sacramento real estate agent

Closing Tip for a Sacramento short sale

Pica the Ocicat-300x200The closing tip for a Sacramento short sale today is brought to you by Pica, the Ocicat, who lives in Land Park with this Sacramento real estate agent. He asked me to shoot his photograph and post it here. He wants to say: “Nation, don’t listen to Stephen Colbert when you can find out everything you need to know about the world from this cat.”

Pica knows a lot about Sacramento short sales. For example, Pica can tell you that when it comes time to close that short sale, you can’t simply sashay into the escrow office to sign documents and close. That’s not how it works, regardless of how many dead fish you drag to the title company’s doorstep.

For one thing, all parties to the short sale, the buyers and sellers will sign closing documents a few days before the actual closing date. Funds need to be deposited into escrow as either cash, certified check or wire, the day BEFORE closing. You cannot write a personal check to the escrow company and expect escrow to close until that check clears the bank, which could take 3 to 7 days.

The most important thing to realize, whether the buyer is obtaining a loan or is paying cash, makes no difference, is escrow cannot close until the final HUD has been approved by the short sale bank. If there are two loans on a short sale, generally approval is required from both of the lenders. Don’t overlook this closing tip for a Sacramento short sale or you won’t close.

Some short sale banks require up to 72 hours to approve the HUD. That means 3 days turnaround. You can’t rush the bank or escalate a Final HUD approval. Lots of people, even mortgage brokers and Sacramento real estate agents, tend to forget about the essential fact. And that’s how a short sale can expire, especially if the closing is intended for the last day of the approval letter. There is no time to pause for an emergency butt lick.

So, don’t be a lazy cat or an uninformed cat. Allow time for that Final HUD approval. Ask your escrow officer how many days it could take to get approval and get your documents to escrow with enough time allotted for Final HUD approval. Here, have a freeze-dried chicken treat. Pica has a nap to take now. He has given you your closing tip for a Sacramento short sale, and his job is done.

Two Sacramento Homes Closed on Tuesday

sacramento homes closedAs good fortune has it, I managed to close two more escrows yesterday, which resulted in another two Sacramento homes closed. I’m on a streak this week. One closing was a home in Land Park, a cottage in Upper Land Park. We weren’t too certain that the buyers were closing when they signed the purchase contract. I’m not sure what the hesitation was about, but when I have that gut feeling, I listen to it. The sellers had made a deal with the buyers that we would not change the status in MLS from active to pending until the buyers removed their inspection contingencies. They had already been there and done that when a previous buyer had developed cold feet a few days into escrow. So, we left the listing as active, pending rescission, for a few weeks.

The strangest thing happens when a buyer spots pending rescission as a status modifier on an active listing. It’s like a switch goes off in their heads. Like, maybe they ate Chinese food and an hour later are starving. They might not ever want to look at this home, but the minute they see somebody else might want it, they are desperate to buy it, and it doesn’t seem to matter what it is or where it is located. As a result, we had a decent back-up offer within days, just in case the existing offer went sideways.

But the offer didn’t go sideways. The buyers removed their contingencies and we closed, just like clockwork. The sellers are ecstatic and so are the buyers.

In the second escrow, well, what can I say? It was an Elk Grove short sale that had emerged from bankruptcy. It was a short sale that should have closed last year. We received a perfect offer, after a few others blew up, and our new buyer was willing to mow the lawn, turn on the utilities, and even replace the electrical meter and A/C unit, which had been swiped. The only problem was we could not close because we did not have the final discharge from a previous bankruptcy. The bankruptcy was discharged two years ago, but it was never closed out in the court.

How much of a problem can that be? Huge.

The lawyer told us it would take 30 days. Every month, she was hopeful the file would close out. Except it did not close out. We finally tracked down the Trustee of the Court to get the straight scoop. The trustee had to send out notices, wait 3 months for checks to clear, along with a bunch of other court-related stuff. It took us 8 long months to close out the bankruptcy, which had already been discharged. If a lawyer tells you a bankruptcy will close out in 30 days, you might want to get a second opinion, just sayin.

The buyer was a trooper. He really wanted this house. So, did a bunch of other people who continually wrote and called and begged to be a back-up offer. We’ll pay cash, they cried. We’ll wash your car for a year. No, not really, but that was the unspoken sentiment. I waited for the chocolate-covered strawberries to arrive at my office, along with a bottle of champagne, but it never came.

I’m pretty lucky, when our buyers go into escrow, they tend to stay there.

