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Today is My Birthday - And Here is a Story That's Not About a Sacramento Short Sale

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

elizabeth weintraub in 1974One of the coolest birthday presents I have ever received was a wind chime made out of tiny, ceramic, hand-painted houses. Because my friends know that real estate is my passion.

I met a buyer last week who is the same age as me. Let's say her name is Patricia. She called to say she was looking at Lyon Real Estate's website and I was the first agent she called. Joking around I replied, "And lucky for you, I'll be the last agent you call."

Patricia had found a specific home that caught her eye and called the listing agent. He was rude, she said, and refused to show the home unless Patricia was prequalified through a lender. We talked about her search for a new home, the Sacramento neighborhood she wanted, why this particular home met her needs, and I referred her to a mortgage broker for loan preapproval.

The following day we met at the property, with preapproval in hand. Patricia is a bird lover, just like me, except I don't have birds tattooed on my legs. The home she wanted to buy was a flipper, bought by an investor either at auction or through a bulk REO purchase. I had researched this property for her because it's tough to pick a purchase price on flippers.

I ran the seller's name through the tax rolls and discovered this seller had purchased over the last year 37 foreclosure homes. Then, I printed out a report from MLS showing every home the listing agent had sold over the past 6 months for this seller, which were 9. Of the 9 sales, 7 were at 100% of list price. One sold at 102% and 9th at 97.8%. From those numbers I concluded that Patricia could most likely buy that home at 2% less than list price.

But to reach that price, I suggested that she offer 5% under list price. We were in a multiple-offer situation, too, because other buyers wanted that home as well. Sacramento home buyers don't always have to offer more than the listed sale price to win the home. Acceptance depends much on the seller's motivation and other factors.

The home had been recently updated, but it wasn't completely finished. There were minor things that still needed to be completed. Stuff like installing an exhaust fan, replacing a window sill, caulking around the tub, trimming out a window, reviving a dead lawn and attaching receptacle plate covers over outlets.

We sat on the living room floor under a ceiling fan to sign the offer. I showed Patricia the comparable sales, which were 15% more than the price I hoped she would get. I showed her the print-out of the seller's sold homes, too, so she could see the ratios of list prices to sold prices. But we also talked about a bunch of other stuff.

Patricia made the comment that I obviously was a lot younger than she. I laughed. She is 56. So am I. Until today, that is, because her birthday isn't until winter, which makes me older than Patricia.

She also said that she really did not like the listing agent because of his attitude. Hey, I pointed out, I told her the same thing, that she needed to be preapproved, but I must have conveyed that message in a different tone.

"This home needs so much work," she lamented, as we walked around the home for a final inspection. Patricia had not seen other homes in that price range, nor the horrible conditions of those homes. In comparison, this home was turnkey. She asked if it's unusual for a buyer to buy the first home a buyer sees.

Actually, it's not unusual at all. It's also not unusual to ask that question.  I'd say about 1/3 of my Sacramento home buyers pick one home to see and that's the home they buy. Probably because buyers are smarter these days and do a lot of their homework upfront. They pour over MLS listings online and know exactly what they want. Sometimes, they don't give themselves enough credit.

Later that afternoon, I emailed and faxed Patricia's offer to the listing agent. I included a note that pointed out the benefits of accepting Patricia's offer and mentioned that my buyer would take care of all the little unfinished items. I reasoned that other buyers would demand the finish work. And it was so minor. It could mean the difference between irritating the seller or getting the offer accepted. I explained my rationale to Patricia. She agreed.

We received a multiple-counter offer the following day. A multiple-counter offer means the seller has countered more than one buyer. The counter offers can be completely different from one another and, even if each buyer accepts the counter terms, the seller still reserves the right to select which offer will be accepted.

Sure enough, the multiple-counter offer was at 2% under list price. I tried to temper Patricia's excitement because it ain't over until the fat lady sings (meaning the seller accepts it). There was no guarantee that she would get this home, and I didn't want her to be overly disappointed.

I am happy to report, however, that Patricia got the home! The listing agent called to say that Patricia's offer was accepted, and he emailed the accepted multiple-counter offer and contract to me. I called Patricia to share the good news, who is still talking about "all the work." But she's thrilled.

And that's my birthday present to myself today. To win a home for a deserving home buyer that's priced 15% under the comparable sales, in excellent condition and to beat out other buyers in a multiple-offer situation.

It's funny, after all my years of selling real estate, I still get excited for my buyers. That's probably why I am still in this business.

sacramento agent

Elizabeth Weintraub is an author, columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent

The Short Sale Savior, by Elizabeth Weintraub, available in bookstores everywhere and at Amazon.com.

