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Elizabeth Weintraub
No Homes for Sale in Sacramento
The real estate market in Sacramento is a little bit like that website depicting reasons why You Will Not Go to Space Today. I could easily create a website about why homebuyers are not buying a home today, except I can’t draw very well. Great Sacramento real estate agent, but lousy artist. I know my limitations.
A guy called yesterday to ask about a Sacramento listing. Said he found it among his list of homes for sale. He was looking on Zillow, poor guy. I don’t know how to get the word out to buyers that looking on Zillow is the wrong place to look. So is Trulia and, if we’re really talking about homes for sale, Realtor.com is not that hot, either. All of those websites are missing listings, showcase expired and sold homes, and they take too danged long to update. If you’re gonna buy a home in Sacramento, you better be getting your listings from a Sacramento real estate agent, either from an agent’s MLS-connected website or, even better, directly from MLS yourself.
You can’t get new listings directly from MLS unless a) you are an agent or b) an agent sends them to you.
But it doesn’t really matter because there are very few to no homes for sale in Sacramento. The guy who called yesterday was stammering because he could not remember the street address and was frantically searching for it during our conversation. I don’t think he expected me to answer my phone or to answer it as quickly as I did. Hard to say. But as he was stuttering, repeating himself and trying to buy time to find the address, I felt like telling him the home was probably sold, except I didn’t want to offend him; he sounded so sad and depressed. My heart goes out to first-time homebuyers, but if they already have an agent, I can’t help them.
I have new listings coming up this week. First, I will tell my Elizabeth Weintraub team members about them. Then, I will let agents in my office know that we have new listings. Many real estate companies in Sacramento withhold listings from MLS for 72 hours because we can. Lyon Real Estate agents are market leaders in Sacramento. By the time these listings show up in Zillow or Trulia, they will most likely be sold. This is a tough market with so few homes for sale. Almost every day buyer’s agents call and email, asking if my pending sales are falling apart or whether I am taking a new listing.
If home buyers are relying on Trulia, Zillow or Realtor.com to help them find a home to buy, I hate to say it, they are not buying a home in Sacramento today.
Equator Glitch Fix for Bank of America Short Sales
With a Bank of America short sale in Equator, the one thing I count on working day-in and day-out doesn’t always work. That one thing is technology. There seems like something always goes wrong with it, but you know what? I am a Sacramento short sale agent, which means I am used to annoyances, frustrations and absurdities — it comes with the territory. Technology is no different. You can’t operate without it, you just need to know what to do when it doesn’t work.
The first place to look is in the mirror. Yup, it could be operator error. The second place to look is at the hardware and connections. Is your computer plugged in? Laugh as you may but that’s what a tech support guy will ask you. Are you connected to the Internet? If none of those things is the problem, then it just might be Equator. Not Equator software itself but the way the bank negotiator set up the file.
Equator has an instant chat button. I love instant chats. It satisfies my need for immediate gratification. A few days ago I was working on uploading the short sale offer for several Bank of America short sales. In the first short sale, whenever I clicked submit, it would erase the buyer’s agent’s name and data. In the second Bank of America short sale, it would not calculate a bottom-line net because the loan field was filled out incorrectly by a Bank of America negotiator.
I connected with the support staff at Equator who explained the problems. Each of the support staff responded expediently and was helpful in explaining what was wrong. But what does that mean to me, to Al Franken, I asked? It meant that Equator needed to contact the negotiator so Bank of America could fix the problem on its end. If I would just wait a few hours, it would be fixed. I’m just so relieved it wasn’t something I did. I have pretty high standards for my own performance. At least I try not to make mistakes twice. Thank you, Equator, for giving us short sale agents Equator Chat!
A Chase Bank Short Sale in Equator
One of the absolutely joys of my life is a Chase Bank short sale in Equator. I can’t begin to describe how wonderful it has been to see a Chase short sale sitting in my Equator task folder, patiently waiting for the HUD to be uploaded. It is a thing of beauty to behold. The only thing more beautiful than a Chase short sale in Equator is a Chase HAFA short sale in Equator, and I’ve definitely got one of those. It is true that one can’t always truly appreciate splendor until one has experienced hell. I am a Chase short sale expert; I have been to hell and back.
It used to be that I’d tell clients to expect at least a 4-month escrow with Chase Bank. All of that advice has changed — as with most short sale advice, it changes with the wind. I listed this particular short sale just before Thanksgiving. The seller’s spouse had unexpectedly died. I seem to be working with quite a few sellers lately whose spouses have suddenly died without warning.
It’s very different to work with people who are grieving as compared to those who simply despise their banks with a great vengeance. I find that I need to slow down quite a bit and be more patient. To listen to them more carefully. That doesn’t stop me from cracking jokes, though, and I think they appreciate it. Humor at times of uneasiness is often welcome as long as it’s not insensitive. I suspect that laughter gives them a bit of break from the steady flow of reality that they must absorb.
We opened escrow right around Thanksgiving and received HAFA short sale approval within 30 days. That’s pretty incredible when I look at my past record of having to fax documents to Chase, which would go to a central fax number and never directly to the negotiator, so they’d get lost. There are two loans on this short sale, yet getting the second approval from Bank of America was a piece of cake. That’s because Bank of America has been in Equator for what seems like a lifetime but probably has been only a couple of years. I lose track of time at my age.
I decided to ask Chase for an extension because the day we are scheduled to close is the day Chase needs its money. I know that we can’t get it to them on the same day, not when we are funding and recording on that day. That’s often the tricky part, getting the money to the bank on time. But Chase said no problem. We can have a few days if we need it. And Chase responded to this request within minutes. Minutes! It just doesn’t get any better than that!
