Email ElizabethGet Cash for That Sacramento Cooperative Short Sale
Not every person is cut out to be a Sacramento real estate agent. That’s a fact, Jack. In fact, some are unqualified to be in sales in the first place, and let’s not overlook the fact that some people think salesperson is a dirty word. Like, there is something wrong with sales or that if you don’t have the natural ability to sell then you can’t acquire that ability or wouldn’t want to. But when it comes to selling your home in Sacramento, a seller will increase his or her chances of maximizing profit potential and obtaining a fast sale by hiring a professional real estate agent.
In our Sacramento real estate market, often that means hiring a Sacramento real estate agent who knows how to sell short sales. You might think that any real estate agent can sell a short sale but that’s faulty thinking. Without jumping into a million reasons why that’s wrong, let’s just look at one reason. Like this seller in the Pocket. She had a good job and made a good income, and did not really have a hardship.
After looking at her situation, we devised a strategy. Because this Sacramento short sale agent knows her stuff. We put her home on the market in early September as a Sacramento short sale. A pre-approved Bank of America Cooperative Short Sale. It closed escrow yesterday. From the day the For Sale sign went into the yard to the day the buyer was handed the keys, it took 43 days. Start to finish. That’s faster than some homes sell and close that are not short sales.
The seller did not fork over her tax returns. She did not give Bank of America her bank statements nor payroll stubs. There was no hardship letter required. She had to make one phone call to say NO to HAFA and YES to the Cooperative Short Sale.
Bank of America paid two cash incentives on this short sale. The cash payment to the seller at closing was more than $12,800. No strings. Just: Here, take this cash. In fact, escrow wired the money to my seller’s bank account because she was on a plane when her home closed escrow. The seller received a cooperative incentive on top of an HIN Incentive. Yeah, I know what you’re thinking — it’s taxable. Yup. But yowza! It almost seems criminal and hard to believe that a seller can get paid to do a short sale yet it’s happening all over Sacramento, especially to my clients.
The bank did not approach the seller in this situation. This is an important component. Her Sacramento short sale agent figured out that the seller qualified and talked to the bank on the seller’s behalf. Bank of America wanted the seller to do a HAFA. But HAFA would have given her only $3,000, involved financial disclosures and made her life a total nightmare. Instead, the Cooperative Short Sale was fast, easy, no hassle and the seller put almost $13,000 into the bank at closing.
So, you tell me which was better for this seller, OK? HAFA or Cooperative short sale? I believe the Cooperative short sale wins hands down every single time. If you have a mortgage with Bank of America and want out, call Elizabeth Weintraub at 916 233 6759. It doesn’t cost you a dime out of pocket. In fact, it can pay.
Why, No, You Can’t Buy That Sacramento Home
Tell a person she can’t have something, and she wants it even more. Just seems to be human nature. The way things work. If Sacramento home buyers are interested in a home, all you have to say is they might not be able to buy it, and they break out in a sweat. I imagine their hearts begin to beat rather fast. I mean, I know that feeling. I am not immune to not always getting what I want.
There’s a restaurant in Chicago that I feel compelled to visit, and there are no reservations available in November when I will be there. It serves 23 courses for dinner. The only way to get a reservation at this restaurant is to hope a table opening pops up through Facebook. There’s a chance my husband and I won’t be able to go this restaurant. That will be a little bit disappointing, but it’s not the end of the world. You know why? Because there are other restaurants in Chicago and, like my mother used to say, think about the starving children in China!
OK, that didn’t help at all. But you get my drift.
Not having any inventory in the Sacramento real estate market is driving some home buyers nuts. They can’t stand it. I know because as a busy Sacramento real estate agent, I manage a lot of listings — more than some brokerages –and I get calls all day long about homes that are pending. Pending as in ready to close escrow. Solid offers from committed buyers, yet all of these callers want to know if the present buyer might change his or her mind. People might be off their rockers, but they’re not crazy enough to back out of a transaction when there is nothing else to buy.
All of the normal things a Sacramento real estate agent usually worries about are no longer much of a concern in this market. Home inspection? Spittooey. No problem. Long as the home is still standing and supported by four walls and a roof, they’ll take it. No seller concession? Who cares? Not today’s home buyers. You want a contingency release? Where do we sign? This is a fabulous real estate market for a seller and her listing agent! It’s not so hot for home buyers but it’s unusual, to say the least, to be on the other side of the fence for a change.
Equator Starts the Day for a Sacramento Short Sale Agent
When it’s 5 AM in Sacramento, it’s 8 AM on the East Coast. I get a head start on my day by updating my Sacramento short sales before people start calling. However, I am finding it is increasingly difficult to write my blog uninterrupted on a Tuesday morning because all of the short sale negotiators in Equator are up and at ’em first thing. It’s like they don’t touch their computer all week or something. They wait until Tuesday. My inbox begins dinging with Equator emails at 5 AM. I could not imagine looking at a file only once a week, but that’s how some short sale negotiators seem to handle their workload.
Many short sale lenders are using Equator now for processing short sales. We’re all anxiously awaiting for JPMorgan Chase to join Equator but it doesn’t seem to be happening. I keep hearing rumors that Chase will be on Equator. First, it was last summer, then by this fall, and it’s just not a reality yet. But we do have the top 4, which are Bank of America, Wells Fargo, GMAC / Ally and Nationstar.
