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The Trouble With Sacramento Fixers and a Short Sale

By Elizabeth Weintraub Sacramento Broker

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

October 29, 2015 02:55 AM

Fixers in Sacramento are not for everybody. In fact, few ordinary first-time home buyers want to touch a fixer home in Sacramento. They don't know anything about fixing up homes and don't want to. The buyers for damaged homes are investors. And we have no shortage of investors in Sacramento who want to buy a fixer home.

The really big time for investors and flippers was several years ago, but even those late to the party are trying to jump in and become a megastar flipper. I have no problem finding investors to make an offer. What I have problems with are finding investors who are willing to make reasonable offers, wait for approval while I persuade the bank that the offer is viable, highest and best. Fortunately, I've come up with a solution for that dilemma.

You can read more in my personal blog today about this at the following link: Tips for Selling a Fixer Home in Sacramento as a Short Sale.

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Raymond E. Camp

Ontario, NY

Good afternoon Elizabeth,

We have an abundance of investor's rehabbers etc. the difference here is the properties have a list price for what they would sell for in A1 shape. Any offer that is not close and with 10% is automatically rejected and some of these properties have been on the market close to a year. The banks have unlimited funds and keep holding out.

Make yourself a great day.

Oct 29, 2015 03:16 AM

Chris Ann Cleland

Long and Foster Real Estate - Gainesville, VA

Associate Broker, Bristow, VA

I've got to change the description of one my short sales to be a bit more detailed on the deficiencies, hence the reason for the lower price.

Oct 29, 2015 09:48 AM

Elizabeth Weintraub Sacramento Broker

Here is my description: We are amazed the home is still standing. The exterior siding looks like bears attacked. Stuff is growing inside on the walls. Needs a new roof is putting it mildly. Garbage, debris, unidentifiable glops cover the flooring and the floor that is visible is torn, stained and mutilated. Water damage. Trash from end to the other. Should probably be gutted. Use caution, home is uninhabitable and most likely dangerous to your health. A good fixer for some lucky buyer with vision for its potential.

Oct 29, 2015 10:00 AM

James Dray

Fathom Realty - Bentonville, AR

Good morning Elizabeth. This line caught my attention. My office assistant called me etc.. Why doesn't everyone just be honest and tell it like it is? This would just make our job easier.

Oct 29, 2015 07:48 PM

I suspect it's because most agents are wired to auto pilot marketing comments and probably don't stop to ponder the benefits of targeting specific types of buyers.

Oct 30, 2015 03:50 AM

Joe Petrowsky

Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT

Your Mortgage Consultant for Life

Good morning Elizabeth. I do a lot of FHA 203 K business, the crazy part is the majority of this business comes as referrals from banks and credit unions that just don't want to do these loans.

Oct 29, 2015 08:24 PM

We don't deal with too many 203k here, I think I've handled one of those last year. Generally it's cash.

Oct 30, 2015 03:51 AM

Conrad Allen

Re/Max Professional Associates - Webster, MA

Webster, Ma, Realtor

Hi Elizabeth. Sending pictures with the cost to cure is brilliant. Even the dumb ass banker can understand the issues.

Oct 29, 2015 08:44 PM

Well, if the BPO agent doesn't see it or understand it, that's the only way to get the information to the bank. Trying to fight comps with comps only makes them choose the higher comps.

The Trouble With Sacramento Fixers and a Short Sale

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Elizabeth Weintraub Sacramento Broker

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