earnest money deposit: Seller Demand to Release Deposit in California
- 01/25/15 12:55 AM
For a fact, I know that I am not the only listing agent in Sacramento to expect buyers and their agents to conform to the purchase contract, but the reaction I sometimes receive astounds me. It's as though the agents cannot believe that we would ask the buyer to perform in accordance with the contract, and they don't understand why we don't just "lay off" the requests for documents such as the Contingency Release. It's not like we enjoy asking for documents. We have a fiduciary relationship to our sellers to do what is best for our sellers, and what is … (5 comments)
earnest money deposit: Can Sacramento Home Sellers Take Buyer's Earnest Money?
- 12/06/14 12:41 AM
Some home sellers in Sacramento tend to believe that if a buyer tries to cancel a purchase contract after releasing all of their contingencies, that the seller is automatically entitled to the buyer's earnest money deposit, which is not exactly the case. Being entitled to it and getting it are two different things. I've worked with sellers who have been hopping mad when buyers can't perform, and they want that earnest money deposit. What they aren't counting on is for the buyer to put up a fight and resist. Sometimes they look at this Sacramento REALTOR and expect me to go … (7 comments)
earnest money deposit: How a Home Buyer Can Kiss Her Earnest Money Deposit Goodbye
- 07/30/12 11:45 PM
We had a banner day in Sacramento short sales on Monday. While last week was one of those rare oddities in which it seemed that every time I turned around I was stepping into a big ol' pile of stinky dog poop, this week is definitely back on track. I am back to a relatively smooth running real estate business with little bumps in the road along the way but no major potholes. I received 4 short sale approval letters yesterday and 2 extensions. One approval was for a pool home in Carmichael. Another was for a Bank of America Cooperative … (10 comments)
earnest money deposit: This Is Why Your Neighbor's For Sale Sign Is Falling Over
- 07/04/12 01:03 AM
Neighbors wonder what's going on when For Sale signs stay forever in the yard. What's wrong with that Sacramento short sale? Because of the changing demographics in neighborhoods over the past 5 to 7 years, many neighbors don't know each other anymore. So, they can only speculate what's happening in their community, especially among the short sales and foreclosures. The truth is there is probably nothing wrong with that short sale house. People might think it's the bank that is being stubborn when it's just as likely to be the buyer who is causing the problem. How do I know this? … (9 comments)
earnest money deposit: When is a Home Buyer's Deposit Not an Earnest Money Deposit?
- 03/08/12 11:13 PM
Although officially on the clock and therefore working, this Sacramento short sale agent did take a trip yesterday with family to San Francisco. We hopped on the Capitol Corridor train, switched to the B.A.R.T. at Richmond and stepped out into the wonderful world of Powell and Market. Around Sacramento, this is known as going to the City. My sister and niece are visiting Sacramento from Minneapolis. That meant I needed to show them one of the most magical places on Earth -- the Nordstrom shoe department. The odd thing about the shoe department at Nordstrom right now is the fact it … (6 comments)
earnest money deposit: How Did Weintraub Manage to Rank in the Top 1% of all Lyon Real Estate Agents?
- 02/25/12 12:12 AM
Lyon Real Estate keeps its awards secret until its annual Awards Banquet. That is why I did not know which awards I would win until yesterday. Apart from being the Number 1 real estate company in Sacramento, Lyon Real Estate has more than 900 agents. To rank in the top 1% means an agent would have to have sold more than at least 891 other agents. It means an agent sells enough to be ranked with the top 9 agents in the company. Yesterday, I received that honor. It's the first time that has ever happened to me. I know I … (8 comments)
earnest money deposit: The Prompt Notification of Short Sale Act vs. the C.A.R. Short Sale Addendum
- 02/22/12 11:50 PM
The unfortunate odds are 9 to 1 that I will receive a short sale offer my sellers cannot accept. That's because buyer's agents are unfamiliar with the C.A.R. short sale addendum. I don't know of any training classes for them regarding the S.S.A, so I am going to provide 2 valuable tips for buyers and their agents at the end of this blog. First, realize that C.A.R. designed the short sale addendum in such a manner that it is misleading. They did it because they did not want to frighten away buyers. Section 1A refers to the amount of time a … (6 comments)
earnest money deposit: Is Everybody Drinking the Same Kool-Aid?
