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Answers | Online Real Estate Jargon

October 7, 2013 By Doug Francis

Vienna Realtor Doug Francis

Real estate jargon can lead to confusion.

Like most real estate “shoppers” across the country, my clients here in Northern Virginia use smartphone apps from Zillow, Redfin and Trulia to keep tabs on the market. It all comes down to which one works best, but often they have a two or three real estate apps so they don’t miss anything.

The most common questions I get are to help explain a home’s online status.

Since all of these apps get their data from MRIS (our MLS), insider real estate jargon is used which can generate understandable confusion.

What is the real Status?

ACTIVE: The property is fully available for sale.

CNTG/NO KO: (Contingent/No Kick-Out) There is or are contingencies that have not been satisfied such as a home inspection or appraisal. The buyer’s contract is not contingent on the sale of another property.

Although this sounds like the buyer is in control here, there are deadlines established for completing the appraisal or for providing a financing approval letter. If those deadlines are missed, the seller can still take action to potentially “KO” the buyer. Yes, “No” doesn’t always mean “No” in real estate ~ consult with your agent to understand more.

CNTG/KO: (Contingent/Kick-Out) In this case the seller has accepted a contract but the buyer needs to sell their place first. The Seller can accept another offer but must give the first buyer typically 72-hours to remove the “home-sale” contingency. If the buyer is unable to remove the contingency by the deadline then their contract is declared void and they can get the Deposit returned.

CONTRACT: All of the contract contingencies have been removed. This may appear all wrapped up, but, if the buyer loses their job before closing then the lender can still kill the deal ~ hey, it’s complicated stuff here!

Contingency Deadline: While we would all prefer “hard deadlines”, some real estate contingencies can actually extend automatically. For example, often a third party like a mortgage lender can’t provide a financing approval letter by the deadline in the contract. In this case, the contingency typically states that the contingency automatically extends unless the seller gives the buyer proper Notice demanding removal of the contingency (typically 72 hours).

If that is the case (Notice has been given) and the buyer can’t remove the contingency, then the seller can declare the contact void.

Real Estate Between the Lines

To be a smart real estate buyer it is important to understand the complexity of the offer or contingencies that are included because you may need to exercise an option to keep a deal together or get out of one. If you have questions about Virginia real estate then I can help, but if you are out of my area then track down a good Realtor ~ or send me an email and ask me to refer a good one to you in your area.

REMEMBER: On October 23 2013, Route 123 will be closed at 7:00 for the Annual Vienna Halloween Parade!

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

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 was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house, we were thinking about raising the kids, updating, and building an addition. With our kids now out of college, our plans are looking at our next phase, especially after seeing friends move away and adjust their lifestyles.

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

My background… I am an active licensed agent in Virginia, work at TTR Sotheby’s International Realty in McLean, and 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 me help you too: Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

6808 BROYHILL ST
MCLEAN, VA
Photo of 6808 BROYHILL ST, MCLEAN, VA 22101 (MLS # VAFX2137956)
$2,499,000
49
  • Lot Size
    16,989 sqft

  • Home Size
    6,708 sqft

  • Beds
    6 Beds

  • Baths
    7 Baths

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Case Studies

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Vienna Real Estate

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102 JAMES DR SE
VIENNA, VA
Photo of 102 JAMES DR SE, VIENNA, VA 22180 (MLS # VAFX2150256)
$2,199,888
Lot Size
10,019 sqft

Home Size
1,062 sqft

Beds
5 Beds

Baths
7 Baths

2511 BABCOCK RD
VIENNA, VA
Photo of 2511 BABCOCK RD, VIENNA, VA 22181 (MLS # VAFX2149442)
$1,295,000
Lot Size
14,811 sqft

Home Size
3,240 sqft

Beds
4 Beds

Baths
4 Baths

8807 HIGDON DR
VIENNA, VA
Photo of 8807 HIGDON DR, VIENNA, VA 22182 (MLS # VAFX2149464)
$1,088,888
Lot Size
10,455 sqft

Home Size
2,410 sqft

Beds
5 Beds

Baths
3 Baths

610 MEADOW LN SW
VIENNA, VA
Photo of 610 MEADOW LN SW, VIENNA, VA 22180 (MLS # VAFX2149952)
$1,495,000
Lot Size
N/A

Home Size
3,368 sqft

Beds
6 Beds

Baths
6 Baths

626 HILLCREST DR SW
VIENNA, VA
Photo of 626 HILLCREST DR SW, VIENNA, VA 22180 (MLS # VAFX2149036)
$3,600,000
Lot Size
23,523 sqft

