It seems that Sacramento buyers and their agents don't pay much attention to a short sale listing until it goes into "active contingent" status. The minute one buyer wants that home, then everybody else in town wants it as well. Desirability increases when an offer has been received. It's like the nerdy guy at the high school dance who brings a hot date. If he came alone, other women wouldn't give him the time of day, but the minute he's seen in the company of a beautiful woman, other women are falling all over him.
Active contingent means the seller has accepted an offer and sent it to the bank.
I get a ton of phone calls every day from agents asking about status on my "active contingent" short sales. Mostly they want to know if I have any offers. I explain to them that "active contingent" means there is a offer. In some cases, I may have as many as 18 to 20 offers on my short sale listings. Especially if the home has been on the market for at least 3 to 4 weeks.
I wonder where these agents are working in Sacramento that they seem unaware that an attractively priced short sale home in a desirable location most likely has more than one offer.
Yet they continue to write offers. Last night I received another offer for a short sale home in Sacramento. I have at least a dozen offers on that home. Does the agent hope all 11 back-up buyers are going to disappear by the time of short sale approval?
Yes, it's a fact we have very little inventory in Sacramento, but this kind of activity is bordering on desperation.
Photo: Big Stock Photo
Elizabeth Weintraub is an author, columnist for The New York Times-owned About.com , a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park , Curtis Park, Midtown and East Sacramento . Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.
The Short Sale Savior, by Elizabeth Weintraub, available at bookstores everywhere and Amazon.com.
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