- 10/06/11 04:01 AM
There are some days that seem to be filled with stupidity. There's just no other way to put it. I expect a little stupidity here and there because that's how life is. You take the good with the bad. The smart with the stupid. The honest with the liars. But it can get a little overbearing at times and make an agent wonder: Is everybody drinking the same Kool-Aid? An agent in my office told me about her experiences after a recent closing. She represented the buyers. Buyers who thought she should give them $2,000 of her commission because that's what … (11 comments)
earnest money deposit: The Single Most Important Thing for Selling That Home
- 09/29/11 02:42 AM
A client implied a few days ago that I have other sources of income primarily because I am a real estate broker. It occurred to me how little the public knows about the real estate profession. They talk to friends who feed them misinformation. Being a real estate broker means I am held to a higher standard of knowledge, which can result in a higher level of personal liability, actually. But it doesn't equate to a higher commission check. I still work for Lyon Real Estate, which has its own broker. Moreover, sometimes sellers think that we real estate agents have … (6 comments)
earnest money deposit: Hey, Sacramento Short Sale Agent -- How Solid is That Offer?
- 07/28/11 03:14 AM
When I started in the real estate business, I could not understand why an agent would not answer her phone. Today, I know the answer to that question. My phone rings constantly. If you want to get through to me, it's better to send an email. As a Sacramento short sale agent, I field not only calls from other agents but also from prospective short sale sellers and from those buyers driving by or looking online. Often, the calls I receive from agents are the same. The basically want to know one thing. How solid is that offer? They can see … (8 comments)
earnest money deposit: The New California Short Sale Addendum is Still Not Simple Enough
- 01/22/11 01:28 AM
We all know what happens when decisions are made in committees. Too many fingers in the pie, too many opinions and not enough cooperation. Throw in a few extreme egos, bad haircuts and tight shoes, and you've got a recipe for a brand new California short sale addendum. The new C.A.R. form, SSA, was released last November, shortened, revised, and is supposedly a cleaner form. But it's still confusing to a lot of real estate agents, especially to those who are not short sale agents. Which, amazingly enough, are the agents for whom this form was designed. Regular buyer's agents. It's … (8 comments)
earnest money deposit: Home Buyers Who Make Demands Can Lose Their Real Estate Agent
- 12/14/10 03:00 AM
If I hadn't seen that email with my very own eyes, I would not have believed it. I've been working with a couple whose home I sold last summer as a short sale. It's been a bit of a struggle to get their parents qualified for a mortgage for a variety of reasons, but I finally received the preapproval letter yesterday. This couple had identified the part of Sacramento where they wanted to look. We've been concentrating on a couple of neighborhoods in that part of town and looking at homes. Suddenly, out of the blue last night, I received an … (13 comments)
earnest money deposit: When All Else Fails in That Short Sale, Just Do the Obvious Thing
- 11/08/10 02:23 AM
I was reading an article this morning about buying a private island. There are a lot of people who can't live on an island. They'd go nuts in isolation. They'd crave amenities and modern conveniences. Not me. I'd be happy as -- excuse the expression -- happy as a clam on an island. Well, I'd drag my husband along, kicking and screaming, and he'd be angry at me for a few years, but eventually he'd get over it and learn how to rub two sticks together so I'd get to stop eating sushi. Once I carved 9 months out of my … (4 comments)
earnest money deposit: Home Buyers, For Crying Out Loud, Don't Show the Seller Your Hand
- 09/16/10 02:35 AM
People ask me how I can write a blog every single day. The only answer to that question, really, is that I have thoughts to write about. It generally comes down to choosing among which thoughts to write about -- not whether I have any thoughts. Because sharing experiences, ideas and thoughts with others is something I like to do. But I get a benefit out of blogging as well. I might never know exactly what that benefit is on any given day but I know that I learn, too, by sharing. For example, a while back I wrote a blog … (12 comments)
earnest money deposit: Sacramento Buyers Can Get a Good Deal on a Short Sale Without Lowballing the Price
