Buyers Acting Like Days of Sacramento Short Sales

By
Real Estate Agent with Lyon Real Estate BRE #00697006

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 agents have no control over another agent's buyer; we can't even talk to them. And now, we seem drawn back to a similar attitude, just different market.

Hard to believe yet the stats show I have sold more short sales than any other agent in a 7-county area over the last 10 years. Seems so long ago. You can read more in my personal blog today at this link: Throw Back to the Days of Sacramento Short Sales.

P.S. That photo was shot by Josh Amolsch yesterday on the eastern side of Kauai as Olivia approaches.

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

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 Lyon Real Estate. 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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Rainmaker
3,707,566
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have a buyer that thinks low balling is a good practice.   At least they are in the upper range of price in my area.

Sep 12, 2018 09:02 AM #1
Rainmaker
2,055,954
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

One of my team members is working with a potential buyer who wrote an offer for a $750K house at $650K. I asked him to find out WHY and the buyer said, "That's all I can afford." As though that was a legitimate reason. Are they hoping for miracles, the Red Sea to part? I'd like to buy the Atoll of Rangiroa for $10,000, ha, ha, but I have a bearing on reality.

At least the listing agent expressed empathy and didn't look at the buyer's agent like he was an idiot, which is some condolence.

Sep 12, 2018 09:39 AM #2
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2,984,697
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I'm seeing a different trend starting out here.  Buyers who were never really properly preapproved by their lenders, whose financing falls out. Sold one TH twice, now have to do it a third time.  Lenders checking income and assets after a buyer goes under contract is just not a way to do things.  

Sep 12, 2018 01:17 PM #3
Rainmaker
2,055,954
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Chris Ann Cleland We have a plethora of those as well. I look to see if an application has been completed. If the preapproval letter is so vague, we generally pass if we have multiple offers. We prefer working with lenders with solid reputations, but you can't always choose. We are often stuck with whatever lender the buyer dug up. The blind leading the blind.

Dodged such a bullet yesterday. The agent's phone number was disconnected, his broker's office did not have his new number, and I had a hard time tracking him down because his buyer who starts a new job next week wanted to write an offer.

She can't get a loan for another 2 years.

Sep 12, 2018 01:25 PM #4
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3,424,606
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Elizabeth- this is why I like reading the different posts here...it helps me keep up with what is going on around the country re: home sales. BTW where is that hurricane going re: Hawaii???

Sep 12, 2018 06:11 PM #5
Rainmaker
2,055,954
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Kathy Streib I know, can you believe Josh and Vika went to the eastern side of Kuaui to go boogie boarding and look at that storm approaching!!!!! They got a bit of rain but no real damage where they are staying.

Sep 12, 2018 06:41 PM #6
Rainmaker
2,233,836
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I am wondering if the sales data showing more listings on the market with fewer solds, is impacting buyer behavior.  They don't seem to understand we are only transitioning to a more balanced market, and are still far from being in a buyer controlled market.

Sep 13, 2018 06:36 PM #7
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Rainmaker
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