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Surely A Short Sale Bank Will Take Less Now, Right?

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

When a home doesn't immediately sell at the price a short sale bank has preapproved, sometimes buyers think that after the home sits on the market for a while without any offers that the bank will see the error of its ways. I'm not sure where they get that idea. The only thing I can figure out is they don't know much about how short sales work and they figure banks are desperate when in actuality, the bank doesn't even own the property and probably doesn't want to. Not to mention, sometimes a home doesn't sell right away as a short sale because buyers, if they have a choice, generally do not want to buy a short sale.

You can read more in my personal blog today about Why a Lowball Offer on a Preapproved Short Sale Price is Silly.

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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.

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Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

We discourage buyers from short sale properties.  I tell them that it's easier to negotiate with a real person than a bank (or 2) 1,000's of miles away.

Jun 24, 2015 12:16 AM
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Oh yes.. oh yes, oh yes. One time I had an attorney call me  for buyers who had submitted a low ball offer, the bank gave a counter they didn't like... walked (months and months before). He ranted and yelled and gave me much aggravation. Like stomping his feet and calling me names was going to get the lender to do what he wanted. And he was screaming about how it would go into foreclosure, how foolish of the lender... on and on. 

At the time the lender had a rule in place that said they would NOT take a new offer from anyone who had previously had an offer in. I have no idea why. Made no sense to me, but hey... none of this does. 

Anyway, bottom line, he ends up yelling and yelling at me, then basically calls me a liar. 

I called him on it, and never, ever ever have I referred any business to him. 

Like lenders ever make sense anyway. 

Jun 24, 2015 12:46 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Very good way to put it.  The banks in a Short Sale don't care and certainly less motivated to take less since they don't have the home in inventory.  

Of course, the idea that they will take less probably started because Short Sales came to common public knowledge during the real estate crash when market value changed every week.  Down, down, down.  Banks wanted ahead of that to get out before it got lower.  Now?  They want to wait it out and get as much as they can since the markets are in substantially better shape.  Banks aren't dumb.

Jun 24, 2015 06:41 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Chris and Dick Dovorany It's every agent's right to advise their clients as they see fit but sometimes passing on a short sale means passing on the best property fit for that buyer.

Andrea Swiedler It's funny when others try to apply logic to the way bank guidelines work and the payments they get from PSAs. People don't know what they don't know, and nobody knows everything, not even yours truly.

Jun 24, 2015 09:08 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Chris Ann Cleland Just received another offer for $50,000 under the list price, which is very close the bank's preapproved price and the buyer feels justified because "it's cash." LOL. They can't play in my sandbox because they keep pooping in it.

Jun 24, 2015 09:09 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I feel your pain.  Ugh.

Jun 24, 2015 09:22 AM
James Dray
Fathom Realty - Bentonville, AR

Good morning Elizabeth.  You can pound the point home with a sledge hammer and some people still just don't get it.

Jun 24, 2015 07:54 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Elizabeth.  These wanabe investors have no idea how short sales work.  They are time suckers for sure.

Jun 24, 2015 08:42 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Elizabeth.  Most buyers have totally unrealistic ideas of how banks actually work short sales.

Jun 24, 2015 09:52 PM
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Elizabeth Weintraub Sacramento Broker

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Broker-Associate at RE/MAX Gold, Midtown and Sierra Oaks Sacramento office. Co-partner Weintraub & Wallace Realtors. Selling since 1974. Homebuying expert at The Balance. Weintraub & Wallace sells homes from Galt to Lincoln.
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Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying expert for The Balance, a Land Park resident, who specializes not only in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento but sells extensively from Elk Grove to Lincoln. Weintraub is prominently known as the #1 Sacramento Short Sale agent throughout the Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 40+ years of real estate experience to work for you.

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