- 09/10/10 02:44 AM
I'm seeing a weird disconnect lately for Sacramento short sales. Part of the problem, I suspect, is the fact that buyers feel a bit uneasy due to our fragile economy. They are probably uneasy because they are confused about where the Sacramento real estate market is heading. They also might be working with an agent who is trying to make a personal career decision such as whether the agent should stay in real estate or look for a full-time job elsewhere. Without strong guidance, some buyers are left to flop about like a goldfish out of water. Some of the offers … (5 comments)
earnest money deposit: Here is a Fair Oaks Short Sale With a Pool and Spa at a Fair Price
- 08/11/10 02:59 AM
As a Sacramento short sale agent, it's my job to see that my sellers close escrow on their short sales. To that end, it means the buyer and the buyer's agent, plus the purchase offer, all need to qualify for the short sale. A couple of days ago, I received an offer on one of my Sacramento short sales. I emailed the buyer's agent to ask the agent to sign my standard agent promise. Bam. She did. Then I asked if her buyer was willing to release the earnest money deposit to escrow. Bam. Yes. I next inquired about an updated … (5 comments)
earnest money deposit: I'll Take Stepping in Cat Puke, Alex, for $200
- 03/18/10 02:26 AM
What's worse? Stumbling out of bed in the morning and stepping into cat puke or finding out the preapproved buyer for your short sale is not really preapproved? I tell you what, I'll take the cat puke between my toes. You might ask how something like this can happen when the listing agent is holding a preapproval letter from Wells Fargo, and I'll tell you what every agent knows. Many preapproval letters aren't worth dirt. Five months ago, I received an second offer on one of my Sacramento short sale listings. We had previously been in escrow with a buyer who … (19 comments)
earnest money deposit: C.A.R. is Revamping the Residental Purchase Agreement in 2010 for Home Buyers and Sellers
- 12/31/09 02:22 AM
Just when I know the California Residential Purchase Agreement (RPA) by heart -- I can practically recite each paragraph in my sleep -- the purchase agreement is being revamped in 2010 by the California Association of REALTORS (C.A.R.). Nothing is written in stone yet, and there may be many more additions and deletions before C.A.R. is finished with its revision, but holy toledo, some of these proposed changes are huge. There are really good changes proposed such as including the fact that the buyer's earnest money deposit may be handled in accordance with the short sale addendum, and a notice that … (7 comments)
earnest money deposit: Agent Tries to Renegotiate the Short Sale Contract After Acceptance
- 09/01/09 02:12 AM
Some agents may not realize that a real estate contract on a short sale is subject to the same legalities as any other real estate transaction. Last week I received an all-cash, full-price offer on a Sacramento short sale. The agent assured me that the buyer, who lived out of the area, had the ability to immediately wire his 10% earnest money deposit to escrow. The seller was delighted, of course. She signed the offer, and I delivered the offer to the buyer's agent. Shortly after receipt of the offer, the agent emailed to say she had made a mistake. She … (10 comments)
earnest money deposit: Releasing Contingencies in the Sacramento Market is Risky for Shaky Buyers
- 08/20/09 02:29 AM
Because of HVCC, some buyers are standing on shaky ground if they release contingencies. It's considered typical practice due to standard verbiage in the C.A.R. purchase contract to release contingencies on the 17th day after contract acceptance. Of course, there is a box to check that leaves the loan contingency in place until close of escrow, but try checking that box and see how far you get with the seller. So, most buyers are under the gun to perform all inspections and firm up their loans within 17 days. The problem that can pop up in this market is when the … (6 comments)
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. <
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.
For a fact, I know that I am not the only listing agent in Sacramento to expect buyers and their agents to conform to the purchase contract, but the reaction I sometimes receive astounds me. It's as though the agents cannot believe that we would ask the buyer to perform in accordance with the contract, and they don't understand why we don't just "lay off" the requests for documents such as the Contingency Release.
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