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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!

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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" 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.

Helping my clients add value to their home has always been important to me. My step-by-step recommendations are intended to increase market appeal, return more then invested, and help net more when selling.

Beyond just sellers, I have helped many new homeowners make smart design decisions when remodeling. We gutted our house and totally remodeled it, and I pass that experience along because living in a nice house is simply better.

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 of Vienna 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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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 2022 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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6723 Whittier Avenue McLean, VA 22101

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