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Elizabeth Weintraub
985 Regatta Drive in Sacramento is Now Pending with Bay Area Buyer
Without going into specifics about the offer for the home on 985 Regatta Drive, yesterday the buyer removed all contingencies and we opened escrow. I know, it is backwards to how homes are commonly sold in Sacramento, but we are not negotiating in a normal market. Usually in a Sacramento transaction, the buyer presents an offer, the seller accepts and we enter escrow. Then the seller has 7 days to deliver disclosures to the buyer, and the buyer typically pays her own closing costs.
It goes without saying that I work with Bay Area agents to make a transaction close. I do what it takes. They are not always easy to work with because some do not sell very many homes and have little experience. Some do not have a lockbox key so they can’t access the property without assistance. And some do not know how we do business in Sacramento, just like we don’t really know how they do business in the Bay Area. Our practices are very different.
When we received the original offer from the Bay Area buyer for 985 Regatta Drive, I had never seen anything like it. The buyer pretty much asked for the moon and the stars. It would have been easy to dismiss. However, there was plenty to like about the offer. It started out a little rocky, a bit of misunderstanding, probably on both sides. But I quickly tried to work with the agent, and we began negotiating.
That’s all it really was. Negotiating what we want, while they negotiated what they wanted, and we found a way to make it work. We negotiated the Request for Repair before we entered escrow. Turns out the home is in pretty good shape, and there wasn’t much to worry about. Of course, we paid for our own home inspection upfront, but that was a small price to pay to make the transaction work.
Realtors can’t let ego get in the way as a Sacramento listing agent. Our client’s needs should always come first.
Unfortunately, two other buyers who were so patient and waited for us to finish the lengthy negotiations now cannot buy the home. Because 985 Regatta Drive, Sacramento, CA 95833 is presently pending. If I can sell this remodeled home in South Natomas by overcoming challenges in this manner, imagine what I can do for you.
Sorry, Too Late, Davis Home in Lake Alhambra Estates Pending
Talk about taking your time to buy a home in Lake Alhambra Estates. The buyer for this home first viewed the property about two months ago. All of this time they did not make an offer to purchase the home in Davis. Instead, they kept an eye on the home and its activity. We don’t know this for certain but the buyer might be moving family into this home, because it certainly has the room for extended family members. Our buyer is also doing a 1031 exchange, so they might have had to sell the other property first.
In addition to the four bedrooms, the first floor features an office, which would be a bedroom, too. That office is isolated from the other rooms. At one time, it was probably a formal living room, but Californians don’t really utilize formal living rooms anymore. It’s unused space if you don’t convert the room to another use. For example, our formal sitting area in our living room is used by the cats. Nobody else sits in that room.
This home in Lake Alhambra Estates also includes a remote family room that probably is not of much use, either. It’s a beautiful room with a gorgeous fireplace and wood mantle, but it’s also situated next to the enormous four-season room. So there are two areas in the home that could actually accommodate a couple more bedrooms on the first floor.
The remodeled kitchen offers plenty of space for the gourmet cook. Granite counters, ceramic flooring and an island, plus a pantry closet.
But the piece de résistance of this home in Lake Alhambra Estates is the back yard. Simply stunning. Featuring two waterfalls, a built-in outdoor kitchen, although the city of Davis made the seller remove the sink. A flagstone surround, custom benches, and 59 drains for clearing rainwater. In addition to a beautiful in-ground pool, offering year-round summer fun!
3804 Los Cerros Place, Davis, CA 95618 is presently pending. Interested in selling a home in Davis? Elizabeth Weintraub can sell your house, too. Call 916.233.6759.
Not Quite the Fourth of July Open Houses for 2018
Before I talk about our not quite the fourth of July open houses for this year, please note the lovely photo of Compass Box The Circus Blended Scotch Whiskey. This was my dessert after dinner at Canon in East Sacramento on Thursday for my non-retirement birthday. I imagine it wasn’t cheap but I wouldn’t know since my husband treated. This is a limited edition, fewer than 2,500 bottles released in 2016.
He also gave me a Series 3 Apple Watch, which means I can now wander away from my phone, far, far away, because the new watches run on cell coverage. I suppose you have to be careful if you wear one of those into a medical marijuana dispensary because you’re probably not supposed to. Not that I have any first hand experience, mind you, just putting out my public notice to everybody.
Today we have three not quite the fourth of July open houses. I imagine next weekend many people will go out of town this year. Take Wednesday off, throw in a Thursday and Friday and call it 5-day weekend. It was a toss up to figure out which weekend was better for our not quite the fourth of July open houses.
16 Lake Katerina Ct, Sacramento, CA 95834 offered at $485,000. Built in 2017, only a transfer makes this beautiful home available. Hickory floors, plenty of premium upgrades, 4 bedrooms and 3 baths. Great Natomas Central location, Westshore. Hosted by the invincible Josh Amolsch from the Elizabeth Weintraub Team, from 2:00 to 4:00 PM.
3804 Los Cerros Place, Davis, CA 95618, offered at $1,145,000 in Lake Alhambra Estates. Over $200K invested in the yard with an outdoor kitchen, flagstone perimeter, custom benches, waterfalls and a gorgeous pool. Wood floors throughout, 4 bedrooms, 3 baths, over 3,500 sq. ft. Hosted by the amazing Amy McMullan from the Elizabeth Weintraub Team, from 2:00 to 4:00 PM.
