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Crazy Escrows in Sacramento Mean We Stay to the End
Crazy escrows are not uncommon in Sacramento short sales.
Of all the crazy things that could fan the flames in an escrow, this particular case I’m about to discuss was exceptional, but then many Sacramento short sales are unique. This was also a small transaction as compared to selling luxury homes in Sacramento or in Davis — but as a Sacramento Realtor, I really don’t look at the sales price and tally my potential commission or I’d never list and sell half of the properties that I do. Or, as my husband likes to point out, still much more than his paycheck.
The property itself was somewhat unusual in that deferred maintenance and dry rot was evident, among some nice upgrades. That makes it hard to appraise because some BPO agents struggle with repair issues. It’s easy when all the homes within a half mile are similar to each other like those homes in Elk Grove or Natomas, it’s quite another thing when the neighborhood is distressed and the homes are not so new.
We received a few offers during the first 2 1/2 months this home was for sale, but none at the price we needed to gain an approval from the bank. Agents seem to think we should be grateful for their buyer’s lowball offers and send them to the bank on the off chance they might get accepted, and I guess they seem to forget that we don’t work for their buyers. We work for the seller, and if we’re gonna work, by golly, we’d also like to get paid for it, however small that paycheck might be. We’re not interested in hearing why the buyers feel the home is worth less, in many cases we know what the bank expects. Meet it or you don’t go into escrow. Finally, a buyer who would occupy the home wrote an acceptable offer.
Wells Fargo sent us an approval within 8 weeks, which is a little bit longer for Wells Fargo than normal, but it was also a HAFA short sale. We still had the second lender to contend with, which wasn’t budging from its high demand and, on top of everything else and typically par for the course, vandals broke in to steal appliances and wreak havoc. The sellers handled much of the repair though their insurance company, thank goodness. Then we went through 4 or 5 rounds of proposed approvals from USAA until we were down to the last 400 bucks.
I pleaded, cried and practically wept out loud to the negotiator about the sellers’ particular medical condition. Think about the worst health thing that could possibly happen to a human being, apart from maybe cancer, and that’s what the seller was going through. Then February 1st rolled around and the 2015 HAFA short sale guidelines changed, so I resubmitted the package to Wells Fargo and requested a revised approval letter to include the $10,000 relocation incentive to the seller and to pay the second $12,000. It took Wells Fargo another month to release the revised approval letter, which was finally, finally followed by the approval from USAA.
The appraiser then requested a pest report and a pest completion. Fortunately, the buyers agents, super team that they were, stepped in to help the buyer handle it. We were all ready to fund and close when the appraiser went back to confirm the pest work was completed, and she decided, on a whim, to make the crazy escrow even crazier. She noted that the floors were buckling and presented a trip hazard. Bam, the buyer’s agent was over at the home on his knees with a belt sander, fuming and mentally cursing that appraiser, I’m sure. Who knew an appraiser was also a home inspector? There’s a special place in hell for those kinds of people. If the appraiser had a problem with the floors, why didn’t she note it in the first place instead of waiting for the funding and preventing a timely closing?
Yet, close we did. From start to finish on this short sale, over 8 long months, we dealt with hostility from other agents, rejections from the lender, vandalism, inept appraisers, repair requests for the buyer, and yet in the end we prevailed. I don’t give up. As the seller mentioned yesterday when I called to congratulate, that couple would hate to think what could have happened in some other agents’ hands.
The thing is this crazy escrow was gratifying in many ways to me. A first-time homebuyer got a great deal on her first home, and the sellers received their release of liability, plus $10,000 to help ease the transition into a new life elsewhere.
Thoughts About Starting the Day in Sacramento Real Estate
There is only one email this Sacramento Realtor likes waking up to in the morning that can be better than a seller saying they want me to list their home and that’s an email containing a purchase offer from a qualified and excited home buyer. Other people, they get up and survey the gardens, observe birds in the water fountain, pet their critters, hug a spouse or partner, but I make a beeline for my computer because it’s time to write a blog.
Before I can get to the writing part, I need to clear out my emails and respond to all those who stockpiled over the night. See, a long time ago my wise husband suggested I turn off my computer and phone at 7 PM so we could enjoy a couple of Sacramento real estate-free hours together. It doesn’t mean that a thought about a transaction might not hit my brain in the middle of The Good Wife so he may need to pause the show while I share my new idea. He’s good natured about it, though. And yes, we have no disagreements over the remote.
