybe I’ll see you out there… make sure to say howdy!

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Filed Under: Blog, Home Buyer Tips Tagged With: Home Buyer Tips, real estate, Vienna Virginia

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he "starred" in a tech commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Being able to guide my clients through many real estate sales, either moving out, moving in, or just across town, has been a rewarding experience that helps when discussing a plan with a future client.

Being able to help them focus and understand our proven sales plan always eases their anxiety of this looming personal task. And, putting it into bite-sized steps always helps them get where they really want to be.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the town tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

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“Doug nailed it! Within days, we had three offers, one of which not only met, but far exceeded all of our goals.”
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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing ~ and my marketing starts here. My elite clientele has been attracted to my results-oriented strategy for years, and I am accepting new clients now.

Thanks for reading... and feel free to contact me at 703-304-6827 or send me an email at doug@dougfrancis.com anytime!

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Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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