1661 Del Dayo Drive, Carmichael, CA 95608, offered at $1,250,000. Exclusive neighborhood in Del Dayo. Tri-level with 5 to 6 bedrooms, 5 baths and over 5,000 square feet. Hardwood, ceramic and luxury vinyl plank flooring. Beautiful terraced yard with lush gardens and pool. Outdoor kitchen. Hosted by the Incredible Barbara Dow from the Elizabeth Weintraub Team, from 2:00 to 4:00 PM.
Sellers Searching for the Proverbial Needle in the Haystack
Oh, excuse me, I now see you’re looking for the needle in the haystack. Well, why didn’t you say so? I had no idea you needed another $100,000 out of the sale of your home. Here, wait a minute, let me fix that for you. This is important, I know. You need to net a certain amount of money or you can’t do what you want to do. I get it. Why, we’ll just raise the price by $100,000. Easy peasy. Oh, wait. That won’t work. Because even if we find that foolish buyer: the needle in the haystack who doesn’t know the home prices in your neighborhood, the home won’t appraise.
No appraisal at value = no loan = no buyer.
This means we need to find a cash buyer, and there are fewer of those. Also, the problem with most cash buyers is the fact they tend to be a bit more sophisticated. Not always, mind you, certainly not more so than you, but most of the time. It’s probably how they earned all of that money, you know, by making wise investments and smart decisions based on sound principles. Tell me, do you think a cash buyer will pay $100,000 over market value for your home? Why do you think they would agree to do this?
Now, I know you looked at my CMA. You even acknowledged that it is impossible to get another $100,000 for your home. Yet, I see you still want to accomplish that directive.
Maybe what you need to do is stay put for another year or three? Or, you could rent out the house. Even though I reached into my needle in the haystack files to look for such a buyer, I haven’t been able to find this kind of buyer yet. Nothing but straw. It might take a few more years.
Which makes me totally bummed. My Harry Potter wand is broken. I can’t grant 3 wishes today. Your Magic Eight Ball says better luck next time. You may fare better to polish up your skills at Blackjack than you would hoping to sell your home for more than it is worth. Here is a tip: double down on 10s or better.
Do you know that the National Association of Realtors reports 87% of home buyers used an agent last year to buy a home? Our buyer is very likely to be represented by another agent. That agent will tell the buyer your home is overpriced, and then what can we do? Shoot him? You can’t just shoot people at random anymore, even if it easier to buy a gun than a stick of gum.
Much as I would like to, I also don’t write the rules about Sacramento real estate. We all wish our market was like the Bay Area but it is not. All real estate is local, and our Sacramento market is slowing down. At least you will get the straight story from me, even if it’s not what you want to hear.
The Story of Closing a Home in Upper Land Park
The first time I spoke with the seller of this home in Upper Land Park, I was in the middle of my winter vacation in Hawaii. But since part of the purpose of having a home in Hawaii is to work from that location, it’s not really working for me. Plus, I think my clients like it when I’m in Hawaii because they know I will answer my phone up to 9 or 10 PM at night, due to the time change. On top of which, I am generally there alone, so there are no other distractions. I’m focused on them.
In fact, while working on selling this home in Upper Land Park, I made two more trips to Hawaii. During my last trip, we went into escrow.
I met with the seller in mid February to give her tips on staging this home in Upper Land Park. My feeling was the living room and dining room seemed like one huge room, providing the gateway to the beautiful back yard, we should focus on it. More so than the bedrooms or kitchen. The flooring was not hardwood, so a bit of staging could compensate for it by drawing the eye elsewhere. The seller contacted my recommended home stager. For very little money, she was able to arrange for staging that did not involve the entire home.
My focus was to maximize profit for the seller. Given our present conditions of a seller’s market, it made sense to be aggressive with the pricing, even though the home backed to the freeway. Other homes, not quite in this same exact position, were selling at wild prices. I was willing to help my seller determine exactly where she needed to be priced, even if it took a bit longer because our price was aggressive.
She had talked with a previous Land Park Realtor to sell her home in Upper Land Park. The seller recalled only the words the Realtor repeated over and over. Which happened to be the rather snooty: “this is not prime Land Park.” What a terrible thing to say to a potential seller. Personally, I can’t imagine saying such a thing. Also, one of the other things the seller asked me was not to send her feedback reiterating the freeway is too loud. I get it. I understood.
We received a lowball offer from a former client of mine, which was a surprise on both accounts. That fizzled and died a slow death, never even heard back from his agent on the counter offer. And then the best offer appeared out of the clear blue sky. A decent offer, one that we could accept and close on. The seller jumped all over that like a hot fudge on a sundae.
I thought the buyer might complain about the second bath not being connected to the sewer or maybe the fact the roof was two different materials. Yes, comp on the south and shake on the north. The day we went into contract with that buyer, a second buyer was ready to make an offer, but they were a bit too late. When it rains it pours, I guess. But the buyer had no complaints, really, no demand for repairs. He had asked for a small concession, which I advised the seller not to give. But she is nicer than me, and she gave it to them just for peace of mind.
Yup, get that, too. It’s all about what makes the seller happy. She left me a nice review on Zillow and Yelp, so my mission was accomplished. Thanks, Robbie, it was great to work with you, too!
709 7th Av, Sacramento, CA 95818 closed escrow on June 27, 2018, at $375,000.