Home Size
9,092 sqft

Beds
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Baths
9 Baths

904 DALE CT SE
VIENNA, VA
Photo of 904 DALE CT SE, VIENNA, VA 22180 (MLS # VAFX2149540)
$1,795,000
Lot Size
10,455 sqft

Home Size
4,937 sqft

Beds
5 Beds

Baths
5 Baths

9838 CORAL BELLS CT
VIENNA, VA
Photo of 9838 CORAL BELLS CT, VIENNA, VA 22182 (MLS # VAFX2149568)
$1,200,000
Lot Size
20,038 sqft

Home Size
3,020 sqft

Beds
4 Beds

Baths
4 Baths

10009 MURNANE ST
VIENNA, VA
Photo of 10009 MURNANE ST, VIENNA, VA 22181 (MLS # VAFX2149646)
$3,300,000
Lot Size
21,780 sqft

Home Size
9,750 sqft

Beds
7 Beds

Baths
9 Baths

131 KINGSLEY RD SW
VIENNA, VA
Photo of 131 KINGSLEY RD SW, VIENNA, VA 22180 (MLS # VAFX2149584)
$2,525,000
Lot Size
21,780 sqft

Home Size
7,793 sqft

Beds
6 Beds

Baths
7 Baths

3005 SPICE CT
VIENNA, VA
Photo of 3005 SPICE CT, VIENNA, VA 22181 (MLS # VAFX2148724)
$599,000
Lot Size
1,307 sqft

Home Size
1,940 sqft

Beds
5 Beds

Baths
4 Baths

  • 102 JAMES DR SE
    VIENNA, VA
    Photo of 102 JAMES DR SE, VIENNA, VA 22180 (MLS # VAFX2150256)
    $2,199,888
    Lot Size
    10,019 sqft

    Home Size
    1,062 sqft

    Beds
    5 Beds

    Baths
    7 Baths

  • 2511 BABCOCK RD
    VIENNA, VA
    Photo of 2511 BABCOCK RD, VIENNA, VA 22181 (MLS # VAFX2149442)
    $1,295,000
    Lot Size
    14,811 sqft

    Home Size
    3,240 sqft

    Beds
    4 Beds

    Baths
    4 Baths

  • 8807 HIGDON DR
    VIENNA, VA
    Photo of 8807 HIGDON DR, VIENNA, VA 22182 (MLS # VAFX2149464)
    $1,088,888
    Lot Size
    10,455 sqft

    Home Size
    2,410 sqft

    Beds
    5 Beds

    Baths
    3 Baths

  • 610 MEADOW LN SW
    VIENNA, VA
    Photo of 610 MEADOW LN SW, VIENNA, VA 22180 (MLS # VAFX2149952)
    $1,495,000
    Lot Size
    N/A

    Home Size
    3,368 sqft

    Beds
    6 Beds

    Baths
    6 Baths

  • 626 HILLCREST DR SW
    VIENNA, VA
    Photo of 626 HILLCREST DR SW, VIENNA, VA 22180 (MLS # VAFX2149036)
    $3,600,000
    Lot Size
    23,523 sqft

    Home Size
    9,092 sqft

    Beds
    7 Beds

    Baths
    9 Baths

  • 904 DALE CT SE
    VIENNA, VA
    Photo of 904 DALE CT SE, VIENNA, VA 22180 (MLS # VAFX2149540)
    $1,795,000
    Lot Size
    10,455 sqft

    Home Size
    4,937 sqft

    Beds
    5 Beds

    Baths
    5 Baths

  • 9838 CORAL BELLS CT
    VIENNA, VA
    Photo of 9838 CORAL BELLS CT, VIENNA, VA 22182 (MLS # VAFX2149568)
    $1,200,000
    Lot Size
    20,038 sqft

    Home Size
    3,020 sqft

    Beds
    4 Beds

    Baths
    4 Baths

  • 10009 MURNANE ST
    VIENNA, VA
    Photo of 10009 MURNANE ST, VIENNA, VA 22181 (MLS # VAFX2149646)
    $3,300,000
    Lot Size
    21,780 sqft

    Home Size
    9,750 sqft

    Beds
    7 Beds

    Baths
    9 Baths

  • 131 KINGSLEY RD SW
    VIENNA, VA
    Photo of 131 KINGSLEY RD SW, VIENNA, VA 22180 (MLS # VAFX2149584)
    $2,525,000
    Lot Size
    21,780 sqft

    Home Size
    7,793 sqft

    Beds
    6 Beds

    Baths
    7 Baths

  • 3005 SPICE CT
    VIENNA, VA
    Photo of 3005 SPICE CT, VIENNA, VA 22181 (MLS # VAFX2148724)
    $599,000
    Lot Size
    1,307 sqft

    Home Size
    1,940 sqft

    Beds
    5 Beds

    Baths
    4 Baths

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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 clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for Fall 2023 right now.

Thanks for reading, and 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

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