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Pick Your Dates

By Doug Francis

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Pick your real estate dates carefully

When you sit down and put together your real estate plan, selecting specific dates will be as critical as determining an offer price.

For starters… business days might include Saturdays and it’s also smart to check the Courthouse calender.

So, you’re a home buyer

  • Settlement Date
  • Contract Date
  • Contingency Dates
  • Ratification Date

Starting out with the end in mind is essential. Maybe your moving date is determined by an expiring lease or a relocation, then it is critical to your offer that the seller agrees in the contract that on a specific date the home becomes yours.

Typical in the Northern Virginia real estate market, the Settlement Date is 45 days from the contract date. And that’s the day ownership changes hands.

If you and the Seller can agree on an earlier date or a later date then it will become part of the contract. Understanding that date, up front, may give you a competitive advantage.

Contingency dates start when the contract is ratified by all parties. These are outlined in your contract and might include seven days for a Home Inspections and twenty one days for an Appraisal.

Although the Ratification date may sound obvious, it means that all terms have been agreed to ( have the Ratification date written on the contract) and the contingency periods mentioned above start ticking.

So, you’re a home seller

  • Settlement Date
  • Ratification Date
  • Moving Date
  • Contingency Dates

Starting with the end in mind is essential. Sellers must have a place to move to and know when that can happen before a for-sale yard hits the front yard.

I always ask where my clients are moving and when because, if a full-priced offer comes in that wants to settle in thirty days, well, then they will need to be out of the property. Understanding your moving date and letting people know upfront can help you get the ideal offer quickly.

Know your ideal moving date.

The sales contract we use in Northern Virginia states specifically that the Seller will be out of the house on the Settlement date unless mutually agreed upon and also approved by the lender. A lender may decide that the owner is staying too long post settlement and then not approve the specified financing.

Sellers need to know when Contingency dates expire and what the implications are for each date. Consult your agent on that topic.

Dates give Structure

For example, when clients decided to buy a new house in Vienna I contacted the listing agent. One of my first questions was asking when the sellers preferred to move?

The answer isn’t as obvious as you would expect because sellers may think their home won’t get an offer for a month or two, and then they will have sixty days after a contract is ratified to move.

Yikes!

If it is January 2015 and the seller doesn’t want to move until May, well then they are limiting their buyer pool. Any home buyer who needs to be in by the end of March is out of luck.

On the other hand, if the buyers have some flexibility then this information is critical to the ultimate success of their offer.

Real estate dates are so important to be on top of, especially when you are handcrafting your offer or tailoring a counter offer.

Take control. Take control.

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

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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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'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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

Office: 703-319-3344
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