March 2009

The Real Powerhouse in Burke Home Sales

I’m very proud to have finally moved to RE/MAX Allegiance, one of the top two largest RE/MAX franchises in the world. I have been thinking about this move off and on for my entire career. It’s what many of us aspire to do but my hands were tied for a decade as I was also a salaried employee with my former Broker. Recently though everything lined up just right and I made the switch. Now I have my first listing with RE/MAX and another on the way. As a buyers agent, I also have several offers out there and one ratified contract. Tomorrow makes one week and it’s like I never skipped  a beat. I instantly feel like I’ve always worked with this wonderful Brokerage.

 

Burke, Virginia Real Estate Brokers – The Top Three (as of (3/31/09)

Burke, VA-Brokers	RE/MAX Allegiance	Long & Foster	Weichert
Active Listings	79	69	42
All Under Contract	72	69	51
Sales	73	58	48
Listings Sold	60	48	26

 

Information provided through an MRIS search using the Broker code.

What’s an Earnest Money Deposit?

The earnest money deposit is not your down payment but when you complete the purchase of your new home, the money is applied towards your down payment or cosing costs. A deposit is required with the submission of an offer. The amount of the deposit isn’t set and is negotiable.

During the process of writing the offer, one of the things you’ll need to decide is how large a deposit you’d like to make. You want the deposit to be large enough to get the sellers attention. If your offer included a $100 EMD check, the seller would not take it seriously. If you have to compete for a house, a larger deposit may impress a seller enough so they will accept your offer instead of someone else’s, even if your competition is offering the same price or slightly more.

What amount is required? There is no rule of thumb but I’ll give a couple of recent transaction examples. On a sale of about $300,000 people have written checks for $1,500 – $4,000. On a sale of $700K-$800K the checks have been $7,000 to $15,000. I once had a buyer write a $27,000 check on a $600,000 home because he wanted to make sure his offer was noticed. He did win in competition for that house.

Several contingencies may need to be removed before your money is truly at risk and your agent should make you aware of those deadlines. Contingencies may include:

• Financing
• Appraisal
• Home Owners Association or Condominium Document Review
• Home Inspection
• and possibly more

Before the contigencies are removed, you can ask for things to be repaired or decide not to buy the home and get your deposit back. Once the contingencies are removed you’ll be more confidant in the home you’ve chosen. When you go to settlement, your earnest money deposit is given back to you in the form of a credit or a check.

Alexandria Mt Vernon Home Sale Success

Over the past four months, we’ve had the pleasure of working with Roy to find a home for our family. We had seen first hand how pushy some realtors can be, but we were pleasantly surprised by Roy’s willingness to do everything he can to make our experience comfortable. As first time home buyers, we were not in a hurry to buy just any house, so we took our time, and Roy did not mind at all.
I had special requests and circumstances because my in-laws were going to live with us. Roy understood our concerns and went out of his way to make sure we found the right home for us.
Roy’s kindness, openness, and honesty assured us that we had chosen the right person to help us make the biggest decision we’ve made since our marriage.

When we finally settled on a house, Roy spent hours there making sure everything was functioning correctly and that we would be getting the best deal possible. When our families came to visit the house, they all mentioned how nice Roy was to them and how he made them feel so comfortable.

Roy– we really appreciate your time and effort in helping us navigate the often complex house buying process. You made our visits enjoyable, and gave us the freedom to think about our choice for as long as we wanted. Our indecisiveness did not frustrate you, and your patience helped us get through the last four months.

Thank you again for everything, and we look forward to having you over in our new home!

Warm regards,
Tuqa & Ahmed