Every Sacramento real estate closing is different. That’s what makes this business so much fun and exciting. Some closings you pull out your hair. Some, you don’t. But at least these two Sacramento homes closed without any further drama.

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Getting Ready to Sell a Tenant-Occupied Home

Tenant-Occupied-HomeIf a client needs me to tell a short-sale bank to #*%$-off, I have no problem doing so. I can be as tough as the next guy, and probably much more decisive. In a moment’s flash, I can size up the situation, analyze it, choose the appropriate reaction and, bam, just do it. But decide whether to carry an umbrella when it’s sprinkling outside, no can do. It’s a struggle. It’s more than a matter of take the umbrella or leave it, in Sacramento, it’s do I open the umbrella or do I wait until I am soaked?

There is a fine line between being a wimpy wasp or a tough-as-nails Sacramentan, I’ve noticed. For one thing, it’s perfectly OK to stick a travel-sized umbrella in your bag if it’s rainy weather. It’s another thing if you’ve got to stick your hand out to determine whether it is actually raining hard enough to open the umbrella. That’s why you see so many suited guys downtown running in the rain, umbrella clutched under their arm and a newspaper over their head. They don’t want to look like a wimp. They’d rather look ridiculous.

Kind of like I looked, standing on the steps yesterday and holding a clipboard over my head when it was raining. Yes, I had an umbrella in my bag but it seemed pointless to open it. I had not expected the tenant to lock the gate between the house and the street, but fortunately there was a doorbell right there on the wall, and fortunately, she quickly came out to let me inside.

This Sacramento real estate agent was inspecting two houses on a lot in Midtown that will most likely come on the market this week or next, depending on whether I rouse the sellers from cruising the beaches on vacation in Maui. When I first called one of the tenants, she was very reluctant to let me visit. Why, she needed more than a few hours of notice, and she hadn’t cleaned the house. She didn’t know if she would be home, no, probably, she would not be home, and she wasn’t sure when she ever would be home, if I wanted to know the truth.

I assured her it was OK. I would visit the house next door. Oh, and did I mention that most likely an investor would buy the property, so she could probably just stay on as a tenant if she so desired. I let her know that when I finished inspecting the home next door, I would stop by, and if she was home, that would be cool, and if she wasn’t, that would be OK, too. I’d just catch her some other time down the road.

After I completed my initial agent inspection and shot photos of the first house, I walked over to the second house and knocked. Oh, my goodness. She was home. Imagine that. Somedays, I’m just lucky like that.

Should Sacramento Home Sellers Give Early Possession to Buyers?

pica the cat and early possession

My cat, Pica, has a one-track mind when it comes to communicating what he wants. His focus is crystal clear, because he asks for only one thing. It’s never food nor treats nor pets nor playtime that he begs for, perhaps because those requests are often ignored, especially when I am working, which is most of the day for at least 5 days a week. The one thing that he truly wants above all else in life is to go outside, and that’s the one thing he cannot do. Fortunately, he is not traumatized by his inability to access the forbidden and, after I acknowledge his efforts, he will realize defeat and go roll happily in a sunny spot.

The funny part is if he does slink outside, soon as he is outside he wants to come back inside. After he gets what he thinks he wants, he doesn’t want it anymore. I don’t want him stolen or lost or runover by a car or beat up by skunks, so he stays in the house. We once let him out on our back steps, where we could supervise, but he stooped to give a ride to those hitchhiking fleas with their little flea thumbs stuck out — which quickly spread throughout the house and to our other 2 cats. That’s when the law was laid down — no outside. Ever. Period. End of Story.

There are some things in life that are just not a good idea to do. Like sticking a fork in an electrical outlet to see what happens or giving a home buyer early possession.

An agent called last week to ask if her buyers could have early possession of a home, prior to closing. This particular home is a Bank of America FHA short sale, which means it will take a long time to get approval, even after receipt of the Approval to Participate. The tenants moved out, the home is empty, and the buyers would like to move in and rent back from the seller.

Apart from the fact there can be no agreements between the parties that are not disclosed to the bank, and apart from the fact the seller cannot make a profit in a short sale, early buyer possession is a bad idea. I’ve been in this business almost 40 years, and there is rarely a benefit to early possession for the seller. There is liability, tons of it, and there is also the possibility the buyer might decide after moving in that the home, for whatever reason, that the home is not to the buyer’s liking.

When I represent the seller, the time we want a buyer to realize that maybe the purchase was not right is after the transaction has closed, and the buyer’s feet are up on the coffee table in front of the television in the living room of the home that now belongs 100%, hook, line and sinker, to the buyer.

