My sister asked me whether I had received everything I wanted for Christmas. Then she answered her own text message with: "Of course you did; you're in Hawaii." But that's only because she did not know about the email from a buyer's agent sent on Christmas Eve and received on Christmas Day. Some gifts you can do without.
As a result, I did not pass on the information in that email to my clients. I withheld it. Sue me. They can wait to hear it today. I pride myself on my speed-of-light communication efforts but this is one example of why it's not always a good idea to immediately deliver bad news. Why ruin their holiday because some doofus agent was forced to be present at a home inspection on Christmas Eve? You think I'm joking but it was 7:30 at night on Christmas Eve!
As I explained to the agent, I don't know which had blown me away more. That an agent would actually deliver a Request for Repair demand containing a seller credit on a Sacramento short sale? Or that the agent would send it for Christmas Day delivery? Much less, who does a home inspection the night before Christmas? Not a mouse was stirring, not even a home inspector?
I have no idea why this agent did not manage the buyers' expectations. It can't really be ignorance because any buyer's agent working on a short sale is supposed to know that banks do not allow repairs nor credits to the buyer in-lieu-of repairs. That's because if there is any money available, the short sale bank wants it. Besides, this particular short sale approval letter arrived with an arm's length affidavit, which clearly states no credits and no repairs. Not to mention, I drive home that point over and over, ad nauseum. There is no excuse for this Request for Repair demand nor the seller credit.
The repairs were not even serious issues. A few loose roof tiles, moisture noted on window sills, some damaged dry wall, the thermostat malfunctioned. What home inspector takes a job on Christmas Eve? Answer: probably the inebriated who can't figure out how to turn on a furnace. I'll bet the guy didn't even check to see if the pilot light was lit. But you can be certain that these incredibly informed buyers are absolutely positive it would cost $5,000, let's say, to fix everything. Moreover, they decided to beat my sellers over the head on Christmas Day with their silly demand, to hold them hostage and threaten to cancel.
Sorry, it doesn't work that way. If you can't handle the results of a home inspection, you cancel. And then you do it again on the next short sale because A) all homes have defects and B) short sales are sold "as is."
As a Sacramento short sale agent, I see it all. The smart, capable agents and the clueless agents who are used to getting kicked in the butt by their buyers. I asked the agent to deliver a better, more reasonable request, and that I would send the documents to the sellers today. But odds are this particular buyer's agent will wait until New Year's Eve. You know, when everybody else is snuggled up, celebrating with friends and family. This buyer's agent will be typing a cancellation. It takes all kinds.
These sellers have been working on this short sale since March. They finally received short sale approval after two submission attempts, and now their buyers are flaking out on them. It's sorta par for the course. I pretty much nail buyers to the front door, but they can still cancel. Well, I do not give up. I am an excellent Sacramento short sale agent. As such, I will sell this home again. To buyers who realize the importance of hiring a competent buyer's agent who can guide them to home ownership. There are superior agents in Sacramento. You can recognize them because they're the agents with happy buyers.
If you need a single-story Elk Grove home under $200,000 with one lender that's already been approved, shoot me an email.
Here is an example of what this particular buyer's agent deserved to find in a Christmas stocking. I found it in a tide pool yesterday. It's pretty gross looking. A Hawaiian sea cucumber, by Elizabeth Weintraub:
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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.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
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.
Aloha Elizabeth! Got to love the agents that bring clueless "gifts" on short sales. Have a Mai Tai, catch a wave and deal with them upon your return. Happy Holidays!
Elizabeth, A serious buyer will come along and forgo the dramaramics! I had a buyer almost walk for $200 worth of defects because they thought the inspection was a list of 'things to be repaired', not so. I had others in line to purchase and let the buyer agent know this as well!
Hey Stephanie: While I would love to catch a wave, down a Mai Tai and wait to deal with this later, I am enjoying an exceptionally long vacation this year, which entails having to deal with issues as they arise.
Hi Wanda: Yes, I am confident a serious buyer will come along but these sort of episodes dash sellers' spirits -- and I hate that they have to experience such discomfort simply because somebody on the other side of the transaction is incompetent.
Just a guess, but maybe the agent and the inspector work at the same Walmart, and they had to wait until the store closed. Inspection contingencies should be completed within a few days of seller acceptance. My buyers learn in orientation that it costs them around $350 (cost of inspection) for sellers to accept and submit their offer to the bank.
"It can't really be ignorance because any buyer's agent working on a short sale is supposed to know that banks do not allow repairs nor credits to the buyer in-lieu-of repairs".
Sounds like it really was ignorance though. Why would the agent waste his/her time writing up a request for repair (credit) if they knew it would never be approved? Sounds like the buyer might be in the drivers seat.
Elizabeth you simply make me laugh, out loud even, in the office. Hope you are enjoying your Hawaiian getaway. Love all of the pictures, especially that cucumber!
Elizabeth, hope you're having a wonderful time in Hawaii. I love all the phots you are sharing. Short sales are hard enough for sellers, without all the drama caused by unreasonable buyers. I just had to shake my head and roll my eyes when I read about the repair request.