A short sale or no short sales, when buyers don't conform to the marketplace, many agents will dump those buyers because they view those people as a waste of time. Conforming to the market means the buyer is looking in the price range the buyer can afford to pay, and the buyer is willing to buy one of those available homes. Now, I don't work with insane people, if I can help it, but I will work with buyers I like -- even if they don't fit the mold -- as long as they are serious about buying a home.
See, this is the thing, first-time home buyers for neighborhoods such as East Sacramento or Land Park often want more home than an entry-level price will allow. I'm talking about those two-bedroom, one-bath, 1,000 square-foot homes. Without much updating, these homes sell between $250,000 and $300,000, give or take.
I've been working with a buyer for more than a year who really wants a home in East Sacramento. That's because I know I can help her, and I like her. We were in escrow twice, trying to buy other agents' short sale listings, both of which collapsed due to circumstances beyond our control. In one situation, the seller, mid-stream, elected to pursue a loan modification. Poor guy, lottsa luck. In the second, the listing agent wasn't on top of the short sale and the bank foreclosed. Spittooey. I hate it when that happens.
This particular buyer, in reality, wants a nicer home than she can afford to buy. Does that mean she doesn't deserve it? It's sort of like looking for a needle in a haystack. But those situations are present in East Sacramento. This buyer is patient. I know how to spot deals when I see them, because they are there if you know where and how to look.
Last month, we found this buyer an excellent East Sacramento short sale. Believe it or not, the bank approved the short sale in two days -- and it wasn't a Wachovia short sale, in case you're wondering. It was a situation in which the previous buyer had walked away upon short sale approval and the home was scheduled for auction. The home had appraised for about $35,000 more than the buyer is paying. As an East Sacramento agent, I knew it was a steal when I first laid eyes on it. Plus, the bank is paying the buyer's closing costs, a stipulation of the contract that the listing agent did not believe we had a chance in hell of getting.
Reminds me of a David Duchovny poster.
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying 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 who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
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I had one of those clients that I worked with for about 8 months. She understood my time and respected it. I had great respect for her - she wanted a home and was not going to give up. It was quite a celebration when we closed.
Elizabeth: Congrats on that great find. Your buyer must be estatic. Patience is a good thing in a buyer when they want a deal. Inevitably, the deal is exactly as you described here....a short sale getting ready to go to auction.
Elizabeth....Congratulations on your success! Having patience and perseverance is the key - and being ready to act quickly when the property becomes available are key!
Elizabeth - it's always interesting to watch the evolution of these types of buyers. I have a husband and a wife that are unrealistic in their expectations and we've been searching for about a year as well. I've been brutally honest with them from the get-go and since I really like them, I'm willing to hang in there in hopes of finding them a needle in a haystack! Congrats to your buyer and I'm sure she's really appreciative of your dedication!
Elizabeth, kudos to you for your perseverence with these buyers. I'm sure you bought yourself clients for life, and I'm sure that they are thrilled with both you and the "deal" you secured for them.
Good morning Elizabeth! Thanks to you....I believe. :-) Hope you have a great day.
When I helped a veteran buyer write an offer on a foreclosure asking for some closing assistance and up to $2000. in seller paid repairs that the VA appraiser may require the agent chuckled and said "that ain't gonna fly", boy was she surprised when the bank accepted our offer. :)
Yeah, I was shocked when the listing agent called to say we had approval. The buyer thought she had at least a 30- to 60-day wait for approval. Two days. Blew me away. But sometimes they go like that. The ones that you may think will get approved quickly take longer than anticipated, and the short sales that by reason should take a long time to get approved, don't. It's sort of the law of the universe in short sales.