Email ElizabethHow to Work With Emotional Real Estate Agents
Do you ever have days when you feel compelled to tell some whiny person to just put a sock in it? I’m not talking about my husband, in case he’s reading this and wondering. It’s the buyer’s agents who can get all excited and turn into white knight agents, turning up the volume and drama over some piddly little thing, when the agent hasn’t even spoken to the buyer. A Sacramento real estate agent can’t take this kind of stuff personally because it’s not personal. It’s some other agent’s misaligned ego that’s doing the talking.
This is not to say that to be successful in real estate that an agent needs a skin as thick as an Everglades alligator. To the contrary, good real estate agents need a really big heart and hearts can be broken. More important is the ability to put situations into perspective, to be calm, rational and think things through before reacting.
I suspect that the aforementioned is called adulthood, although I’m not really sure. Because not having any kids to use as a measuring stick, I’m not certain I have fully developed into an adult. The days all sort of look the same to me, and then one day I look in the mirror and I’m over 60. Unsupervised because my parents are dead and gone. Nobody to account to but myself.
People tell me I have an even temperament. Probably because I am not the type of person to explode as my immediate reaction to something seemingly stupid — even if inside my brain I’m thinking WTF, I don’t say it until I’ve thought through the situation. Like, take a buyer’s agent who asks me if the seller will accept, oh, say, $50,000 less on a brand new extremely well priced listing. An agent will ask that question because buyers asked.
Instead, I wonder why that agent has not studied the comparable sales in the neighborhood. I wonder why the agent hasn’t taken the time to educate her client. I wonder why the agent is in real estate, and how long it will take before she ends up behind the counter at Starbucks. But I don’t say any of those things. I just ask why. Asking questions is the best way to diffuse potentially explosive situations. It’s also a good way to find out what another person is really thinking before jumping to conclusions.
The Sacramento Short Sales Nobody Wants
It’s not surprising that I often agree to tackle the Sacramento short sales that no other real estate agent in Sacramento wants to handle. That’s because I don’t discriminate. As long as the seller’s situation warrants a short sale and this agent can see that short sale closing, I will list it, sell it, negotiate it and close it. If I don’t believe the short sale will close, I don’t accept the listing. Keeps life simple.
But what I think will close and what another agent in Sacramento believes will close is often two different things. That’s because there are agents who will not touch a short sale in which the seller owes money to more than one lender. These agents do not want to work on a short sale with two loans or more. They’ve been burned once or twice by second lenders so they automatically assume all second lenders are reluctant to cooperate with a short sale or they want to blackball certain lenders, which is so wrong.
Every short sale is unique. Every short sale is different. What a second lender might do in one transaction could be the opposite in another. Any Sacramento short sale agent worth her salt knows that it’s a defeatist attitude to automatically wish for the worst.
I’m thinking the reason that agents might lose enthusiasm for a short sale is because they probably haven’t closed enough of them. According to Trendgraphix, I have closed more than $65 million in short sales, more than any other short sale agent in the Sacramento seven-county area over the past 8 years. I’ve learned a thing or two negotiating this volume of short sales. The most important is not to be overly judgmental and to deal with the facts at hand. If it’s a little bit extra work for me, so what? That’s what I’m paid to do.
Just closed a short sale last month in which well-meaning buyer’s agents predicted disaster. They didn’t want their buyers to make an offer on the home because they thought the roof needed too much work. You know what? The roof never came up, and it sold FHA. The home inspector did not find any problems, either. Agents also thought the home was priced too high, yet it sold for a little bit more than its original list price. Other agents complained that the short sale had two loans and would take too long to get approval, if the second lender agreed at all because some agents had a bad experience with that particular lender.
The facts are we accepted an offer on October 18th, and we closed escrow on December 23rd. We had short sale approval from both lenders before the end of November. Plus, the seller pocketed $3,000 through the HAFA short sale program at closing. Everybody was happy, except those naysayer buyer’s agents who did not go to escrow due to ignorance.
