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Here is How Not to Buy a Short Sale in Sacramento

When I take a hot listing, I know it. I suspect most Sacramento agents know when they spot a hot listing. It's not just price that makes it hot, although, an attractive price doesn't hurt. Especially if it's at that entry-price level that falls within popular price ranges which, in particular, motivate first-time home buyers. It's the condition, layout and style of the home that can drive buyers crazy with desire.

After we sign the listing paperwork, I give my sellers an estimated time line to contract acceptance. When I tell them we'll be in escrow in 7 days, they stare into my eyes searching for signs that I am insane or perhaps stoned, I dunno. It makes no difference if the listing is a short sale or a regular sale. If it's hot; it's hot.

We received 5 offers over the weekend -- all way over list price for a Sacramento short sale. This vintage home is located in the highly desirable neighborhood of Curtis Park, just south of Midtown. We'll probably receive more offers today because not every buyer's agent looks at MLS or calls a listing agent to check on status. The sellers signed an offer last night and brought it over to my home in Land Park. As they were on their way over, I received an offer from an agent I had spoken to the day before.

She said her buyers were finally ready to submit, although they hadn't yet found the time to actually preview the property. If they liked it, though, they would be willing to buy it. They didn't have any concerns, except for a list of 4 or 5 concerns which, to me, sorta looked like concerns. They also don't yet have their preapproval letter, but they wanted to submit anyway. Oh, and they wanted to offer $10,000 under list price because they are conservative.

I like the agent. In fact, I felt sorry for the agent. She's a nice person and deserves better. I told her she is too kind because conservative is not the word I would have used to describe these clients. And, this is the second home they have lost.

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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.

Here is How Not to Buy a Short Sale in Sacramento
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