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Elizabeth Weintraub
Three New Home Listings in Sacramento Area
Just before Easter, I’ve got a bunch of new home listings in Sacramento coming on the market. One home that I listed over the weekend in Lighthouse Marina is in the process of getting preapproved by Bank of America for a Cooperative Short Sale. Yet, all of the other 3 home listings are available immediately. Not one is a short sale. This is the future of real estate in Sacramento; I’m telling ya. Very few short sales. Many more equity listings. I don’t care what anybody says — if he or she disagrees — because this Sacramento real estate agent sees the writing on the wall. Stats will prove me right later. You can betcha.
My first new listing is an updated Craftsman bungalow in the Med Center for $225,000. Beautiful front porch where you can sit and watch people. Close to restaurants and UC Davis and all of the action. This is an exciting opportunity to own a home for less than rent. Yes, it’s true, there is no garage and parking is restricted, but it’s a gorgeous 1928 Craftsman at an affordable price that takes limited parking into account. So hurry!
Another new listing is a tri-level home in Roseville. If you have a need for four bedrooms, this is your home! On top of that, it features 3 full baths. The tri-level is really a 2214 square-foot two-story with a step-down family room overlooking a park-like yard with a raised and covered deck for outdoor entertaining. It has vaults, a stone fireplace and an open kitchen with tiled counters. All for the astounding price of $395,000.
Next, we have a popular single-story near Machado Dairy Park in Elk Grove. This is a corner home overlooking a cul-de-sac with 1870 square feet and 4 bedrooms. It is situated on Pedra Do Sol Way, where I have another listing presently in escrow. This streets winds around off the main drag and is south of Whitelock, which makes it even more attractive to first-time home buyers. The exotic wood floors are so bright it hurts the eyes to look at them. Sunlight floods this home. Priced right at $285,000.
Who says there are no new listings in Sacramento? Here are 3 that are new to the market today. No waiting for bank approval. All owned by sellers with equity. Fast closing possible. Interest rates are still under 4%. What are you waiting for? This is the best opportunity you’ve had in years to buy a home. Get moving. Call me for a private showing. Elizabeth Weintraub, 916 233 6759.
A Sacramento Short Sale Can Stress Even a Cat
Has your Sacramento short sale situation stressed out the cat yet? Cats are such delicate creatures. Oh, they put on a big act, like they are all tough and everything, ready to tackle any challenge or fishy treat tossed in their direction, but underneath, they are mush. They can be traumatized, and a short sale could do it to them. Cats are able to sense stuff. Don’t ask me how but cats know when you’re coming home, even if it’s not at the same time every day. If a cat was lost in Seattle, he could probably find his way back to Sacramento. A cat is capable of amazing things.
Our cat, Pica, tried to runaway from home once. He forgot to pack his catnip in a red scarf and tie it to a stick. Instead, he spied a door that was ajar and he slipped out. Pushed it open and split. Free, free at last in the back yard. He was petrified and spent the night in the bushes under our Japanese maple. Ever since then he’s been on Prozac. Only in California, I suspect, would a cat be given a prescription for Prozac. I tried to wean him off it once but he climbed up on the kitchen table and soaked the newspapers. A fine tribute to the Sacramento Bee. Tsk. He now has to take Prozac the rest of his life.
Our pharmacy called yesterday. I don’t know why since I order his Prozac online. But Walgreens called and my husband answered the phone. Our cat’s name is pronounced PIKE-ah. Like pica and points in newsprint. The Walgreen’s clerk asked: Is Peeka Weintraub home? That question was a bit confusing for a few seconds, as was the fact that our home telephone actually RANG with a caller on the other end. My husband answered, Yes, he is. The clerk asked: Can Peeka come to the phone?
Why no, he cannot. Because he is a cat.
The clerk didn’t seem to be listening. She asked again if she could talk with Peeka Weintraub, and my husband explained again that he cannot come to the phone because he is a CAT.
Well, his prescription is ready.
This is what talking to a short sale negotiator at the bank is like. My husband doesn’t have as much patience as I do. That’s why I make a great Sacramento short sale agent. I’m used to such nonsense. I’ve been selling short sales for 8 years now, and I probably sell more short sales than any other agent in the Sacramento area, from Lincoln to Galt. If you’re looking for a Sacramento short sale agent, call Elizabeth Weintraub at 916.233.6759. Your cat will be happy to release the stress.
