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The Sacramento Short Sale That Lasted Over 2 Years

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

My partner in crime and I are going out to Waterboy to celebrate our endurance over closing this Sacramento short sale in Carmichael, which lasted for more than 2 years. You get to know people fairly well when you're working with them over a two-year period. With the bulk of my real estate sales in Sacramento, I meet the sellers, offer staging ideas, shoot professional photos, pick a price, suggest the buyers pound sand when they try to renegotiate and successfully close the transaction, all within a few months. These are not long relationships. In fact, with some, especially the escrows that close within 3 weeks and it's over, I'm archiving the file with sadness, hey, we just started to get to know each other and now you're gone. It's a little bit of emptiness inside when a transaction closes and sellers move on.

But not this short sale in Carmichael with Bank of America and Fannie Mae. No way, Jose. It dragged on for 25 months, enduring twists and turns and bumps in the road until it finally closed today. You can read more about this miracle in my personal blog today about Closing a Bank of America Short Sale After Two Years.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments (9)

Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Elizabeth....made me thing back on my first short sale...It took almost two years also.

Sep 04, 2014 02:35 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

My personal record for the longest short sale is 7 months and I don't have any immediate plans to replace that record.  I'll be perfectly happy if it stands as a lifetime achievement. :)

Sep 04, 2014 02:45 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

No one has the endurance to stick out this more tricky Sacramento Short Sales like you.  Congratulations to you and your seller.

Sep 04, 2014 09:30 AM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Elizabeth.  Approval in 18 days.  I don't think I have heard of that before.  Perseverance!!!!!!!  You didn't do this one for the big buck commission.

Sep 04, 2014 08:58 PM
James Dray
Fathom Realty - Bentonville, AR

Morning Elizabeth.  That had to have been one heck of a buy for them to wait that long

Sep 04, 2014 09:56 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Two years - That has to be close to a record amount of time, Elizabeth.  When I stop to consider the amount of patience it must have required of all the parties involved, I shake my head!  CONGRATULATIONS on getting it successfully closed!

Sep 04, 2014 10:47 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Ronald DiLalla Yeah, and I bet the year was 2006. That was 8 years ago!!! Things should have improved by now, doncha think?

Norma Toering I'm not sure on my record, but I'll bet it's at least 3 years.

Chris Ann Cleland Who knew I had all this patience? I've always thought of myself as a highly impatient person, LOL. Short sales have changed me in that way.

Conrad Allen Yeah, 18 days, I could see it with another bank but this had to go through the third party vendor >> bank >> investor, so that time period for Fannie Mae was nothing short of a miracle.

Hi James: these buyers entered escrow last month. They were buyers #5.

Hi Myrl:  I've had other short sales exceed that period of time, I hate to admit. It all depends on how reasonable the bank is and the buyers willingness to tough it out.

Sep 05, 2014 02:39 AM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

It was amazing that you got that done.

Sep 05, 2014 05:19 AM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Kudos to you for your persistence, and following through on this transaction that took over two years to complete. You definitely earned your commission on this one, and hopefully your clients appreciate what you have done along the way.

Sep 09, 2014 02:02 PM