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The Highest Offer is Not Always the Best Offer
Just because a buyer offers a much higher sales price than anybody else doesn’t necessarily mean a seller should sell her home in Sacramento to that buyer. In fact, a much higher sales price can be viewed as suspicious during a multiple-offer presentation. You’ve got to ask yourself if that particular buyer is smarter, brighter, and more ambitious than everybody else or is that particular buyer holding something back? Most buyers are pretty much the same, so if a purchase offer stands apart from all of the others, the wise way to approach that kind of situation is with caution and ask questions.
My sister asked me a question yesterday to which I had no answer. She wanted to know when Canadian geese had turned into Canada geese. Don’t know. I guess I figured that I’d just been saying it wrong all of these years. I grew up in Minnesota around a lot of Canada geese. At the time, I actually thought they flew down from Canada and hung around in our parks during the day crapping everywhere and went home at night. I know golfers made jokes about using their bodies as golf clubs. I suspect people don’t think that’s so funny today.
Just like the Canada writer who writes about Canada whom I met at a convention in San Francisco. She looked like she wanted to poke out my eyes with her two fingers when I asked how it felt to write about a country nobody in the U.S. cares about or even much thinks about. See, Stephen Colbert can say that sort of stuff and get away with it. Evidently, I can’t make the same jokes. Canada is a great country and let’s not forget it sheltered those Americans in our Best Picture winner for the Oscars: Argo. I was equally pleased to see that Life of Pi picked up so many awards, as that’s a movie that really touches your heart and spins the mind. I left that movie theater with these words ringing in my head: bananas don’t float.
What that really means is the people who were analyzing the story from Pi figured out there was something wrong with his story because bananas don’t float. He talked about floating bananas in his story. That’s what I look for in a multiple-offer situation. What is wrong with that higher offer, I ask?
Sometimes, as the listing agent, I will call the buyer’s agent to discuss it. I might say that the seller is thinking about accepting their buyer’s offer, but we want some kind of assurance that the buyer won’t try to renegotiate after offer acceptance. Because you know, buyers will offer a higher price just to get into contract and they figure a few weeks in, when everybody is set to close, that’s a good time to suddenly discover a defect, or your suit was at the cleaners, an earthquake is coming, and they want to lower the price. They think they are smart. I think they are snakes in the grass.
See, the thing is though, a buyer’s agent will tell me what they think I want to hear. If they are setting up their buyer to renegotiate, they might make promises to my face that they have no intention of keeping. Sure enough, I had 2 of those situations last month. But they both eventually closed because this Sacramento real estate agent kicked them closed. And please realize, I have nothing but respect for Canada. But don’t get me started on that song by Warren Zevon about the hockey players from Canada.
Please Don’t Pack the Carbon Monoxide Detector
The topic of what stays and what goes with the house seems to be a never-ending story. Having that what is a fixture talk with my clients is part of my real estate practice, but sometimes I feel like I should be handing out cards with tips on them because people don’t always remember my advice. I could create my own board game out of selling a home in Sacramento, now that I stop to think about it. Kind of like Monopoly with a get-of-jail-free card, I’d hand out a get-a-free-carbon-monoxide-detector card.
Except you know what home sellers do? They go to The Home Depot and buy a carbon monoxide detector, almost put out their eyes ripping open the stupid plastic packaging, stick the thing into the wall and, when they move, they take it with them. Before the appraiser shows up. I can’t tell you how many times that has happened, and I have to remind sellers not to swipe the carbon monoxide detector when they move, yet they forget.
Then, I get the call from the buyer’s agent demanding to know why there is no carbon monoxide detector in that house. Why didn’t I tell the seller about a carbon monoxide detector? California law requires every home must have a carbon monoxide detector, and appraisers will walk out the door, leaving the appraisal unfinished, if there is no carbon monoxide detector. The seller doesn’t recall taking it because it probably wasn’t the seller who packed it. It was a kid or the movers or somebody else. That’s why we need a sticker to go on the front of the carbon monoxide detector that says DON’T REMOVE.
Something similar to the tags that are attached to the underside of chairs that people always leave hanging down like cat toys. I mean, people don’t remove those things, why do they take the carbon monoxide detectors? Probably because they’re sticking out in the wall and in the way of moving a mattress down the hallway. Next thing you know, the carbon monoxide detector is in the box along with all of the lightbulbs. Please, leave the lightbulbs, people. I know they aren’t cheap anymore, but the value of a used lightbulb is not what you think it is.
Like those plantation shutters some sellers of short sales want to take with them. They’re not likely to fit another window. They are also fixtures and should stay with the home. If you had to sell those planation shutters on the open market, you’ll never get anywhere near what you paid for them. They are not valuable objects. If you remove them from a window, you leave holes in the window frames or the wall. But if you absolutely can’t sleep another night unless you are allowed to take the plantation shutters with you when you move, then remove them before you put the home on the market. You can strip remove just about anything from the house if you do it before you put the home on the market.