Bankruptcy and Short Sales in Sacramento
The number of Sacramento short sales in bankruptcy seem to be declining since passage of SB 458, which amended California Civil Code 580 by adding paragraph E. This all-important piece of legislation passed in July of 2011 and, ever since then, banks that agree to a short sale must release a seller from liability, providing the seller did not commit fraud and the property involved was 1 to 4 units. This piece of legislation pretty much eliminated the need for many upside-down sellers to file a bankruptcy over a hard-money loan, providing the banks were agreeable to the short sale and there weren’t any other debts the sellers needed to discharge or rework.
Of course, if lawyers told you that, they wouldn’t get paid to do a bankruptcy. I don’t know of any lawyer who specializes in bankruptcy who would tell a person in debt not to file bankruptcy, but that’s not to say they don’t exist. It’s no different than asking a real estate agent if one should sell a home. I’m telling you that, and I am a Sacramento real estate agent. The answer is gonna be yes. Most of the time. For example, I am not a financial planner. Neither is your bankruptcy lawyer. If a person wants financial advice, a person should ask a financial advisor, an individual with no skin in the game — not a guy who works for American Express or a woman employed by State Farm Insurance — ask an independent advisor.
But people continue to rely on the advice of those in professions who get paid when the answer is yes, hell yes, do it.
There are basically 3 ways to deal with filing bankruptcy while contemplating a short sale. First, know that filing bankruptcy does not relieve a person of title to the property. A person will still own that property and need to deal with the sale of the home in some manner — the easiest most likely is a short sale. Here are 3 things an underwater seller on the brink of bankruptcy can consider:
- Short sale the home before filing bankruptcy
- Short sale the home during bankruptcy
- Short sale the home after bankruptcy
They are all difficult but #1 is generally a bit easier. It’s also the one in the middle that can cause complications and should be avoided because it can’t close, plus sellers would have to pay extra to the lawyer and they generally won’t. For starters, the short sale bank will probably not agree to a short sale unless the Trustee of the bankruptcy either sells the property or releases the property from the bankruptcy. Did you know that the Trustee can get paid a fee for selling a short sale? Yes, in some situations, a Trustee can receive $15,000, all the way up to $50,000-plus, depending on the sales price of the property. Do you know who pays that fee? The buyer.
It’s a premium paid by the buyer. Do you know any buyers who want to pay another $15,000 to $50,000 on top of market value? I don’t, but I suppose they are on the loose. These deals have to be cash, too. That requirement limits buyers as well. Doesn’t bode too well for the seller who just wants the property sold and gone.
I have a handful of homes in bankruptcy right now in which I represent the seller, as a Sacramento short sale agent. The short sale banks require written authorization from the sellers’ lawyer to do the short sale. In one bankruptcy short sale, the discharge was ordered in November of 2011. We are still waiting for the final discharge — 16 months and counting. The sellers’ lawyer promised the release would take 21 days in early February and she expected receipt on March 1. We are still waiting. Escrows are on hold. The short sale approvals are on hold. We are lucky we chose steadfast buyers. I hear lawyers are promising 4-month turnarounds, but I’m not seeing that promise materializing on this end of the business.
It might be better to either do a short sale before filing bankruptcy or after the bankruptcy has been discharged. Trying to short sale in the middle of a bankruptcy appears ripe with problems. But I’m not a lawyer, and I can’t give legal advice. That’s what the bankruptcy lawyers are for.
If you’re considering filing a Chapter 7 or a Chapter 13, make sure you thoroughly understand your options by consulting with a bankruptcy lawyer. For some, once the property is disposed of through a short sale, there might not be enough debts to qualify for a bankruptcy.
Reasons to Make New Mistakes as a REALTOR in Sacramento
Several journalists called yesterday to talk about real estate. One reporter wanted to discuss the market, multiple offers, and which way the market was heading. Any little thing could upset the apple cart by summer. Our market is squirrelly. Another talked about stripping homes for sale and vandalism (for a local Sacramento publication), a sorry state of affairs in town. The thing about being a busy REALTOR in Sacramento is the fact I always have something to talk about. There are zero days in which nothing whatsoever goes on. Something is always happening.
