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Stress Dreams, Short Sales and Market Value

By
Real Estate Agent with Long and Foster Real Estate VA License # 0225089470

I woke up with a feeling of such stress the other morning.  I dreamed my husband and I were having to relocate to California...and not just anywhere in California, but SACRAMENTO!  Not a big deal to anyone else, right?  It's a capital city.  A nice place to call home.  But if you have established yourself as a Northern Virginia Short Sale Agent, the thought of relocating to Elizabeth Weintraub's backyard would be a bit intimidating, no? 

Well, my game plan in my dream was to not even ATTEMPT to beat or compete with Elizabeth at her Sacramento Short Sale game, but BEG her let me join her.  I woke up before she answered, darn it!  I'm pretty sure she would have hired me. 

There are a lot of self-proclaimed Short Sale "Experts" in Northern Virginia that have made my skin crawl this week, while calling as Buyers' Agents on my various Short Sale listings from Centreville to Warrenton to Stafford.  I know for a fact that these boneheads aren't losing an ounce of sleep thinking about their profession.  No way.  Their Short Sale attack plan boils down to the Hail Mary pass.  There is no thought given to market value of listings or short sale offering prices. 

One agent proved this when he called on a listing in Centreville and said that his clients would accept whatever counter the bank's made, because as he the self-proclaimed Short Sale Expert he was said, "Banks ALWAYS counter."  REALLY?  That's odd. They usually don't counter my listing contracts.  Then again, I help my Sellers to see how banks value property.  We look at active and sold prices during our Comparable Market Analysis. It's the same thing the banks do to determine whether they have a fair market value offer or not. 

In this case, all I can say is NO WONDER he thinks that.  Our list price of $735,000 is about where the bank will find fair market value.  Didn't need a magic ball to find that number either, just the neighborhood comparables. This expert was advising his buyers to write at $620,000...the tax assessed value.  Ugh!  Thank God another Buyer's Agent in the market understood the concept of market value and realized it was a rule that still applies to Short Sales and wrote a far superior offer.

Comments(10)

Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

You bet I'd hire you in a heart beat, Chris Ann. But I bet the heat would kill ya in Sacramento. You've gotta like warm summers to live here, LOL. I had a dream about an agent in Sacramento the other night. She does a few short sales but seems to be spending most of her time lately at the Board of REALTORs® working on board-related stuff and going on trips with them. I talked to her a few weeks ago to tell her one of her clients had called me and wanted to switch agents, so maybe that's why I had the dream.

Anyway, she had called me in a panic and said I had to head up the Board as President while they searched for a new one because the existing president had died. I didn't want to do it but she said had no choice, it was my duty as an agent. She then handed me the agenda for the monthly meeting and said I needed to rewrite it. The topic of discussion was Toy Story 4. I am not making this up. But it does go to show what I probably subconsciously think about the Board.

Mar 25, 2011 01:33 PM
Steve Shatsky
Dallas, TX

Hi Chris Ann... I think that you and Elizabeth would have made quite a dynamic duo!  And I suspect you'd have a blast working together!

Mar 25, 2011 04:21 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Chris Ann --- I think California would welcome you but head further south --- there's plenty of room for great agents in So Cal.  See you soon.  Hang ten!

Mar 25, 2011 06:29 PM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Short sales have to be priced at market value just like any other home. I just got a new listing that is a short sale and the bank is Chase. Since I've never dealt with Chase, I brought a short sale agent in my office to do it with me to make sure it's done right. What are these agents thinking?

Mar 26, 2011 03:03 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Elizabeth:  I don't know if the heat would be that much worse than what I'm used to out here in the summer.  Humidity is always worse than the heat.  The Northern Virginia summers make for very bad hair days. 

Steve:  I would love the opportunity to work with Elizabeth.

Michael:  I did have a dream about moving to Southern California once.   In that dream, Jim Frimmer and Russel Ray took our family in.  Think I might be spending too much time on Active Rain.  :)

Jackie: They aren't thinking, that's the problem. They are feeding the myth that banks are dying to get rid of these homes, which is so off base it's not even funny.

Mar 26, 2011 06:26 AM
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley Realtor since 1976; 408-373-4411

Hi Chris,

I like your entertaining, well-written post.  Very nice compliment to E. Weintraub and I'll bet she would hire you.  Moving to CA should not cause stress, but moving to SACTO should.  Move closer to the coast where E. Weintraub probably wishes she lived.  But we do have more than our fair share of Short Sale Experts, too.  They fit in with the rest of the weirdos.  I've lived in So Cal for 22 years and Nor Cal for 39, so consult me before you come and I'll direct you according to your life-style preferences.

Mar 26, 2011 07:23 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Lloyd:  Thanks for the compliment.  I am not familiar enough with California to have a preference, but at least I know folks all over the state thanks to Active Rain.

Mar 26, 2011 09:52 AM
Linda Humphrey
Humphrey Home Connections Realty, Reno, Nevada - Reno, NV
CRS, Broker/Owner HHC Realty

Chris Ann - It is fascinating to me what our subconsciouses do to us when we are asleep! Where does some of this stuff come from? That said, you'd love CA and you and Elizabeth would be beyond killer together!

Mar 26, 2011 03:40 PM
Marcus Rice
Equity First Realty - Richmond, VA
Richmond, NOVA, Virginia Beach Area Realtor/Broker

This is a great blog, I do the same thing!

Mar 26, 2011 06:17 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Linda:  I learn a lot from Elizabeth every day just reading her blog posts.  Can't imagine the opportunity to work with her.

Marcus:  Pricing at market value, or writing at market value, is the quickest way to show a bank you are serious.

Mar 27, 2011 05:14 AM