I don't know if I would go so far as to call myself the top short sale agent in Sacramento, but then I don't have to because the Sacramento Press said it for me. OK, I'm laughing a little over this because I never claimed that title in our interview but I must haven given that impression to the reporter.
I'm not one of those massively large companies that handle short sale intakes by the hundreds, hand-over-fist. I provide personal service to my short sale sellers and negotiate those short sales in-house.
But reporters call me almost every week as a source for their real estate articles. Probably because with my About.com gig, I'm plastered all over the internet. Even though I'm pretty much swamped with business right now, I still take time to answer questions from the media. After all, my husband is a career journalist (although, I should point out, unemployed since November), and I know how hard that job can be.
I turned down a Sacramento short sale listing yesterday. The Tahoe Park seller had been in negotiations with Bank of America for months, trying to do a loan modification. When she offered the bank a deed-in-lieu of foreclosure, Bank of America told her "it was the law" that she attempt for 3 months to do a short sale. Oh, please. Her home value fell from 2007 to present from the upper $200's to less than $50,000. Her original loan was held by Countrywide.
From my short sale experience, even if we found a buyer who was willing to wait the 4 to 8 months it may take to get this Bank of America short sale approved, this particular seller's circumstances are such that she may not qualify for a short sale.
I told the seller, "Look, I'm in the business of selling short sales in Sacramento; it's in my best interest (not necessarily yours) to accept your listing. If I thought this would work, I'd take it. So what does that tell you?" If handling Countrywide's old loans through Bank of America weren't such a nightmare and Countrywide didn't have such a lousy reputation among Sacramento short sale agents, this poor seller would stand a better chance. And I suggested she tell Bank of America that.
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 in bookstores everywhere and at Amazon.com.
Sacramento Short Sale Agent, Elizabeth Weintraub, has the answers to your Sacramento short sale questions.
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