I shot photos of a home in the Med Center and signed a listing there yesterday. The craftsman bungalow will go on the market next week. It wasn’t until I arrived at my next destination in Gardenland that I realized I had left my camera bag and accessories at the first house in the Med Center. That’s what I get for not carting out all of my real estate belongings in my travel bag. When I left home yesterday morning, I thought I did not need to pack up my stuff in my travel bag because I wasn’t transporting my usual number of electronic gizmos, folders and lockboxes. But when I make an exception to my usual business practice, that’s when I can forget an item or leave it behind. So, it was really my fault that I left the camera bag and had to go back for it. Altering the status quo.
It’s another reason to always do things the same way. It prevents one from making mistakes. I take care not to make mistakes and especially not to repeat mistakes. If you repeat a mistake, it means you did not learn from it the first time around, and that makes you kind of a moron, I hate to say. The main thing to take away from a mistake is the lesson you learn. Making mistakes is the silver lining to messing up. One more thing to chalk up and swear you won’t ever do again.
It’s better, of course, to learn from somebody else’s mistake but we rarely do that. No, the great lessons in life we seem to be bent on learning ourselves first hand. Of course, it doesn’t help that we have our parents and other authority figures trying to give us advice. Like if you sit too close to the TV you’ll go blind. That’s just wrong and stupid. But in the back of your mind you might wonder about it. And when you realize just how wrong and stupid that kind of advice actually is then you begin to doubt everything else that person has ever told you, and you’re back to learning lessons the hard way. From experience.
And just think, if you never made another mistake in life, you might stop learning. And that would be absolutely horrible. Life is one long lesson.
So, if you’ve got a question about real estate in Sacramento, buying or selling a home or just want to talk with a REALTOR, it’s OK to call Elizabeth Weintraub. I’ve always got a perspective to share.
A Successful Elk Grove Agent Shares a Secret
I spend a lot of my time during business hours either talking to new clients on the phone or responding to questions via email. The actual amount of time spent driving around or doing paperwork such as signing new listings is minimal in proportion to the time I spend in communication with others. My brain is always on fire. Because of that, I am often direct, which means if a client is not used to dealing with a real estate agent who is upfront with them, it might be a bit unsettling at first. Yet, direct honesty always seems to be welcome.
Plus, I’ll let you in on a little secret. I think it was Mark Twain who said if you tell the truth you don’t ever have to remember what you said.
One of my callers was a potential seller in Elk Grove. I list and sell a lot of homes in Elk Grove, and throughout Sacramento, although not all of them are short sales these days. I’m getting quite a few calls from sellers who have equity. This particular guy started off the conversation by asking me how much I charge. I told him straight up that my commission — what I “charge” — is the least of his worries. Which is absolutely true. But I guess he was not prepared for that answer. Wha wha?
The thing is I charge the same amount I have always charged. Even after almost 40 years in the business, my commission has been the same. No raise for me. Whether it varies by a half a percent from some other agent’s commission is not really relevant, not in the overall scheme of things, and especially not in this hot market place. You’re not going to save any money by trying to negotiate an agent’s commission, even though all commissions are negotiable by law. You’re going to save money by choosing the best real estate agent. Period.
Nobody is going to gouge you or rip you off. And not this Elk Grove agent. Getting into escrow is the easy part. Closing it is the hard part.
You’ve got all kinds of agents in this business. My caller from yesterday said an agent told him he could get half a million for his house — a home in Elk Grove that comps out in the upper 300’s. Perhaps he misunderstood the agent or perhaps the agent was overly zealous, hard to say. I tried to explain that simply because words poured out of somebody’s mouth does not mean this seller will score a windfall upon resale. But after a few minutes of discussion, it was clear that trying to pull him into reality would take up such a huge amount of my time — time that I could be spending selling homes in Elk Grove and closing them — that I was probably better off focusing on the sellers who really need my expertise.
I really, really like all of my clients. I’m successful in this business because I keep it that way. If you’ve got a home to sell in Elk Grove or anywhere within the Sacramento area, I’ve probably recently closed a sale or two in your neighborhood. So, call Elizabeth Weintraub. I’d love to talk with you. My cell is 916.233.6759.
