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First-Time Home Buyers in Sacramento Just Closed on Anna Way
All kudos in this transaction have to go to the selling agent, Julie Reardon, a Lyon Realtor, for making sure her first-time home buyers in Sacramento got their home. Julie did everything right. In fact, if it wasn’t for Julie, I’m fairly certain her buyers would not have been able to buy this home. It was her attitude that made all of the difference. She was upbeat, positive and earnest, presenting her buyers in the best light possible while remaining respectful of the situation and the sellers.
She also persuaded me to want to work with her. No easy feat somedays in this business, LOL. I can be stubborn and grouchy. This was not a circumstance of bulldozing her way into a purchase offer, either. Quite the opposite.
I listed this home on Anna Way from our second home in Hawaii last month. Although my team member Josh Amolsch sold the home to the sellers, I had not seen it yet, apart from photographs. There was quite a bit wrong with the house. Deferred maintenance. The pest report was not pretty.
On top of this, I’m not sure any of the occupants in the home spoke much English except for the Cambodian seller. He had his parents living with him, and 3 little girls, and his wife. His hands were full. He also owned a bakery in the city of Davis, but people were not buying luxury doughnuts anymore. So he planned to move to Maine. Haul his entire family to Maine. I only hope they are not in for a shock when it snows and blizzards set in. Having traveled to Cambodia, I have a special soft spot in my heart for Cambodian immigrants trying to make it in America.
The lender had asked for a copy of the pest report, and my heart began to sink. Oh, no. I thought for certain they would want all of that work completed. Our agreement between the parties was the home would be sold AS IS unless the lender required repairs. In that event, the seller would cure any defaults demanded by the buyer’s lender.
Fortunately for the seller, the only thing the bank insisted we fix was a leak behind the shower. It meant removing drywall. Drying out the area. Repairing the leak. Treating the wood. Replacing the drywall. And it was almost $1,800 to fix, not nearly the total amount on the pest report, though. At least these first-time home buyers in Sacramento do not have to deal with a stinky bath anymore.
These buyers had been evicted after living in their home for 16 years. Their landlord decided to sell the house and evidently not to them. They have 2 children of their own plus they care for 2 other kids. They needed an affordable home, and there are not very many homes on the market anymore that suit the needs of first-time home buyers in Sacramento.
Julie downplayed her experience, saying she has not been in the business as long as I have and welcomed any tips I could give her. She doesn’t need tips. Ha! She’s doing a great job. There aren’t many agents with the kind of longevity I have in the business but it doesn’t mean agents without as much experience are any less effective. No siree. Julie is a perfect example of a fabulous Sacramento Realtor who wants what is best for her clients and it shows.
Congratulations, Julie, on a smooth closing.
2512 Anna Way, Sacramento, CA 95821 closed escrow on July 30th at $230K.
Working With First-Time Home Buyers in Sacramento
First-time home buyer in Sacramento receives keys to their new home.
Probably because of the low inventory in Sacramento, we have been working lately with a larger than usual number of first-time home buyers. Almost half of sales this year so far are first-time home buyers in Sacramento. The rest are move-up buyers, which are also out in droves and sellers. Generally I work with these sellers to list and sell their home, and my team members help them to find a new home. We have a lot of competition for some homes but our buyers tend to end up in escrow fairly quickly, because we know the business.
It’s not easy for buyers to write that first purchase offer. Many are filled with trepidation that they will screw up somehow or make a huge mistake. But that fear is quickly overshadowed when they find out their offer was rejected because it wasn’t high enough, and some other lucky buyer snagged their dream home. Winning offers are not always reasonable. That’s extremely stressful for first-time home buyers in Sacramento to digest. To be so close, yet so far away, from home ownership.
Yet when we deliver an accepted offer, some buyers can’t believe it. They keep waiting for the other shoe to drop. They say, “Something is wrong with this deal. We got everything we wanted.” And then irrational fears set in. That little nagging voice in the back of their minds can’t let them sleep at night. Some worry something awful might happen, and their transaction will not close. But our transactions close. I make certain they close.