How an Elk Grove Home Buyer Hoodwinked a Buyer’s Agent
Google suspicious Elk Grove home buyers
This weird homebuying story has been turning over in my mind ever since it happened as I’ve been debating whether I should write about such a wild and wacky situation. Today I say what the hey. It might save another buyer’s agent in Elk Grove from humiliation. Certainly, it could put another Elk Grove real estate agent on alert as this criminal is still on the loose (he wasn’t reported to the police). Although, no seller wants to take her home off the market for a phony buyer who is playing a con game, either.
Most real estate agents in Sacramento and Elk Grove go about their business trusting other people to be who they say they are. We don’t normally need to verify identification or missions. If a buyer says she wants to buy a home in Elk Grove, typically she produces a pre-approval letter, specifies her wants and needs, and we show homes. It wouldn’t hurt for agents to be a little less vulnerable, though.
This particular “home buyer,” we’ll call him Clarence, hauled his group of kids and wife to see a home in Elk Grove. His agent — not me, of course — picked him up at his home because Clarence did not have a car. Clarence also did not have a computer so he could not look at homes online, but he knew what he wanted: a gorgeous home with 5 or 6 bedrooms in Elk Grove. Clarence negotiated, through a counter offer no less, to buy a home in Elk Grove for cash. Half a million.
Where was the money coming from, otherwise known in the industry as Proof of Funds? The purchase contract gives a buyer 3 days to produce it. The buyer’s agent promised the listing agent the funds were coming. Every day, same story. That was enough to make the listing agent suspicious but the buyer’s agent was still hopeful. Where are the proof of funds, the listing agent asked again and again.
Turned out Clarence’s brother had won the lottery. No joke! Not only that, but Clarence had bought two brand new cars from Elk Grove Ford and those vehicles would be delivered at the end of the week to Clarence’s present home in Elk Grove.
You might ask yourself who would believe such a story — but then you don’t know real estate agents and how gullible many real estate agents can be. There is an entire industry that sells books, tapes and seminars to real estate agents because they can be so easily snookered. Who better to sell to than another salesperson? Well, I guess one could sell to a con-artist.
To be fair, an honest person might have a hard time believing that another human being would pull such a stunt, in addition to asking what’s in it for the con artist? The buyer can’t close escrow if he doesn’t have any money. He is not getting the keys early so he can’t take possession. What’s the point? I suspect the point is to dream. Maybe drive by and tell friends that he is buying a home for half a million. Perhaps to cruelly punish the children when they don’t bring home A’s on their report cards. “I promised we’d buy that house if you got an A in Science, but you failed, so . . . “
Maybe there is no rationalization at all. Maybe the buyer is mentally ill? At some place one needs to stop hoping for the best, look at the excuses and piece the situation together. There is always Google, too. Turns out Clarence had been arrested for stealing cars. He gave a Mercedes dealer a fake check and had driven off in a Mercedes before the police nabbed him. Clarence had been arrested several times, and his alleged wife (he probably wasn’t married) has a police record, too.
Since when do Mercedes dealers take a check?
Maybe it’s not a bad idea to Google your Sacramento home buyers, check Facebook? Especially if something doesn’t seem right. Trust your instincts.
Not All Short Sale Homes in Elk Grove Should Sell as a Short Sale
The number of Elk Grove short sales are declining
Why would a homeowner in Sacramento or Elk Grove do a short sale if the homeowner didn’t have to? That’s a question that’s been plaguing me because from a logical point of view it just doesn’t make any sense. What kind of real estate agent would railroad a seller into short sale status if that seller could sell as a regular traditional sale and not take the hit to her credit report, much less her emotional state of mind? As a Sacramento REALTOR, we are all required by the Code of Ethics to do what is in the best interests of our sellers.