Once a buyer spies a fixture that is attached, it is a fixture that conveys with the home. Ask your Sacramento real estate agent what stays and what goes with the home. We’re happy to explain fixtures. But, please, leave the carbon monoxide detector behind. Even though a carbon monoxide detector does not fit the description of a fixture because it can be easily unplugged and removed, it needs to stay.
Elizabeth Weintraub Can Sell Even This Home in Sacramento
People have asked this Sacramento real estate agent why her clients are so ecstatic about her to write such fabulous and expressive reviews after escrow closes. They ask how do I generate such positive feedback when I’m so busy? I generally don’t get the usual type of reviews that just say I did a good job and the clients would recommend me, and then they could go about their normal business and forget my name. Clients instead tend to say that the Elizabeth Weintraub Team does the supernatural and performs impossible feats, and they would pretty much strew rose petals everywhere we walked if they could afford it. Why do they say these things when all we really do is close that sale for them? I bet some people think we bribe them, but my clients are not the kind of people to accept a bribe or we might have tried it.
Here is an example of a remarkable short sale that closed against all odds in Sacramento. I started to work on this in July of last year. The seller did not have a key and the home was tenant occupied. I prefer that tenants move out because some are uncooperative and, even if they initially appear cooperative, soon as they learn it’s a short sale, many stop answering the phone or the door. Even though it’s against the law, they often stop paying rent, stop letting buyers see the home and all-in-all become a general nuisance. The seller hoped for the best.
I was my charming self, though, because Elizabeth Weintraub can sell, and persuaded the tenant to let us show the home on Friday afternoons. We quickly went into contract with a cash buyer. This was a buyer with whom we had closed another short sale in Antelope. He was a real estate agent. We asked him to produce updated proof of funds because his proof of funds was dated several months ago. Banks want docs dated within 30 days. He couldn’t or wouldn’t do it. So, after issuing a Notice to Perform and he failed to perform, the seller canceled this particular buyer.
The tenants were getting a bit testy by this time, but they cooperated and we went into escrow with another buyer, short sale buyer #2. Finally, the credit union issued a verbal counter offer. These responses are rarely in writing. The credit union demanded a higher price. They dinged around with this short sale for so long that the prices had gone up. I proposed the higher price to the buyer, but the buyer balked and elected to cancel, which in my book was a pretty stupid move because what kind of home would that buyer be able to purchase now? In a seller’s market when almost every property has a handful of offers? Not for me to worry about. Thank goodness I was not his agent.
We sold the home again to a new buyer in December: buyer #3 for this short sale. After battling the credit union for months, we secured short sale approval rather quickly this time. The buyer completed the home inspection and was getting ready to close escrow. The seller gave notice to the tenants and one of them moved out. The other tenant at the 11th hour refused. He told the seller that he wasn’t moving until the sheriff threw him out. The buyer’s agent called me to say the buyer was canceling because the buyer could not move into the home.
The purchase contract stated the seller would deliver the property without a tenant in it at closing. The seller could not deliver on the promise because one of the tenants refused to vacate.
My idea was to pay the tenant to move. That’s what he was angling for, cash for keys. It was cheaper than evicting him, and much safer than dragging him out in the back alley and whomping the living daylights out of him, which is what I suspect crossed some people’s minds at that point. But the buyer instead asked to cancel the escrow.
When it rains on your parade, you parade in the rain. I’ve learned that lesson in life. We put the home back on the market, pending rescission. In the confidential agent remarks, we wrote that:
- Potential buyers could not view the home
- Potential buyers could not view the home ever
- Potential buyers must purchase the home without ever seeing the inside of the home
- Potential buyers must purchase the home with a hostile tenant living inside.
- Potential buyers must pay about $25,000 more than our original list price
- The potential buyer’s agent would receive a severely discounted commission, an amount so low that most agents would refuse to even write an offer.
We received about a half-dozen full-price offers at those terms and conditions. Believe it. Because it happened. Because the real estate market in Sacramento is so insane and wild that a buyer would purchase a home they could not see with a tenant who would not move at the top of market value. Did I mention it needed to be all cash?
The existing buyer changed his mind about canceling and closed escrow last week.
Moreover, when a buyer’s agent told me last week that his buyer, who was purchasing a stripped out and vandalized home I had listed in north Sacramento, decided to try to renegotiate the agreed-upon sales price, the answer was no, followed by hell no.
If you’ve got a home to sell in Sacramento, call Elizabeth Weintraub at 916.233.6759. I’m more than happy to do it, and I guarantee you’ll be thrilled with my performance.
Thinking About Selling a Home in Sacramento?
Selling a home in Sacramento seller’s market can be a bit daunting. All of your real estate activity should be timed to coincide with the best time to go on the market to garner maximum exposure, and an experienced Sacramento real estate agent can be invaluable to you in that regard. Not only do you want to receive an exceptionally good offer, which is highly doable in a seller’s market, but most people want to quickly sell. You know who wants to sell the fastest? The people without equity, and that means a short sale seller.