The thing with Equator — as I was explaining yesterday in my presentation to the ballroom of agents at Lyon Real Estate’s FRED (Fun Realtor Education Day) event — is it over communicates. It used to send agents emails containing specific messages and those messages were also kept in a property folder on Equator. Now, for some reason, Equator generates an email to tell a Sacramento short sale agent that there is an email in Equator. And when the agent gets to Equator, the email directs the agent to a task. Except the task is not really always a task. I prefer the old method because I knew what I was getting into before I got there. It’s not always worth it to open Equator. Sometimes, the messages are pointless.
Not only are some of the messages pointless, the messages can also be “system generated.” A system-generated message will say things like somebody is reviewing documents. But nobody is really reviewing documents. Yet, I am not about to complain about Equator. No sirree. I know what life was like for this Sacramento short sale agent before Equator, and I never want to go back there.
It’s bad enough that I have to work on Bank of America FHA short sales outside of Equator. I don’t wish that horrible experience on any short sale agent. I love Equator and an Equator short sale. I am Equator Platinum Certified, not only for short sales but also for REOs. I received certifications for both. I don’t handle REOs, but you never know, one day I might. I have belonged to Equator since its transformation from REOTrans. It’s a lifeline for Sacramento short sale agents.
Need an East Sacramento Agent?
Are home buyers in East Sacramento a dime a dozen these days? That might explain the attitude, I offered to the home buyer who called yesterday morning. We’re in the middle of a seller’s market in Sacramento these days. Lots of buyers, very few sellers. Man, she was in a tizzy. Going on and on about how horrible her last few real estate agents have treated her. One East Sacramento agent kept calling her “friend,” she said, as in “Friend, don’t worry, we’ll write that offer.” Except, he never did. She referred to this agent as cheesebally. I hope nobody ever calls me a cheesebally agent. I don’t know why some agents manage to tick off potential home buyers. I have really no idea.
I suspect this particular home buyer was beginning to think of herself as chopped liver. She has a preapproval letter, plus she’s a conventional buyer with 20% to put down. She’s got the money in her savings account and is able to provide proof of funds. She knows the home she wants to buy. In fact, she’s already identified it. Among all of the homes in East Sacramento, she’s selected hers. How hard can it be to buy it, she wondered?
She had been complaining about this problem to her neighbors when they recalled fondly their own East Sacramento agent. Which happened to be me. I had helped these people buy a home in East Sacramento three years ago. Her neighbors said I was wonderful and suggested she call me. It’s nice to be thought of as wonderful. Beats being a cheeseball, I guess.
I’m always a little bit suspicious when buyers complain about their former real estate agent. Because you never know what they might have done to contribute to the treatment. One thing being an agent as long as I have been an agent has taught me is that there is often two sides to a story. But this buyer seemed pleasant, was qualified to buy and didn’t come across as a nut job — all important components to buying a home. So, I can’t offer an explanation for her struggles.
We wrote a strong offer for that East Sacramento home and delivered it to the listing agent. Didn’t matter that she called me early on a Sunday morning. When a former client sends me a referral, I take care of those people like the precious gems they are. I love referrals. Because criminy, you’ve only got one reputation in this business. If you’re looking for an East Sacramento agent, call Elizabeth Weintraub 916.233.6759. I’ll get the job done.
Is This a Good Time for Home Selling in Sacramento?
My days seem to be pretty balanced in Sacramento in that I talk to about the same number of home buyers as I do to home sellers. Yes, I am an oddball Sacramento real estate agent who answers her phone. I also respond to email very quickly. So fast that I tend to astonish potential clients. I get the phone calls and emails because I have a ton of listings in Sacramento. Once that activity gets ramped up, it doesn’t stop, it only continues to build more business and more client contacts. As a result, the question I get asked more often than not is whether this is a good time to sell in Sacramento.
I suspect you think that any Sacramento real estate agent worth her salt is going to respond YES. Except in this case, it would be absolutely true. It’s no secret that I am not a big fan of home selling during the holidays. Sometimes, though, you have to sell over the holidays, and if you do, I’m there for you. But right now, October, is an excellent time to have your home on the market. For example, I just put a home in Roseville on the market last Friday. Within 24 hours, we have 5 offers. Five excellent offers, no lowballs. If your home is priced right, marketed right, it will quickly sell and for a lot of money!
The question other people ask is whether this is a good time to buy. If you’re working with the Elizabeth Weintraub Team, it’s a fabulous time to buy. Interest rates are low. Prices are low. But competition is stiff. We beat the competition every single day. It’s why we are successful Sacramento real estate agents.
It seems that right now many of my Sacramento home sellers are getting geared up for the spring market. Yeah, the spring market in October. Who’d a thunk it? But preplanning is important. If you want to come out with a bang in January, now is the time to plan for it. Why would you want to appeal to a tiny pool of home buyers in November or December when your home can explode on the scene in January, splashed in front of thousands? I’ll give it to you straight.
Think about it. Call me. 916-233-6759. Sacramento real estate broker, Elizabeth Weintraub at Lyon Real Estate. Now taking appointments for selling homes in the four-county area of Sacramento.
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