sacramento short sales: Buyers Acting Like Days of Sacramento Short Sales
- 09/12/18 08:42 AM
In retrospect, 10 years ago, the height of short sale flurries in Sacramento real estate, that's when I probably made the decision to solely represent sellers. That period of time in 2008 taught me there is a lot more to selling a home and representing a seller than moving a product. It's managing expectations, helping sellers to avoid pitfalls and problems by anticipating the actions of others. Coaxing them to closing. All of that was contingent on buyers doing what they promised. Which rarely happened. Because many home buyers were squirrely as all tomorrow, unsure, confused and noncommittal. Not to mention, listing … (7 comments)
sacramento short sales: When You Cannot Make up Worst Stuff About an FHA Short Sale
- 11/23/16 08:40 AM
When you cannot make up worse stuff about an FHA short sale, then you just stick to the facts. Which is what I have done in my blog today. In the rare occassions when I have had to break bad news to a seller, I call the seller and speak on the phone. I would never send an email or text with bad news because that's like slapping somebody in the face when they are down. People need to discuss, dissect and understand what happens so they can move forward through the grieving process and get past the anger when things … (6 comments)
sacramento short sales: Who Is to Blame When a Short Sale Goes to Foreclosure?
- 10/04/16 03:21 AM
I have a remedy for sellers of a short sale who ultimately end up in foreclosure. In fact, I am amazed that the short sale addendum in California does not seem to address this problem. Because every so often, a short sale will go to foreclosure. It doesn't happen anywhere nearly like it used to 10 years ago, but there are still short sales in Sacramento that can end up at a trustee's auction and, even with holding a viable offer, the bank won't postpone the auction. However, this is not really the bank's fault. Would you like to know whom … (4 comments)
sacramento short sales: Sacramento Short Sales: Who Ya Gonna Call?
- 09/30/16 02:26 AM
It's a relief that short sales in Sacramento have been on the decline. It means our economy is recovering and prices have rebounded. We're not quite back to where we were in 2005 when the downturn began, but I'd say we're at least at 2008 prices when the second big crash happened. Over the past 10 years, I have sold more than $76 million in short sales. I don't get a lot of short sale calls these days because there are not a lot of short sales anymore in Sacramento. But for a buyer who wants to buy a short sale, … (3 comments)
sacramento short sales: Why Short Sale Banks Do Not See Reason
- 05/10/16 01:33 AM
Sometimes agents around the country still call me to discuss short sale dilemmas. You'd think after all the winding down of short sales everywhere, that agents would have a better handle on how short sale banks operate. I still see the same attitudes today in Sacramento as 10 years ago. Nothing has really changed. Yesterday an agent in Florida called to talk about the senseless actions of a particular bank. I've worked with that bank on many other transactions, and maybe I've just hardened to the process. I focus on what it takes to get approval on my Sacramento short sale, not … (10 comments)
sacramento short sales: No Dragging of Feet on Sacramento Short Sales
- 07/19/15 02:30 AM
It is almost unbelievable that I am still selling a big percentage of the short sales in Sacramento because so many of my sales month after month are from sellers who have equity. Plus, the equity sales typically involve tougher negotiations, if you want to know the truth. Buyers realize they can't get away with much on a short sale anymore, but those equity sales, if there are not multiple offers involved, can present challenges. Still, it's going to be a good month for this Sacramento Realtor in July. I'm astounded myself when I look at the numbers. You can read more … (3 comments)
sacramento short sales: When is a Seterus Short Sale Not a Short Sale?
- 06/19/15 01:57 AM
The games played among lenders in a short sale never cease to amaze, and I guess they get away with it because nobody reports them. Who is gonna complain in a short sale? The real estate agents are too busy with other transactions to hop on a white horse. The sellers just want out. The buyers just want in. And the fat cat bankers are leaning back to smoke those cigars and down that glass of bourbon, counting all the money. Recently, the newest thing I've seen is for a short sale bank to decide it is owed all of the back … (5 comments)
sacramento short sales: The FBI and Mortgage Fraud in Sacramento Short Sales
- 11/07/14 12:17 AM
One of the things that I have learned over the years of doing Sacramento short sales is how to present a short sale package to the bank so it will be accepted and keep the seller out of jail. I often run into sellers who have their own ideas of how the short sale should be handled and sometimes I have to say no to listing their short sale. I had a short sale listed in Novato a few years ago as a favor to a friend in which the seller wanted to commit short sale mortgage fraud. They refused to … (8 comments)
sacramento short sales: Please Don't Send This Agent to the Grocery Store
- 10/21/14 11:19 PM
Another escrow closed yesterday. This was one of those rare Sacramento short sales that we started at the end of June but they all eventually close. Three to 4 months, start to finish on average because they all seem to have 2 loans and they are all HAFA. Knock on wood, I haven't had any fallouts from the short sale end of my business for years. That's because we vet the buyers carefully, choose the most committed and closest to market value so the bank will accept the offer, on top of making certain the sellers are qualified. I've closed hundreds … (5 comments)
sacramento short sales: Saving an FHA Short Sale Seller in Sacramento From Foreclosure
- 09/05/14 01:28 AM
Imagine the conversation I had last spring with a Sacramento short sale seller, trying to explain to him that his Tahoe Park listing had expired and there was a pending sale status noted in MLS, so I couldn't enter a new listing because of it. He had the home listed with another real estate agent as a short sale in Sacramento. Apparently, the seller had received an offer and the agent had moved the listing into pending status. And that was the end of the story. From last year. The seller did not recall signing an offer, but I later discovered … (5 comments)
sacramento short sales: The Sacramento Short Sale That Lasted Over 2 Years