Two couples who were buying homes in Land Park last week expressed those fears, and neither of the couples knew each other. They both called on the same day to ask identical questions. It was eerie. But in retrospect, not uncommon.
Here are my top 10 tips for first-time home buyers in Sacramento can use to help alleviate the angst that accompanies buying a home:
- Get preapproved by underwriting. A mortgage broker can submit your loan application and verify your employment before you write an offer.
- Find a real estate agent you trust — in whom you can place your confidence.
- Get a copy of the documents you will sign before you sign them.
- Read the purchase contract and buyer broker contract — ask questions. For example, I point out paragraph 14-b-1 in the C.A.R. contract, which explains that buyers are entitled to inspections and can get their deposit back if it comes to that.
- Ask for a timeline on the closing process to fully understand all the steps involved. Always find out what happens next.
- During the transaction, don’t be afraid to call your agent with questions. Your agent will guide and advise you.
- Line up your insurance agent, don’t wait until closing to shop for insurance rates and plans.
- Locate a qualified home inspector. Ask your agent for recommendations, interview the candidates and ask for sample reports.
- Read every disclosure and report. Ask questions.
- Don’t change your financial situation once you are under contract. Don’t buy anything new.
And finally, realize that even the most organized and rational first-time home buyers may experience stress. It’s OK to shed a few tears. We don’t sugar-coat the journey and promise that nothing will ever go wrong because it might. But almost anything that can go wrong can be fixed. Have faith in your convictions and your agent’s track record.
Buyers go through highs and lows during escrow because it’s a complex and emotional process. If any real estate agent suggests that buying a home is all butterflies, cinnamon cookies and puffy-white clouds, you might want to find a more experienced agent to guide you.
What’s paramount for us is that when the transaction closes, our buyers are ecstatic. That’s our goal for first-time home buyers in Sacramento, and we don’t settle for anything less. Call Elizabeth Weintraub at 916.233.6759.
Are You Struggling to Buy a Home in Sacramento?
Team Weintraub is kicking butt and taking names this month. We always do well in Sacramento real estate, but it’s refreshing and even more exciting to excel in a market that is tougher than nails at the moment. It’s super hard to buy a home in Sacramento during a seller’s market. Especially when we have so many buyers vying for the same listings. But the Elizabeth Weintraub Team seems to possess the knack, the expertise and, honestly, just the good fortune, I suspect, to be winning multiple-offer situations.
Part of this could be because we know what is important to sellers and we give it to them via the offers we write for our buyers. We know how to satisfy what sellers want. The reason we know this little fact is because I personally list and sell a ton of homes in the Sacramento area, and I freely share seller expectations with my Team Weintraub members. When you know what sellers want, you know how to write a purchase offer that will give the buyer an edge over all of the other buyers. Plus, everybody knows we perform on our word. We are accountable for our actions.
It also helps to know what a strong listing agent expects, and it starts with a clean offer. No missing pieces, I’s dotted, initials in place, earnest money deposit, proof of funds, and a preapproval letter — not from some fly-by-night place. I swear, the other day I hear from a mortgage broker that his buyer who is about to close escrow has had a short sale a short time ago and now can’t qualify for a conventional loan. Well, I’ve got news for ya buddy, the buyer never could qualify for a conventional loan under those circumstances and that question should have been asked in the interview / application process and, if it was, you should have known Freddie Mac would require seasoning on those gift funds. Ack.
The offer should also be submitted to the listing agent within the time frame for acceptance. Some agents openly invite multiple offers by specifying a time for offer presentation in MLS, but that’s not a practice this Sacramento Realtor endorses because it turns off some agents and buyers. Not everybody is competitive nor enjoys competition like some of us, and I’m not naming any particular name here like myself; but the point is I don’t want to discourage any buyers from writing an offer on my listings. Besides, nothing looks goofier than touting all offers will be presented on Sunday and here it is two weeks later and the home is still for sale.
Every first-time home buyer has a chance to buy a home in Sacramento, even in a multiple-offer situation. The mindset is not to think about all of the other offers and focus solely on what you are able to do. If you want to buy a home and to align yourself with an experienced real estate team like the Elizabeth Weintraub Team, then give us a jingle at 916.233.6759.