I mull over work-related stuff all day. Especially when I’m driving as straight shots up the freeway provide me with a bit of space to contemplate. I don’t know how other real estate agents run their businesses, but mine is pretty much integrated into personal my life and intertwined. The systems I use allow some automation of processes but they all still require a personal touch. There is no way to get away from that attention to detail that is crucial in every sale, nor would I want to give that up because that’s part of what separates me from the competition and makes me successful.
There are mornings, like this one, when I can’t write my blog right away because I need to attend to my emails. They eat up a lot of time if they are important. I’m excited to be listing a home in Natomas today, another majestic beauty in Anatolia tomorrow, a pool home in Del Paso Manor probably on Friday, and quite possibly putting a different home in Natomas into escrow this afternoon. This is because I focus basically on two things: Preparing the listing correctly, which includes all of my marketing strategies, and then selling it.
No two transactions are ever the same. Selling real estate in Sacramento as a top producer is not for everybody due to the dedication it requires, but it’s worked out well for me over the years.
Coming Soon Waterfront Home in Riverlake, Sacramento
Aerial view of 774 Still Breeze Way, Sacramento, CA 95831
Sitting quietly, specifically angled to catch the rays of morning light as the sun showers Riverlake in gold across the water, is a magnificent custom home in the exclusive gated-community of Stillwater at Riverlake. A home of this caliber comes along maybe once in a lifetime. The location is premier water frontage, next to a private beach with its own boat dock and forever panoramic views of the water.
Dining patio at 774 Still Breeze Way
When I first entered this home, it gave me the same feeling I experienced when I first laid eyes on the Grand Canal after leaving the Santa Lucia train station; unprepared for the historical beauty that gloriously unfolded below my feet. That’s not to say I did not enjoy the tamukeyamas, palms and assorted Japanese maples adorning the front yard, nor that I did not appreciate the stamped concrete steps set on the diagonal with the whimsical carriage man statue at the top, accentuated by the high walls of glass around the home; still, the water view is overpowering and dominant.
Pool at 774 Still Breeze Way
Apart from the 6 bedrooms, 5 baths and more than 4,000 square feet of refined luxury, this waterfront home in Riverlake also boasts a pool every bit delightful as its marvelous interior. Ample yard space near the pool provides access to the dock and your paddleboat, plus a beautiful patio perfect for entertaining. An office features a gleaming hardwood floor with mahogany inlays and an old world map from before Russia split up on the ceiling. Much of the first floor is covered in blushing pink Mexican pavers, which lends an Old World connection to the modern updates such as the unique Brazilian granite gracing the kitchen counters and island or the rare South African wood used in the family room. An unexpected bonus is the separate guest quarters with its own set of stairs, kitchen, work-out room and master suite.
Master suite balcony 774 Still Breeze Way
Of course the kitchen features everything your discriminating taste demands such as a wine refrigerator, a built-in Subzero, a built-in Miele coffeemaker / expresso, Wolf gas range, and quite possibly the quietest dishwasher this side of Germany. The master suite is the piece de la resistance, with her to-die-for closet, which came into life as a bedroom and today features walls of built-in storage for your designer shoes and bags, plus rows of rods, thoughtfully laid out under a large chandelier. Touch the mirror in the bath and the TV appears, just like you might find at The Four Seasons. You can also relax on the romanic master suite balcony at the end of the day, if you prefer an elevated view from this waterfront home in Riverlake.
For a private showing beginning on Friday, April 24th, 2015, you may call the listing agent, Elizabeth Weintraub, at 916.233.6759.
774 Still Breeze Way, Sacramento, CA 95831 is exclusively offered by Lyon Real Estate at $1,195,000, and will be on the market on April 24th.
How to Close $2 Million in Sales in Sacramento in One Day
Closing $2 million in sales in one day in Sacramento is remarkable
A milestone day happened yesterday that is very rare in my end of the Sacramento real estate market and, in fact, I wouldn’t have even known that it happened if escrow had not pointed it out to me. Most of the listings that I take and sell, for example, fall within a wide range of price points, but I’m betting the mid-range of prices for homes in Sacramento is around $300K to $500K. Not only was it a surprise, but it was an odd feeling when escrow mentioned I was about to close $2 million in sales in one day. What? $2 million in sales for Sacramento home sales in one day?
All the home sales were very different from each other. One of the homes was one of those custom magnificent homes in Davis, which sold for $1.5m, so that home sale took up a big chunk of my $2 million in sales volume. An agent in Davis called last week to drill me about the buyer for this home. She wanted to know if there was financing, if the home appraised at the sales price, and insinuated it was overpriced. On top of which, she asked if the buyer was from out-of-the-area, i.e. Bay area, implying that a local buyer must not be in escrow. What business is it of hers where the buyer is from? She has no business knowing any of these details. I am generally not authorized to release personal information about pending transactions, so I was forced to deny her request.