But wait. I am now registered with Chase Bank to receive short sale prospects directly from the bank. Although most sellers in Sacramento find me through the internet or from a friend’s referral, now this Sacramento short sale agent might be able to connect sooner with those who can benefit from my short sale expertise. Call Elizabeth Weintraub at 916.233.6759. As a new client said yesterday, not only did I make her day (by talking to me), but I most likely will make her next two years more enjoyable.
Changes at Fannie Mae Affect Short Sales and REOs
Fannie Mae announced last August, in sort of a roundabout way, that it was not extending HAFA past December 31, 2012. Which is actually a blessing in disguise for many short sale agents as Fannie Mae HAFA short sales were risky from the get-go for sellers. That’s because Fannie Mae had so much red tape that by the time a seller jumped through of all the hoops, her home could be headed for foreclosure and Fannie Mae was not about to stand in the way of a foreclosure. I’d say that Fannie Mae never met a foreclosure sale it didn’t like.
The thing is if a home goes to foreclosure, then Fannie Mae can put it back on the market as an REO and hope some clueless homebuyer will opt for its HomePath financing program. There are plenty of clueless buyers to go around. The deal with HomePath is there is no appraisal. Is Fannie Mae stupid? No, Fannie Mae may be many things but stupid is probably not one of them. Without an appraisal requirement, Fannie Mae can charge a premium for the REO, and it often does. Sometimes, that premium results in a price that is 10% to 20% or more over market value. That means Fannie Mae HomePath homebuyers are underwater the day they close escrow. Isn’t that brilliant? That’s our government.
Fannie Mae has also changed its short sale procedures from a standard short sale to a traditional short sale HAFA II. It has recently put in place requirements that prevent a buyer from flipping a short sale. That’s OK because most buyers of a short sale owned by Fannie Mae are willing to live in the property and therefore do not want to flip it. They are the most likely buyers willing to put with the crap they have to endure to buy a Fannie Mae short sale. Many investors are not willing to walk down that road with Fannie Mae.
The restrictions state a buyer of a Fannie Mae short sale can’t sell that home within 30 days from closing. OK, that’s not so bad. However, a buyer also can’t sell within 90 days for more than 120% of the sales price. Fannie Mae doesn’t want a buyer to profit from its misfortune. Nothing wrong with that, either. It’s still willing to pay a incentive to the seller to do a Fannie Mae short sale, though, under certain conditions.
Real Estate agents, on the other hand, are screaming about Fannie Mae price fixing — because so many of those Fannie Mae REOs are overpriced — but I don’t know if you can call it price fixing. I am not a lawyer. I suspect a seller can choose to sell a home at whatever price it wants. This is America. There’s a sucker born every minute.
The Parallels Between Communication and Service
My car turned 2 years old a few days ago, so I made an appointment to change the oil with a new service center in Midtown, Sacramento. Last year, I had the dealer pick it up to change the oil and bring it back, and they charged me about $250. The guy in Midtown charges $125, and he gives me a ride home to Land Park. The problem with changing service centers is the guy in Midtown can’t perform warranty work and get paid by the manufacturer. For that, I have to go to the dealer. Since the dealer is the only dealer around Sacramento, if something goes haywire, I’m stuck with the dealer.
My sister bought a car in Minneapolis, and the only service center for her car is in Madison, Wisconsin, 6 hours away, so I don’t know why I’m complaining about a 45-minute drive. Well, yes, I do, because I don’t have a choice. The guy in Midtown told me my transmission fluid was leaking, so that meant if I wanted it covered under warranty, it’s off to the dealership with it. Fortunately, I could call Roadside Assistance and make them tow it, so I did not have to interrupt my workday to drive to the dealer.
I had the car picked up on Friday. The dealer called me on Saturday to say, yup, it looks like my transmission fluid is leaking. The plan was to clean it up and try to figure out why it was leaking. On Monday, the dealer called and said they don’t know why it’s leaking but they suspect it’s a gasket.
Really? I thought maybe it was caused by a cosmic reaction to global warming.
In any case, since it’s a gasket, they will have to order that part, and yes, they know I expected to pick up my car on Tuesday but it will be least Thursday before it will be ready. No apologies. And my guy is going on vacation, so I can talk to his buddy if I have questions.
See, this is a perfect example of excellent communication yet poor service skills. It should take not a week to determine a gasket is needed, and to obtain and install a gasket. You don’t have to be in the automobile industry to feel this way about it. Just like a real estate client doesn’t have to completely understand how real estate works to feel like she is not a priority to her Sacramento real estate agent. I would die if a client felt that way about me. Curl up and die. Because service is everything.
I know that sellers and buyers have choices when it comes to picking a real estate agent. We are not all the same. They are not stuck with the first agent they run into, and there is not only agent working in Sacramento. Competition should breed excellence. But I don’t simply strive to provide excellent service because I’m concerned that a client might ring up an agent on the other block. I do it because I care about my performance. I take pride in my work. My goal is for my clients to be happy.
Just because I work at the largest independently owned real estate company in Sacramento doesn’t mean we sit back, kick up our feet and enjoy our monopoly like this automobile dealer. I work with a great group of people at Lyon Real Estate, and I love my team members to pieces. If you’re looking for a Sacramento real estate agent, please know that I will strive to meet your expectations.
I closed more than 150 transactions last year. Each was important. You want something done right — you ask a busy person to do it. I am never too busy to pick up my phone and talk to you.
