Club Chaos Agents - All Things Hollish, Wacked, and Jacked


Where's That Pot of Gold at the End of the Foreclosure Rainbow?

sacramento foreclosuresHaving a large presence on the web for a Sacramento real estate agent can be both a blessing and a curse. The benefit from being everywhere online is my phone rings a lot. The drawback is some of those callers are, to put it politely, insane. But as any veteran real estate agent will tell you, even insane people buy real estate. In fact, a lot of real estate is sold to insane people, if you really want to know the truth.

The secret, I've learned, is to choose the sane, logical and motivated clients to work with because that's how I sleep well at night. If I make the wrong choice, I toss and turn and stare at the ceiling at 3 AM.

A foreclosure buyer called to say he wanted to buy Sacramento homes in foreclosure. During the discussion, he mentioned he would like to buy them at 25% of value. I tried to explain that those are not available in MLS and do not exist. Some lenders are willing to discount properties 50% to 60% as a bulk package, meaning you buy a bundle of homes directly from the lender, but by the time bank-owned homes hit MLS, they are priced somewhat appropriately.

REO banks tend to listen to smart listing agents. Many foreclosures are priced under market, sometimes by 10% to 20%, but those are the homes that draw multiple offers and can end up selling over market value. This buyer asked me to send him those listings.

The following day he emailed to ask where were the homes that are priced 25 cents on the dollar because he wasn't finding those homes in the listings I had sent him.

Fortunately, I had a referral agent ready to work with him. I am working with other foreclosure and Sacramento short sale buyers buying homes at great prices who are not searching for a leprechaun.

Elizabeth Weintraub Land Park Real Estate Agent in Sacramento

The Short Sale Savior, by Elizabeth Weintraub, coming soon to a bookstore near you.

Photo: Big Stock Photo

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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


All buyers are looking for deals, but like you said, you need to work with the realistic ones! We have the same situation up here in Tahoe.

Posted by Brent Johnson (Chase International South Tahoe Realty) almost 12 years ago

Elizabeth - That buyer is making the rounds in LA too!  Seriously, I had a buyer who wanted to put an offer in 50% below the REO price.  I declined, and as part of the educational process, forwarded him an email from the listing agent stating 3 full price offers were received within the first week the property was listed.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) almost 12 years ago

Featured @ Club Chaos

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) almost 12 years ago

Fortunately, I had a referral agent ready to work with him

lol !

... your dry humor always tickles me !

Cheers !


Posted by Sheldon Neal, That British Agent Bergen County NJ (Bergen County, NJ - RE/MAX Real Estate Limited) almost 12 years ago

They are everywhere. It's a process to educate them and definitely trying at times weedling out who's serious and who isn't and actually its not even so much who's serious (because they are in their minds) it's who's realistic. I enjoy talking to the insane ones - love a challenge and keeps me on my toes with statistics and I always have a handful of agents I can happily refer them on to....~wink~ !

Posted by Valerie Spaulding, Allyn-Belfair-Hood Canal-Local Expertise! (Windermere Peninsula Properties~Allyn~Belfair~WA) almost 12 years ago

Hi Elizabeth,  I loved the story, can't stop chuckling!! LOL !!  You've got to love his insane spirit, though!

Posted by Mary Douglas, REALTOR, Red Feather Lakes, Colorado (United Country Ponderosa Realty, Red Feather Lakes, Colorado) almost 12 years ago

Sheldon, I was laughing until I had tears in my eyes as soon as I read that. I understand completely. :-)

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) almost 12 years ago

Elizabeth:  These buyers are everywhere!  It's amazing that they think they can get these deals.  What?  The banks don't want market value on homes?  Please!  Drives me nuts.

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) almost 12 years ago

Elizabeth, Buyers can sure be funny!!! I too get a ton of emails from folks wanting to buy foreclosures. Now we do have some pretty cheap properties in Florida but when I get a request for "Ocean front preferably with a pool and a marina for under $50k" I don't know whether to laugh, cry or just tell them to give it a few more months!!! 

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) almost 12 years ago

Elizabeth, insane is so accurate. I too have a "referral agent" to send them to. Who needs the headache!

Posted by Connie Harvey, Realtor - Nashville TN Real Estate (Pilkerton Realtors) almost 12 years ago

The key is identifying the insane early.  The ones that are really insane seem to hide it until it's too late.

Posted by Greg Cavaiani (Response Realtors) almost 12 years ago

I hope you sent him to someone you REALLY liked :)

Posted by Wendy Rulnick, "It's Wendy... It's Sold!" (Rulnick Realty, Inc.) almost 12 years ago

Elizabeth - LOLOMG!

  My sides are still aching from laughing so hard and not just because of the reality of your first paragraph but because I think that guy was down here in Ventura County trolling for properties just a few weeks ago.  SERIOUSLY!

A Realtor friend recently described the exact same situation you just described, practically word for word.  He also did the same thing you did and the next day, the guy called him up and asked him, "why didn't you send me the properties that are listed for .25 on the dollar?"


Posted by Donne Knudsen, CalState Realty Services (Los Angeles & Ventura Counties in CA) almost 12 years ago

The news media is making people think houses are being given away.  They are not that cheap in White County Arkansas.

Posted by Barbara S. Duncan, GRI, e-PRO, Executive Broker, Searcy AR (RE/MAX Advantage) almost 12 years ago

Hello Elizabeth, I am in the Growth Leader program and it is amazing how many people are looking for those " Over the Rainbow " type of homes that only exist in their imagination. I think the press encourage people to think the Sky is has fallen and that home values are going so low that the Seller ultimately pays the Buyer, lol. I am hearing some very strong rumblings tonight out of Sacramento about some horrific new tax proposals that if approved ( and I am believing that the Republicans this time are going to give in and  give the great citizens of our state exactly what they asked for in their representative choices of who should be elected to lead this state ) spells more difficulty for many that are upside in their home value.

Who knows , maybe you better keep that guys number after all,lol. Just kidding actually, I am for the most part very optimistic that we could be nearing the bottom but I am sure the bottom feeders will still be coming out of the woodwork for a long time to come.

Posted by William Johnson, Retired Real Estate Professional (Retired) almost 12 years ago

The media has done a good job of educating the public they can buy homes for pennies on the dollar. Too bad they don't know the whole story and only hear what they want to hear.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) almost 12 years ago


If you have guys who are so stubborn that they do not want to buy anything for more than 25 cents on a dollar, and you do not want to deal with them, send them my way. If lucky, can get even less than 25 cents some times, and not bulk.

Looks like we are in a much bigger hole than you, guys.

Posted by Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) almost 12 years ago

The key is identifying the insane early.  The ones that are really insane seem to hide it until it's too late.

That is so true, Greg. I'm laughing. I've worked withi a few of those.

The thing is, everybody, if we had homes available for 25 cents on the dollar around here, they would never go into MLS because the agents would have purchased them for themselves.

Jon, why aren't you buying in Florida?

Elizabeth Weintraub Land Park Real Estate Agent in Sacramento

Posted by Elizabeth Weintraub Sacramento Realtor Top 1%, Put 40 years of experience to work for you (RE/MAX Gold) almost 12 years ago

It is hard to find the realistic ones, but they are great to work with. Thanks for sharing.

Posted by Team Honeycutt (Allen Tate) almost 12 years ago

Identify the insane, indeed (LOL).

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) almost 12 years ago

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