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The Story of Selling an Overbuilt Rancho Cordova Home
One of my listing specialties is selling white elephants like this overbuilt Rancho Cordova home. We call them white elephants when they don’t conform to the neighborhood, not that there is anything specifically wrong with the home. Most of the homes in this subdivision are 1,200 to 1,600 square feet. This particular home is over 2,100 square feet. Pricing is different when a home is larger than others around it. Usually the per square foot price is less than the surrounding homes.
A recurring complaint from buyers was they didn’t like the fact this home mirrored the home next door. The exterior appeared identical, except for a reversed floor plan, which meant the garages, which were side facing, also faced each other. One potential buyer from Chico called to say he was submitting an offer. A few minutes later he said he looked at the home on Google, spotted the garages facing each other and said, nope. No offer.
Other buyers complained that the baths were vintage with canary yellow fixtures in one bath, pink in another. It’s odd how people can pull apart and shred the appeal of a mid-Century home by expecting it to look like a brand new home in 2018, but that’s buyers for ya.
Once we found our sweet spot on pricing for this overbuilt Rancho Cordova home, we got an offer within 3 days. This particular property’s location fell within the no-income restrictions for Guild Mortgage’s free down payment assistance program. I explained the program to the buyer’s agent. What about their own lender, she asked? He’s done a lot of work.
My response conveyed forget about that lender in not so tender terms. That lender can’t give the buyers $7,000 in free money that they don’t have to pay back. No brainer. Of course, that lender was upset when he heard about it and called to “introduce himself.” That’s code for: I’d like you to like me so you’ll send me more business. Then he began to tear apart Guild’s program, telling me the buyer made too much money, blah, blah. Au contraire, sugar bear, there are no income restrictions in this neighborhood.
I wished him greater success elsewhere. Goodbye.
Now, the buyers were thrilled with Guild Mortgage’s program. They could not believe their good luck. Apparently, according to their agent, they were planning to receive gift funds from family members, and now they didn’t have to. Not only that, but we were able to bump up the price to cover their closing costs. They truly came in with only 1% and the seller got a little bit over list price.
Since their other lender could close within 15 days, we asked Guild to match that timeframe. Guild met that schedule and issued loan docs within 12 days. From start to finish.
At one point, the buyers asked for a larger sum of money and repairs. The seller suggested splitting it with them. Well, he could, if he wanted to give away money, but I suggested he not. I have my seller’s best interests at heart. Further, facts don’t lie. The buyers wrote other offers without success. They can’t get this particular loan anywhere else since it’s sunsetting mid-June. Their family is a source of funding. They aren’t walking away. Finally, the seller said he hired me for a reason and followed my advice.
No repairs. No additional cash. All righty, then, and the buyers removed their contingencies.
By closing on this overbuilt Rancho Cordova home, though, everybody seemed happy. Of course, I haven’t yet gone over there to remove the lockbox. I could still get sprayed with a garden hose.
10829 Glenhaven Way, Rancho Cordova, CA 95670, closed escrow on May 11th, 2018 at $358K.
Don’t Miss This Perfect Starter Home in North Highlands
Maintenance free front yard at this starter home in North Highlands.
Do not miss out on viewing this perfect little starter home in North Highlands. Do you want affordability? How about pricing right on the nose? You know how many buyers would like to buy a home and they say they can’t find a nice house to buy in their price range? Well, that’s primarily because due to the abundance of crappy homes for sale in a super affordable price range. So many of lower priced homes need work and they won’t pass inspections for an FHA loan. Our seller purchased this home with an FHA loan 2 years ago, so you know it passed those rigid inspections.
You’ll love the low maintenance front yard as you first pull up to this starter home in North Highlands. Not only do you get a garage (yay!), but the front of the home features an enclosed courtyard. This means you can open the front door and if a dog runs out, your pet will be safe. It cannot reach the street. So it adds additional security for fur moms and fur pops. Protects children, too.
Spacious living room with wood-like flooring and oyster gray walls.
In fact, this starter home in North Highlands is perfect for children. There are already a few who live here. They love the racetrack their parents created in the back yard for their bikes; however, there is also another patio area in the side yard.
Granite counter in the kitchen and newer cabinets.
You’ve probably always desired a granite kitchen, and this starter home in North Highlands does not disappoint. It features granite counters, newer cabinets, and the kitchen itself is open to a formal dining area.
This darling home features 3 good sized bedrooms, all of which are vaulted with wood ceilings. The vaulted wood ceilings are also prevalent in the living room, dining area and kitchen. All of those vaults create a feeling of spaciousness and make the home seem much bigger than it is. You will love the updated and pretty bath. Nothing’s left to do except simply move in.
Come by our open house on Sunday, November 19th, from 2:00 to 4:00 PM. Hosted by the incredible Barbara Dow from the Elizabeth Weintraub Team. 5638 San Vincente Way, North Highlands, CA 95660 is offered exclusively by Elizabeth Weintraub at Lyon Real Estate at $215K. Be our guest and check out the virtual tour.
New Curtis Park Listing Under $250K
2544 San Fernando Way is a new Curtis Park listing under $250K
Not only can you buy this new Curtis Park listing under $250K, but it fits perfectly with the growing trend in America of homebuyers preferring smaller houses. A smaller square footage means lower utility bills, too, although this home is powered by Solar City. Electricity is much less to start with. If you’d like to enjoy the benefits of home ownership yet retain more of your disposable income to spend on other things in the month, this home is for you. It even has a fenced yard, if you’ve been waiting for the right opportunity to adopt a pet.
The home was built in 1923, and some of that original character still remains. Under the beautiful wood-like laminate floor in the living room, which the seller recently installed, you’ll most likely find hardwood. I’ve yet to find a 1923 home that does not offer hardwood in the main area. There are also exposed wood floors in the spacious bedroom, plus two windows for extra light! The bath, located off the bedroom, has a tile floor, wainscoting and a lovely clawfoot tub.
Spacious entertainment area at 2544 San Fernando Way
In the living room, you’ll have plenty of space for entertaining, plus you’ll love the original built-in storage in the dining room. There are two bookcases with glass shelves on either side of four drawers. The dining area is between the kitchen and living room, which makes the entertainment area an open space. Not to mention, this new Curtis Park listing appears larger than its almost 700 square feet. Every inch seems to be utilized.
French doors in the kitchen lead to the patio
Everything you need is in the kitchen. A peninsula island with a wood counter, dishwasher and large white sink sits opposite the gas range, cabinets and refrigerator. The floor is ceramic. French doors lead to the side yard patio, and an archway at the other end leads to your very own laundry room; plus, the appliances all stay with the home.
2544 San Fernando Way, Sacramento, CA 95818, is offered exclusively by Elizabeth Weintraub at Lyon Real Estate at $249,000. If you’re looking for a new Curtis Park listing under $250K, you will love this home. But hurry, these affordable homes generally do not last long on the market in Sacramento. Call 916.233.6759 for more information. You are likely to find no better buy among homes in Land Park and Curtis Park.
Photos: © Elizabeth Weintraub
