Real Estate Blog - Sacramento Short Sale Agents Are Now Demanding Buyers Release Deposits to Escrow

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Sacramento Short Sale Agents Are Now Demanding Buyers Release Deposits to Escrow

An agent asked me yesterday if it was becoming more prevalent on Sacramento short sales for listing agents and their sellers to expect buyers to submit deposit checks to escrow. She said my active short sale listing was the third home she tried to write an offer on that required a deposit.

You know what I say, right? It's about time that short sale transactions start getting the respect they deserve and that buyers stop treating them as the ugly stepchild of real estate. My short sales close. My short sales are not fantasy transactions. My short sales involve a real seller with a hardship and the home is priced low enough to attract multiple offers to bring the price in line with the comparable sales. Those are the short sales banks approve.

A buyer's agent told me yesterday that his buyer would not put a deposit into escrow, nor would that buyer wait 60 days for short sale approval. Well, that agent should not be showing his buyer short sale homes then. End of story.

Every other agent who has written a short sale offer on one of my listings understands that his or her buyer is actually making an offer. Imagine that! And those buyers put their earnest money deposits into escrow and agree, in writing, to wait. Those are the home buyers who close escrow.

Well, I have to run this morning to meet the producers of House Hunters. We are beginning our 3-day production shoot today. And yes, I promise to blog about how it goes. :)

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Elizabeth Weintraub is an author, home buying 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. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.

Photo: Big Stock Photo

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Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.

Posted by Elizabeth Weintraub, Sacramento Short Sale Agent, 916.233.6759, Lyon RE on 08/05/2009 08:57 AM

Comments (8)

Sacramento Short Sale Agent in the Regional (Localism) Channel

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Originally posted at: Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park: Sacramento Short Sale Agents Are Now Demanding Buyers Release Deposits to Escrow

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8 Comments on Sacramento Short Sale Agents Are Now Demanding Buyers Release Deposits to Escrow

AUG

Hi Elizabeth, Makes sense to me:-) I cannot wait to see you on House Hunters!

I have had successes with the short sales as well, the Realtors I partner with here in AZ really know their business, and we have yet to have a hiccup (knock on wood).

Can't wait to hear about the filming experience. And to watch and say I know her.

Elizabeth: The deposit is what keeps the buyer in the transaction. This isn't a game. This is a real estate transaction!

You got it, Chris Ann. And I make it a hefty earnest money, close to 3% at minimum.

We're on a break now, Tammy and Mary, but I'll definitely let you know when it will air.

Ricky: Oh, crap, now I have to go knock on wood msyelf. :)

I guess if they are not interested in the property don't submit a deposit if they are then they should expect to put up some cash.

I find that that most buyers are totally willing to put their deposits into escrow during the short sale approval process...you are correct - these are not fantasy transactions!!

AUG

It's all about supply and demand as to what you can negotiate on the terms. In my market area, inventory is low and short sales are the only game in town where you can have a chance to get a great deal as the retail stuff is selling above the last comps. So, if I wanted to, I could request a deposit.

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