See, putting your home on the market right now is kind of like tossing a piece of bread in the air to a flock of seagulls. That chunk of bread will never hit the ground. If you’re selling with equity and don’t mind the traffic of Grand Central Station, you can take your time, position your opening market day and employ a bit of strategy to get a bunch of offers. You’re going for price. You’re hoping for an all-cash offer and to avoid having to rely on an appraisal. Appraisers are all over the board right now.
If you’re selling a short sale though, that’s a totally different approach. You don’t need a bazillion offers. You need one committed buyer with a strong offer meeting market value who will close. That’s it. Not 55 offers, like I hear that some sellers are receiving. That’s insane, and there is absolutely no logical reason for it. A short sale seller with 55 offers is a seller whose agent is a butthead.
There are some communities in Sacramento in which this real estate agent won’t even put up a For Sale sign. That’s because I can’t trust agents not to use a lockbox without discretion in those areas even if I do not disclose there is a lockbox. Yes, believe it, it’s so bad — no For Sale sign! Can’t chance it. What happens is an agent is out showing property, and they drive by a brand new listing sign. Oooo, their buyer points at the house and asks to see it. The buyer’s agent, instead of calling the listing agent for information and looking up the listing on MLS, might just stop the car and look for a lockbox. Are they supposed to do this? No, they are not. But they do it.
Buyers are desperate to buy a home. I imagine at least half of the buyers out looking at homes this month will not buy a home. That’s disappointing. We need more inventory. If you’re thinking about putting your home in the market in the Sacramento Valley, call Elizabeth Weintraub at 916-233-6759. It doesn’t matter if you have equity or if you need to do a short sale, I’ve got strategies and proven plans to make your home selling process as profitable and painless as possible. I will customize a home selling strategy for you that fits your personal situation. It doesn’t get any better than that.
This Sacramento real estate agent sold over 150 listings last year. More than $32 million in sales. More than 100 of those listings were short sales. Other agents hate it when I say this but it’s the truth: in this business, you can hire experience and a proven track record for the same price as a brand new agent! Which do you deserve?
Cat Litter Box and Selling Your Sacramento Home
I should have one more litter box than I do. I’m not following the guidelines for a cat litter box and selling. The rule is one litter box for each cat and then an extra box. This isn’t a rule designed by the manufacturers of litter boxes, as you might suspect. Although, they probably endorse it because it’s definitely to their advantage to make you buy as many litter boxes as possible. One litter box can last a lifetime, so it’s not like there is a huge motivation to buy a bunch of litter boxes. But the fact remains we have 3 cats and 3 litter boxes, and nobody wants to look at litter boxes. Not me, not house guests / visitors and certainly not prospective home buyers when touring a Sacramento home to buy.
Back when I was selling my own home and had only one cat, where to put the litter box was a huge concern. With 3 cats, it’s even worse. First, you can’t just go moving litter boxes around the house. Oh, no, no, no. Cats hate change. And they have ways of showing you their displeasure, in case you’re thickheaded. You’ve got to plan ahead. If you’re thinking about selling your home in Sacramento, deal with this litter box issue upfront, way before you go on the market. You should find the least offensive and most hidden place to put your litter box. Back in Minnesota, I used to keep the litter box in the basement but when home showing, the box was less conspicuous under my dressing table and out of view.
I also put my cat into a crate when home buyers came over. I put a big note on the crate too that warned: Don’t Pet the Cat! That’s because Brandon, a ruddy Somali, would literally knock the glasses off your face. To say he did not like strangers would be like saying it gets hot in Sacramento in the summer. You have no idea until you experience the phenomena.
There was that time I had been standing in my front yard, talking to the neighbors, when a real estate agent was inside showing my home. I could hear him knocking on the glass windows, and I thought he was showing the buyers the sturdiness of the dual pane. I had no idea my cat had actually trapped the three of them in a corner of the living room. When the agent didn’t stop knocking on the glass, I went inside to check and found them huddled in terror. Meow, said Brandon. He was sitting on the floor looking innocent.
From that moment forward, I had to lock up the cat during showings.
There are a huge variety of cat boxes available nowadays. The litter box you might use for every day use might not be the litter box you want to use when showing your home for sale. Just remember, out of sight, out of mind. Especially people who don’t much like cats will not want to look at cat litter. So, you might want to consider a covered cat box. There are cat boxes that automatically flush and sort of look like toilets. You need a water source like the valve for your toilet or washing machine to which you attach a t-connector. You also need a place to dispose of water, like a toilet or laundry box in the wall with a drain pipe.
Just make these changes before putting your home on the market. Give your cats plenty of chances to adjust to the changes. Because the last thing in the world that you want is for a a potential home buyer to open your front door, take a whiff and say, “Oh, cats live here.”