Of course, it did close at list price, which might shake up some in Davis. My duty is to my seller. That home probably set a new high for Central Davis. Part of my $2 million in sales.
My second closing was a condo in West Sacramento, a short sale, which I have had the pleasure of selling 3 different times to 3 different buyers. Every time I got the short sale approval letter, the buyers were not in a position, for whatever reason, to close. It also involved years of delinquent HOA dues, and difficult negotiations between two separate HOA companies. The seller had been unable to get either of the HOAs to work with her and thought for certain she was destined for foreclosure. But she kept the faith and continued to work with me until we found a buyer who would stick it through. She got her short sale and did not have to face foreclosure.
I’ll probably get a Christmas card from that seller every year until I die.
The third closing was in my favorite stomping grounds, among homes in Elk Grove. For some unexplained reason, I sell a lot of homes in Elk Grove. When the seller and I examined the comparable sales, the top price we could justify for this particular home was a little bit below our list price. Listing homes is a little bit like going fishing, throw that line out there and bam, got a bite, reeled in the buyer and we went into escrow. The next day, the buyer freaked out and canceled.
We were NOT returning the listing to active status as a “back on market” listing, because perception is often the home is damaged in some way. We pulled a new MLS number and started over. This time, we got a bigger fish, and we pushed that price up another 2%. The buyer’s agent thought I was pretty mean because I shot down his idea of negotiating a request for repair, but we were clear at inception the home was sold AS IS. As a result, we don’t care what sort of defects they found on the home inspection — they were closing on a home in a limited inventory market when many other prospective home buyers in Elk Grove cannot buy a home at all.
When I look over transactions like these and the work that I have done for my clients, I feel gratified. I feel as though I have justified once again that sellers are better off hiring a full-service Sacramento Realtor who produces results. I earn my commissions. If you ask my sellers, they will agree. It’s also entirely possible that I never again will close $2 million in sales for Sacramento home sales in one day.
How to Give Yourself an Edge Over Multiple Offers
What do you do when the home of your dreams comes on the market on Friday morning, and the seller has an Open House scheduled for Sunday? This situation tends to freak out home buyers in Sacramento because they worry that some other buyer will come through that open house and snatch away their dream home. It’s a valid concern. In this seller’s market of limited inventory and high demand, it’s very common for a seller to receive multiple offers. So, what do you do? How do you get that edge that you so desperately want and deserve?
First, let me suggest what you should not do. You know the seller will probably receive multiple offers. Don’t write an offer on Friday morning that gives the seller until Friday night to accept because that plan can backfire. Sellers don’t want to be pushed and pressured. Sellers want the highest price from the most qualified buyer and, think about it, if you were in the sellers’ shoes, you’d want the same thing. Nobody likes to be bullied. If you write an offer with a short window for acceptance before that offer expires, it is very possible that your offer will expire. Not a good strategy, in most cases.
If I were a home buyer in this kind of market where multiple offers is the norm and I needed to stand out from the crowd, the first thing I would do is bake a bunch of homemade brownies, maybe a cake, and bring it along when I toured with my buyer’s agent. When I spotted a home that I wanted, I’d leave the delicious baked item on the counter with a very nice handwritten note to the seller, explaining in no uncertain terms how much I loved the home and would give my eyeteeth to own it, and how much I truly appreciated their generosity in letting me view it. You can never go wrong being polite and showing that consideration.
The second thing I would do is ask my agent to write me the cleanest offer possible. That means include an earnest money deposit of whopping, mind-blowing proportions, coupled with a strong preapproval letter from a local lender with today’s date. I’d probably also include a bank statement as my proof of funds. I’d offer to pay all of the seller’s closing costs, except commission. I’d let the seller choose title and escrow. And I’d probably include some type of angle for bridging the gap if the appraised value does not meet the sales price.
In short, I would do everything possible to make the seller feel all warm and fuzzy toward me. I’d get that offer into the seller’s hands as quickly as possible, giving the seller at least through Monday to make a decision. Now, who do you think is likely to be on that seller’s mind on Friday, again on Saturday and all through Sunday? Who is the seller likely to gravitate toward when the other offers begin to arrive? Who will be first and foremost, lingering with affection in the seller’s mind? I’m betting it would be YOU!
If you’re looking for a Sacramento REALTOR, give Elizabeth Weintraub a jingle at 916.233.6759.
