What Do You Need for a Sacramento Short Sale Offer?

By
Real Estate Agent with RE/MAX Gold DRE #00697006

short sale offerBesides submitting an overpriced offer which will never appraise, the second biggest mistake some buyer's agents make in Sacramento is they do not send the right documents for a short sale offer. The single most important document is often missing from what purports to be a short sale offer. I think agents might not realize that there is no standard residential purchase agreement for a short sale. It needs a separate document to modify the purchase contract: the short sale addendum.

I suspect that's because our California Association of REALTORS keeps hoping that short sales will go away, so why create a new purchase agreement for a type of transaction that will soon vanish? However, short sales have been around now going on 8 years. Eight long years of short sales in Sacramento, and it's not stopping. It would be very helpful if we had a purchase contract specific to short sales like we do for a Notice of Default or Probate.

Read more on my personal blog today about the Paperwork to Submit a Short Sale Offer.

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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.

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Topic:
Home Buying
Location:
California Sacramento County Sacramento
Groups:
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Short Sale REALTORS®
Lyon Realtors
Bartender, Make it a Double
Tags:
short sale addendum
short sale offer
sacramento short sale agent
submitting short sale offer
paperwork for short sale offer

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Rainer
311,319
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

Great blog. Short sales are here for good.

Feb 19, 2013 11:29 PM #1
Rainer
234,647
David Grbich
Realty One Group - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Hi Elizabeth - short sales still have there place and you would think after all these years buyers agents know the right paperwork!! I still see many agents not using the NOD agreement when called for which opens the investor buyer and agent up for all kinds of liability. Regards Dave

Feb 20, 2013 01:47 AM #2
Rainmaker
2,189,557
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I'm sure someday short sales will go away, Jimmy.

Hi David: Especially in California, because of the Home Equity Sales Act, that NOD purchase agreement is so important to use. If I find it was not signed, I will get it signed before we close. That's something you just don't mess around with.

Feb 20, 2013 05:07 AM #3
Ambassador
3,084,264
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

There's nothing to telegraph to a listing agent that you don't know what you're doing than not submitting a complete offer.  And on a short sale, an offer isn't complete without that addendum.

Feb 20, 2013 06:25 AM #4
Ambassador
1,878,478
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Like mosquitoes, ha ha, you are right Elizabeth short sales do not go away. I am very glad you are setting people straight with the proper documentation...

Feb 20, 2013 07:58 AM #5
Ambassador
1,229,631
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Elizabeth: It doesn't matter if you give all agents a list of items to submit with the offer (such as B of A addendum, SSA, AD-2), most people will not submit a perfect package. If people send everything over right the first time, the likelihood that the offer will be accepted is much, much higher.

Feb 20, 2013 08:42 AM #6
Rainmaker
671,139
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I am not sure that those buyer’s agents who cannot figure out the correct forms to use now would show an improved level of competence if they were given an entirely new form with which to deal.

Feb 20, 2013 01:10 PM #7
Rainmaker
2,883,064
James Dray
Fathom Realty - Rogers, AR
Exceptional Agents, Outstanding Results

For those long 8 years it sure has generated some income and relief for the area.  It sure does no-one any good to be in that situation but good to find someone like you to help them out. 

Feb 20, 2013 07:13 PM #8
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Rainmaker
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