- 09/04/14 02:21 AM
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 … (9 comments)
sacramento short sales: The Bugaboo in Hamp Rate Resets on Those Sacramento Loan Modifications
- 07/19/14 01:12 AM
I've been so busy lately taking care of my listings in Sacramento that I haven't come up for air to analyze what's going on, but this morning I read a blog on Active Rain warning about the HAMP rate resets. Suddenly, it became crystal clear that the day I feared would happen many years ago is about to arrive, and it's why so many sellers are all of a sudden calling me to negotiate and sell their home as a Sacramento short sale. They have a HAMP loan modification. Of course! I actually saw that one coming but forgot about it. … (7 comments)
sacramento short sales: The Proactive Approach to a Fannie Mae Short Sale in Sacramento
- 03/13/14 01:59 AM
At least when an agent is dealing with a Fannie Mae short sale, even with all of its supposed improvements, the agent is still dealing with the devil she knows. These government-sponsored entities, although winding down operations, have been the proverbial thorn in every short sale agent's side, from California to Maine for years. It doesn't matter whether the investor is Freddie Mac or Fannie Mae, both are equally a PITA to a Sacramento short sale agent. You can't ignore them but you can find a way to somewhat work with them. I believe in taking the proactive approach to my … (4 comments)
sacramento short sales: The Main Problem With a Sacramento Short Sale Today
- 03/07/14 12:33 AM
An agent asked a few days ago how I handle disappointment, because being disappointed happens to a lot of people involved in Sacramento real estate. The thing is I don't focus on it. In fact, I get rid of it as quickly as possible once I realize I've reached the river of no return. Fortunately, I don't face very many disappointments because my business is fairly balanced. I also keep my expectations low, which tends to minimize disappointments that can become inherent when dealing with other people. It is rare that I have to fire a seller or a buyer as … (6 comments)
sacramento short sales: Peter, Paul and Mary Aren't Crying Over Sacramento Short Sales
- 03/01/14 01:17 AM
I started out my blog on my personal website today talking about a song but it's not a Peter, Paul and Mary song like you might expect. It's a little more contemporary, if you can call The Jayhawks contemporary, and I'm not sure that you can. One of the guys in the Jayhawks was also in Golden Smog, and I caught their performance one steamy summer afternoon in the mid 1990s at the Grand Old Day Saint Paul extravaganza. My girlfriend and I staked out a spot at the front of the stage, while we sat in the hot sun and … (9 comments)
sacramento short sales: Working That Green Tree Short Sale in Sacramento
- 02/18/14 12:31 AM
It seems lately that every time I turn around, I am bumping into a Green Tree short sale in Sacramento. Some of my short sales have a Green Tree loan in first position but most of them are in second and hard money. I had a conversation with a Bank of America negotiator a few days ago about Green Tree because Bank of America wanted to offer the sellers a Cooperative Short Sale. Well, that's all fine and dandy if there is no second lender, but a second lender can throw a wrench into a Cooperative Short Sale transaction, and Green … (3 comments)
sacramento short sales: A Milestone for This Sacramento Short Sale Agent
- 10/17/13 01:34 AM
I have not been tracking how many short sales I have sold since 2006, but I do track short sales on my website starting in January of 2010. These are just the short sales in which this Sacramento real estate agent represents the seller, I believe. I don't think I've got very many buyers in that mix unless I ended up representing both sides, which can happen when short sales blow up. Buyers get weird, demand repairs, want price reductions or they just become unmanageable for their buyer's agents, so I find the buyer myself and refer them to a team … (5 comments)
sacramento short sales: Breaking Bad Finale and the Slowing of Sacramento Short Sales
- 09/30/13 01:20 AM
Every good thing must come to an end at some point to allow room for something else, and the end of AMC's Breaking Bad, coupled with the slowing of Sacramento short sales, seem to coincide. I was thinking about that yesterday when I drove to a home near Elk Grove to meet with the sellers, a charming couple who had moved to another town. Last year at this time short sales were closing escrow hand-over-fist, and this year the inventory of short sales in Sacramento has dropped by about 80%. Thank goodness this Sacramento real estate agent sells other types of … (6 comments)
sacramento short sales: Why Would a Bank Issue a Short Sale Denial Letter?
- 09/21/13 01:38 AM
Some people might wonder why I would write about a short sale that was denied because it's not a way to attract business. I write about it because it's so rare to have it happen. It's like a bolt of lightning striking your home. Just not gonna happen during your run-of-the-mill rainstorm. It's probably just gonna rain. As long as the seller qualifies for the short sale and the sales price is market value, my Sacramento short sales tend to get approved. If I see a situation in which the seller has an extreme hardship such as losing a job, coupled … (7 comments)
sacramento short sales: The State of the Sacramento Short Sale Market in June 2013
- 07/22/13 02:18 AM
There was a time last year when I was juggling more than 70 escrows a month, most of them were short sales. That market in Sacramento has finally slowed down. I predicted it was over last spring and got push-back on it. But the statistical facts tell a pretty convincing story about short sales in Sacramento. In June of this year, we had 2205 homes for sale and, of those, only 255 were "supposed" short sales. See, this is the thing about short sales in Sacramento, many of them are not really short sales. Just because they are listed in MLS … (7 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.
In retrospect, 10 years ago, the height of short sale flurries in Sacramento real estate, that's when I probably made the decision to solely represent sellers. That period of time in 2008 taught me there is a lot more to selling a home and representing a seller than moving a product. It's managing expectations, helping sellers to avoid pitfalls and problems by anticipating the actions of others. Coaxing them to closing.
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