A Wachovia short sale is preferred by every short sale agent I know. That's because Wachovia cuts through the crap and expedites the approval process. Lately, I've been receiving 24-hour turnaround. It doesn't mean that every short sale approval we get from Wachovia, though, is the approval we expect to receive. Every so often, Wachovia issues a counter in that approval letter. This morning, Wachovia informed me that we need to "work the numbers backwards" to arrive at the countered sales price. Which we can do, no problem.
I have received so many offers on that particular short sale that I am confident one of those buyers will step up to the plate. Some of my Sacramento short sales are like that. Very popular. Some not so much and those take longer to sell. Yesterday, I received 6 offers on one short sale. An all-cash offer. Some out-of-the-ballpark offers. Agents begging, jockeying for that edge. There is no edge. The seller and I want the most qualified and committed buyer.
When an agent carries on and on about how qualified the buyer is, that behavior makes me want to run the buyer through the tax rolls. Sure enough, 9 times out of 10, that "extremely qualified" buyer actually owns another property that is upside down. Owning an underwater home doesn't mean the buyer won't get approved to buy another home, but it does mean the odds are against it. An underwriter will scrutinize a loan for an upside-down borrower more carefully. When we have 6 offers, why would we take an offer from a buyer who may or may not get out of underwriting?
Here is a Wachovia short sale in 95818, in the same ZIP but just the other side of Broadway from homes in Land Park. This is a 1912 Craftsman bungalow duplex, with one rental upstairs and another on the main floor. According to the seller, the rent for the main floor is $1,300 a month and $1,000 a month for the second-floor unit; however, the second floor unit is vacant. The main-floor tenant is long term.
This duplex has central heat and air, which is sometimes missing from duplexes in this area. It is situated close to the W-X freeway. But with the windows closed and the air on, the tenants probably don't hear any freeway noise. It's the location that accounts for the price. If this home could magically move to the other side of Land Park Drive, the sales price would most likely be double.
According to the Sacramento County Assessor, the square footage for the entire building is 1,930. Each unit is a two-bedroom, one-bath but the main floor unit is much bigger than the upper floor. The rooms on the main floor are spacious, plus the main floor sports a sun porch and a front porch.
The floors are tile and wood, and there are partial dual pane windows, plus, somewhat newer appliances in the first-floor kitchen. The zoning is R3A. You'll find a one-car garage in the back yard off the alley, but I don't advise trying to park in it. Drive by only. Inspect with offer.
2217 17th Street, Sacramento, CA 95818 is exclusively offered by Lyon Real Estate as a short sale at $258,000. For more information, call your Sacramento short sale agent, Elizabeth Weintraub, at 916 233 6759.
Photos: D. C. and Elizabeth Weintraub
UPDATE: 8/31/10 THE BANK WOULD NOT ACCEPT THE BUYER'S OFFER AND THIS HOME WENT TO FORECLOSURE.
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