To be fair, railroad might be a strong word. An agent might be completely clueless, I suppose, or an agent might be tempted to take the path of least resistance, that which seems easiest to her. Selling a home on the edge of a short sale as a regular sale can be tricky and complicated, but it can be done because I do it. Fast appreciation from spring of 2013 has turned many would-be Sacramento short sales into equity sales. It makes my heart break when I see a home sold as a short sale within a few dollars of being a traditional equity sale. It makes me wonder why a little more money could not have been squeezed from the sale, and why nobody tried to do it. It is laziness? Ignorance? Or, does the term railroad apply?
Take this homeowner in Elk Grove, for example. This is a guy who wanted to put his home on the market last fall because his wife was losing her job — a typical story in today’s real estate market. They called because they wanted to hire the best Sacramento short sale agent they could find. The problem was the home was cluttered, not that it needed to sell as a short sale. OK, every room was filled to the brim just about. Bedrooms filled with boxes. It was like a person came home from the grocery store to unpack the bags and just never put anything away except stuff that needed refrigeration.
The sellers were told to move out and into their rental property. Once the home in Elk Grove was vacated and the carpets were shampooed, it would show very well. The sellers were fairly well positioned to salvage credit and make a tidy profit. Instead, shortly thereafter, the sellers hired a “friend of a friend” and sold the home as a short sale . . . and a fixer, to boot. Later, the sellers sheepishly apologized to their first real estate agent and admitted they had probably done the wrong thing; they had panicked.
What’s done is done. No need to say anything negative about their present real estate agent.
My mother always said if you can’t say anything nice, don’t say anything at all. Of course, our REALTOR Code of Ethics requires it, too.
Looking at Sacramento Homes for Sale From a Buyer’s Perspective
New Home Listing in Sacramento
It’s very difficult to color correct photographs when a kitten is attacking my television monitor. Typing doesn’t seem to excite little Tessa as much as when I move the mouse around and magic happens in front of her eyes. She appreciates when I use the tool that lightens shadows, and she is madly in love with the adjustments I make using Levels in Photoshop. As a Sacramento real estate agent, I often agonize over my photographs because I want to make sure that each and every photo does its job properly online.
Now, I try not to say anything about other agent’s listings when I see photographs that let’s just say don’t do the home justice. The major thing about presenting a home online is the photos should offer a clear picture of each room that is suitable for viewing and tell a story to the buyer. Contrary to some popular views, we Sacramento real estate agents are not trying to sell a home online, on the internet, we are trying to whet a buyer’s appetite enough to get the buyer motivated to view the home in person.
Sacramento home buyers have choices. Their first introduction to Sacramento homes for sale is online, typically. They might have automatic emails set up by their buyer’s agents, which deliver listings to their inbox as soon as those new listings hit the market. That’s the easiest and the smartest way to search for a home to buy in Sacramento. If a buyer is not receiving emails, that buyer may not realize how much she is at a disadvantage.
When buyers get an email, it may contain a bunch of homes for sale because new listings come out every day. To access the information, it involves clicking on the property address. That’s one click. Up comes the listing with one photograph, the property description and specifics. The listing offers the ability to look at more photographs by clicking a second time. If a buyer does not like the first photograph, a buyer might not click a second time. Moreover, if the buyer does not like the second photograph, the buyer might not click through all of the photographs and will simply discard the listing by moving on to the next home for sale.
Each photograph must encourage the buyer to click again. The marketing verbiage should make the home sound unique. Even if the home is identical to almost every other home in Elk Grove, for example, there is something unique that makes it different that made the existing sellers want to buy it, and that is what will make a new buyer want it as well.
Jackson in box with Tessa
If you’d like to talk more about what this Sacramento real estate agent can do for you, please feel free to call Elizabeth Weintraub at 916 233 6759. I love selling homes in the Sacramento Valley, and I’m not afraid to say I’m good at it.
And, my kitten Tessa? She says she’ll buy them all. This one, and that one, and the next one, too. You can see that she sticks her nose into everything. Even when I’m trying to take a photo of Jackson, our ragdoll.
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