Don’t be so intimidated to ask your Realtor to explain terminology.
Yes, I know you TiVo HGTV so you can watch House Hunters with breakfast but I also understand that some jargon remains a mystery.
If there is something, then leave me a note or suggestion. Don’t be cryptic please.
But, before that excitement, read some of the questions people asked me recently.
The real estate “Kick-Out Clause”
A client in Vienna recently asked about the term “Contract with no kick out” which he saw stated on Zillow or Realtor.com .
There is always some confusion with this statement because buyers, typically, can void a contract after a home inspection or radon test. Voiding a contract isn’t the kick-out that they are referring to above.
The Regional Sales Contract that NVAR members use have established kick-out clauses that are used when a home buyer has a home to sell herself.
For example, Bob agrees to sell his home in Vienna to Kathy, but Kathy has a condo to sell in Ballston first. He accepts her contract with the written agreement that he can still market his home hoping to find a non-contingent buyer
If non-contingent Steve puts in an offer on Bob’s home which Bob accepts, then Bob will have to give Kathy Notice that she has 72 hours to remove her her contingency or Bob will kick her contract out and sell his house to Steve.
That “Notice” is the official Kick-Out.
I hope that explains the scenario a little, if not then let me know.
Jargon in real estate marketing is just confusing
I also stopped by a client’s home, again in Vienna, and she showed me a postcard from an agent proudly announcing a new listing on her street. The postcard was in black and white, had no photo of the house, and included a typo (oy vey), and the agent also included a little Realtor jargon.
Okay, if you are putting a $800,000 home on the market and mailing a postcard to the neighborhood touting your credentials as a “Neighborhood Specialist”, then why not spend some money on a color postcard? And why not have your friend read over the copy before you send it to Kinkos for printing?
So he added a description of the house as being “updated and having a gourmet SS kitchen…”.
Of course I read it as a stainless steel kitchen.
But my client had read it as some sort of code for a brand that she didn’t know.
That’s a Realtor-Jargon-backfire!
Alert Me to Jargon!
What is your pet peeve Realtor jargon that you see on HGTV? Let me know and I will write a future blog post on it.