If you’re interested in finding out how much your home is worth today, call your Sacramento real estate agent, Elizabeth Weintraub, at 916.233.6759.

How to Attend a Funeral

CasketOne type of social function I have not attended in recent years has been a funeral. It’s not that I’ve been too busy selling real estate in Sacramento to notice when a friend has died, like I’m certain some agents who close fewer transactions than I might use as an explanation. Oh, she’s just too busy to come cry over you, I can hear them whispering to the person inside the coffin. “There’s always something about about your success,” Mark Twain once noted, “that displeases even your best friends.” It’s more that the people who are the survivors don’t seem to be holding as many funerals as they once did.

It could be that the grieving population in general are moving toward a preference for private affairs to pay respect to the deceased. They don’t want to share their grief with everybody and the guy and his dog down the street, not when we have Facebook. Although, when my neighbor’s husband died, practically the entire membership of the West Sacramento Sikh temple showed up at her home, dressed in white, to sob with the widow. All the men went into the back yard to shoot the breeze, and the women pushed back the furniture in the living room, and sat on the floor to openly cry, sob very loudly and grieve. It was beautiful. Why can’t we be as expressive and supportive in times of death like that? Instead, we are supposed to be strong and, for the record, that’s about the dumbest thing I ever heard.

You see, years ago, I decided that I should prepare myself for funerals. This was way before I had written a parody about the affidavit of death. I knew nothing about funeral etiquette, primarily because I had never been to a funeral. I was in my 40s, and I had never gone to a funeral, the reasons for which escape me. I called my best friend at the time, Tammy, and I asked her if she would teach me how to attend a funeral. It was a social skill I figured I better learn, for if nothing else, I would be soon reaching an age at which I better know what to do because, let’s face it, my friends were no spring chickens anymore.

Contrary to what I thought, one does not receive an invitation to a funeral. There is no engraved invitation that reads: Mr. and Mrs. So and So requests your presence at the bereavement service for their son, Mr. So What. Nope, you either read about the death in the newspaper or a friend or relative calls you. Since none of my friends were dying any time soon, I picked up the newspaper and circled a few obscure funerals to attend. See, this is one important thing that still needs to be published in a newspaper. The death notice and obituary section.

My husband, having been a newspaper journalist for all of his life and except for the occasional freelance piece now and then after he was let go, is still a darned good, although unemployed, newspaper journalist, says a death notice and an obituary are not the same thing, and people tend to mix them up all the time. A death notice is a paid advertisement. An obituary is a news story. The Minneapolis Star Tribune ran an obituary on my mother when she died. I cannot imagine having to call sons and daughters whose parents have just kicked the bucket to talk with them about their parents. That job must go to the low woman or man on the totem pole.

I didn’t have any script drawn up. I’m amazed my mother didn’t write one herself. She was that kind of person. In fact, I should probably write my own death notice and get cranking on it. Newspapers have obituaries on file, already written, about many celebrities, just waiting for the celebrities to up and croak.

But enough about obituaries and death notices and on to the event you’ve been waiting for: the funeral. I can share some things with you that I learned about attending funerals of people I do not know. You might think this is a given and everybody knows this, but make sure you bring plenty of Kleenex. Yes, Kleenex is a registered name, unlike, say, toilet paper. Under no circumstances should you bring toilet paper, unless you bring enough for everybody and the funeral is held at a Tractor Pull event.

You should sign the guest register before entering the church. Most funerals will be held at a church. Even if you are not the least bit religious, perhaps you’re an atheist or maybe a Presbyterian, you should still do everything that everybody else does. If they stand, you stand; if they kneel, you kneel. If they sing, you sing, but not very loudly. And it’s absolutely OK to cry, even if you don’t know the person. Just don’t make a spectacle out of yourself. Go easy on the eye makeup, even if you’re Gene Simmons. And you don’t have to wear black, but it’s uncool to show up in a neon mini-skirt and six-inch heels.

This information could come in handy some day, and I am very happy to provide it to you. You never know when it might crop up. People die all the time, even during real estate transactions. I’ve been fairly fortunate in that no sellers have ever died on me during escrow. But just the other day, a client for whom I had negotiated and sold her short sale a few years ago contacted me. She said I probably would not remember her, but she remembered me, and her 2 years were up, and she wanted to buy another home. She asked if I would represent her as a buyer, which I am more than happy to do. To help me remember who she was, she said her escrow was the one in which the buyer had died because the short sale took so long to close.

Well, that could cover a lot of short sales in Sacramento.

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