Sacramento Short Sale Agent, Elizabeth Weintraub, has the answers to your Sacramento short sale questions. who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

Photo: Elizabeth Weintraub, 35 years ago on June 28, 1974.

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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 (29)

Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Congratulations and Happy Birthday.  Now even better will be after you closing you tell the other agent that they had a chance at this buyer themselves and because of their attitude you had a great birthday!

Jun 28, 2009 04:30 AM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Happy Solar Return (wink) and congratulations! Your client has a great agent and you have a raving fan! :)

Jun 28, 2009 04:32 AM
C Tann-Starr
Tann Starr & Associates, Inc. - Palm Bay, FL

OMG - Happy Birthday lovely!!! I didn't know. I have so gotta update my calendar. Are you going out tonight? I'm sitting over here planning a triple high-jack party. It's been a while since we did four in a row. Hmm... This may turn into quite a weekend for CC. How could we not celebrate your B-Day? ;-)

Jun 28, 2009 04:36 AM
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

Happy Birthday!  'Sounds like you got the perfect present.  And congrats to both you and your buyer-client.

Jun 28, 2009 04:37 AM
Kevin Cavanaugh
Keller Williams Hudson Valley Realty - Tappan, NY
Lic. Associate Broker, ABR, GREEN

Happy Birthday and Congratulations on a job well done.  Good luck.

Jun 28, 2009 06:05 AM
Colleen Fischesser Northwest Property Shop
NextHome Experience - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

Happy Birthday Elizabeth!!! Great story and truly a great gift to yourself and you helped Patricia gift herself too! I just LOVE happy endings!

Jun 28, 2009 06:28 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Happy Birthday and I also would have guessed you were younger than your client.  And who knew you were old enough to drive in 1974? 

Jun 28, 2009 08:40 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Happy Birthday Elizabeth!  What a great present to yourself.  Heck, go out and get that bird tatoo too.

Jun 28, 2009 11:12 AM
C Tann-Starr
Tann Starr & Associates, Inc. - Palm Bay, FL

Featured @ Club Chaos

Jun 28, 2009 11:56 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Wow, thank you, everybody. A bird tattoo would indeed be cool but I'm too much of a chicken to get a tattoo. I don't think my pain threshold could take it.

sacramento short sale agent

Jun 28, 2009 12:06 PM
C Tann-Starr
Tann Starr & Associates, Inc. - Palm Bay, FL

LOL @ Elizabeth. We will have to send you the ones that wash off. ;-)

Jun 28, 2009 01:12 PM
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Speaking as an older man I hope you still have the passion for helping buyers for many years to come. Happy Birthday.

Jun 28, 2009 01:36 PM
Roland Woodworth
Blue Cord Realty - Clarksville, TN
Blue Cord Realty

Elizabeth... Wanted to stop by and wish you a HAPPY BIRTHDAY... The Boss Boys would like to share the cake.

Little Boss 1st Birthday - photo by Roland Woodworth

Jun 28, 2009 02:28 PM
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR

Happy Birthday and I enjoyed the old photo!  Pretty legs!  You did a good job with the lady.

Jun 28, 2009 02:52 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Happy Birthday!

Wonderful blog. Geez, we donot have Multiple counter offer forms. Quite a lesson tome. Funny, I am still a year older...

Jun 28, 2009 05:22 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Happy birthday Elizabeth....all good real estate agents are Cancers...hmmm ? I still cry often when I can tell a buyer...they got the house !  Enjoy the cake....best kind for calorie count !

Birthday Cake

Jun 29, 2009 12:18 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Elizabeth:  Happy Belated Birthday!  That's a great story.  I actually took my birthday off this year, and still had two contracts ratified that day.  Hope you did something just for you on the 28th.  I know how hard you are working.

Jun 29, 2009 02:51 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Thanks, everybody, my birthday was great. Love the birthday cakes, too.

My husband gave me a zoom lens for my Nikon, plus a star filter, which I've been craving. When we went to dinner last night, the waiter said I would get a free key lime pie for desert, which is what my husband wanted. So when the waiter returned to our table to take our desert orders, I said: "My husband would die for the chocolate cake supreme."

short sale agent sacramento

Jun 29, 2009 03:09 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

HAPPY BIRTHDAY ELIZABETH!  I know you are a Moon Child (Cancer).  Why don't you email me your time and place of birth (including year), and I'll read your stars for you:-)

Jun 29, 2009 05:03 AM
Jamie Dumaine-Russell
RE/MAX Alliance - Branford, CT

Elizabeth - Sorry I missed out on the celebration yesterday.  Happy Birthday!!  And what a great birthday present winning that home for a very special buyer. 

As far as the tatoo goes, I'd settle fo one of those cute stick-on or paint on ones! :)

Jun 29, 2009 01:18 PM