DC Real Estate News

I was away last week on vacation; but like any Real Estate Agent and work-a-holic; I checked email at least 2 times a day.

Early last week I received a random email asking me a question about home buying.  Not knowing how the person found me or why; I still sat down and sent a very detailed answer and asked them to contact me with more questions and set up a face to face meeting.

I heard nothing in return.  OK – well as is life sometimes.

Two days later; a different person emailed me and asked a different question.  Something seemed weird – 2 random people emailing me out of the blue?  Well I still took time out of my vacation to answer the person and again asked them what other questions I may help them with.

Nothing back.

Since then – I have received 2 more of these “random” emails.  All from different people using different emails at .gmail and none of them are soliciting anything or trying to sell me something or anything that a true spammer would want to do.

I am confused?  What's the deal ???

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

SPAM ... no not that mystery meat in a can - I am talking the SPAM of the current times.  The stuff that fills our email daily and now - I am seeing all over my blog comments.

In the past week I have had all these SPAM comments pop up on old blog posts.  Of course I "report them" and the hit the "delete" button.  The comments are up for about 10 minutes on average.  I wish Active Rain would have a better way of finding these folks and blocking them from our blogs.

I just don't get the spamming thing?  The Spammers MUST make money at this - or else why spend your time doing it?  It's is such a frustrating thing - but one of the things we deal with in the age of the Internet I guess.

In the meantime - my "delete" button is poised at the ready !

I was reading a post from Todd Clark and there some comments made that made me come up with this post.

In the Real Estate business we love to throw around words and terminology; yet often they are not exactly accurate.  We are not lawyers; but we are so close to practicing law - it is sometimes scary!  Note: I am NOT a Lawyer; but this is how I see things.

Realtors and their clients need to understand some basic terminology.  The most important is the word "CONTRACT".

Contract: A contract is an exchange of promises between two or more parties to do, or refrain from doing, an act which is enforceable in a court of law. It is a binding legal agreement

One of my biggest pet peeves is when an agent calls me and says; my buyer and I are sending over a contract for you to present to your sellers.  First of all it is called an Offer or Purchase Offer.  It is NOT yet a CONTRACT !

In fact; you don't have a CONTRACT until, all parties have agreed on the terms; signed the contract (including any changes made) and the last party to sign; delivers it to the other party.

THEN it is a CONTRACT.  You may have a "Verbal" agreement or contract; but Verbal contracts are not enforceable in Real Estate.

Now comes THE SHORT SALE ....

Here is where most Realtors and Brokers cannot agree.  A short sale is a sale which must have the bank/lenders approval before the home can be sold/bought.  Many Brokers and Agents say: It's not a contract until the Bank Approves it.  Well in a traditional sale; a contract is still contract while the buyer waits for an answer from the lender.  What makes this any different?

OK; so can someone tell me where in the CONTRACT; does it say the bank is a party to the contract?  They are not.  The contract is between the sellers and the buyers.  NOT the bank.  If the Buyers and Sellers have signed and delivered the purchase offer it IS now a contract.

Of course the argument is that the sellers cannot go through with the contract without bank/lender approval.  Does that mean it's not a CONTRACT?  

I see it as a CONTRACT until (and we all know it can take months) the bank says "NO" - then the contract cannot be executed by the seller and must be canceled.

Know the difference between an OFFER, a CONTRACT, and a CONTRACT with conditions (like Bank Approval).

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

Many weeks ago I wrote a post about it being difficult for the public (and the agents) to search exclusively for Foreclosed Properties.  The few web sites that are

 out there; want to charge for this information. 

Well someone at my company heard our cries and now Coldwell Banker offers this search.  I have tested it and seems to only have Bank-Owned properties in the search; although as with any listing in the Multiple Listing Service; the search ability is only as good as Listing Agents ability to enter in all the correct information!

Go here to search for BANK-OWNED PROPERTIES in the Washington DC Area:

                            FORECLOSED / BANK-OWNED PROPERTIES FOR SALE

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the Greater Washington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

I have been hearing and seeing some things that are getting on my nerves.  Sellers who think that they can use the Short Sale process as a "get out of debt free" card.

More and more sellers are finding they want to move and can't.  Between stories from friends and colleagues, questions on sites like Trulia, and emails from past (and present) customer and clients; many folks think that they should just do a short sale.

A great many Realtors won't even touch short sales because they take forever and often never come to fruition. One reason, may very well be, that the banks are inundated with requests for a short sale; when it really is not justified.

There used to be a day and time when folks who made bad decisions, lived with them.  They worked harder and tried to fix their problem.  Now, people are often just 'walking away' from their problem.

I had a past client say to me about a week ago; "I really want to move; so I think I'll just do a short sale and rent for awhile."  WHAT?!  And ruin your credit?  This woman thinks it won't be much of an issue.  She wants to rent, has a new car and thinks that by the time she wants to buy again, her credit will be better.

I was amazed (and appalled) at her suggestion.  I simply told her that Short Sales were for people who were in serious trouble and not for those who just wanted to "move on".  I think she may very well call another agent.  Very well; I have my standards - I don't mind losing this potential deal.

We often love to ask where the accountability is for big business.  The banks, Wall Street, the Auto Companies.... well who is holding these people accountable?  I guess many folks feel that since Big Business can get a Bail-Out; so can they.

Has the whole world gone mad?!?

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the Greater Washington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA