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Getting More Money Out of a Low Appraisal in West Sacramento
When the seller of a home in West Sacramento contacted this Sacramento REALTOR, he already had a different listing agent in mind, an agent who would charge less than the commission that agents like me charge and he was just about ready to hire this other real estate agent. See, this is where some sellers typically go off track. They tend to focus solely on the commission and not on results. They don’t know any better. They think about saving 1% of the sales price, for example, and don’t look ahead to how much they are probably losing during escrow because they’ve hired an inexperienced agent who can only sell herself by discounting her fee.
Getting into escrow, into contract, is just the beginning. There are home inspections, disclosures, repair requests, and more negotiations that happen during escrow, including dealing with shaky buyers who can’t get a mortgage.
Fortunately, this seller listened to his friend who had referred him to me, and he listened to my advice. He decided it was worth it to hire the best Sacramento REALTOR he could find, a top producer. I explained what I would do and how I would do it, and then he asked me how much his home was worth. The comparable sales reflected, let’s say for practical illustration purposes, a price of $650,000, tops, and that was stretching it. Because any agent worth her salt realizes an appraiser will use comparable sales within a 1/2 mile radius of the property and within the past 3 months. Appraisers are supposed to compare condition, location, age, upgrades, size, etc, and pick similar homes. But every appraiser is different, just like every real estate agent is different.
I didn’t ask the seller how much he wanted because in most cases how much a seller wants is immaterial; instead he shared in no uncertain terms that he expected to get, let’s say, $675,000. Would I take such a listing? Could I get him $675,000? I licked my finger and held it in the air to confirm which way the wind blows. Yup. I could. I shot terrific digital photos that showcased the home in all of its glory, and it was a stunning home. I tell stories with my pictures. If the photos speak to me, they will speak to the buyers.
This home in West Sacramento sold at, let’s say, $675,000. Then, the appraiser, an old-school dude who has his own way of doing things, submitted his final estimate of value. $650,000. Market demand is not a value. We got a low appraisal in West Sacramento. We were $25,000 short. This is NOT what the seller desired. I asked the buyer’s agent to discuss the situation with the buyer and put forth in an addendum the buyer’s best cash contribution.
The buyer offered an additional, let’s say, $12,000 in cash to bridge part of the gap. This was a good workable situation because now we knew the buyer has access to additional funds. We were in negotiation, not at the final step. We countered the buyer’s contribution, and the buyer’s countered back. We countered again. The seller asked if I could find additional money anywhere else. Ha, ha, ha. No, there are no other pockets. Oh, wait, we didn’t talk to the lender.
For a small adjustment to the interest rate, the lender was able to find more money that suddenly became available to pay much of the seller’s closing costs. By transferring a large chunk of the seller’s closings to the buyer’s side of the settlement statement and allowing the lender to pay it, the sales price did not need to increase by the full $25,000 to net the seller his desired amount.
Was this worth hiring an experienced agent who charges more than a discount agent? You betcha. I could not ask for a more ecstatic West Sacramento home seller. At closing the seller called me a “Real Estate Rockstar.” I go that extra mile for my clients. Would you like to be my client? Let’s talk. Call Elizabeth Weintraub, Broker #00697006, at 916.233.6759.
The Housewives of Homes in West Sacramento
The names and places in this story have been changed to protect the innocent, and it did not really happen in an HOA like The Rivers at West Sacramento, but that’s as good as place as any to depict the true events. Because it could have happened there, even though it didn’t. If you’ve ever lived in a community with restrictions and come into contact with unreasonable homeowners who have chiseled the 10 commandments of the HOA onto their dining room wall, you’ll probably recognize some of the emotional content.
There I was, sitting in a chair on rollers at the nail salon in Land Park, drying my manicure at the station under fans and purple blacklights. My bluetooth jangled and I carefully reached up with one wet finger to depress the button and greet the caller. I barely got my name out before the woman on the other end of the phone began screeching the address of one of my listings, let’s say it’s in the West Sacramento gated community, The Rivers, but it’s not. I have a couple listings there, but this is not either.
My first reaction was to tell her the home is in escrow, which it was. Sometimes I don’t admit that fact that right away, especially if it’s a buyer calling to inquire about a property, because if the home is pending I might have another home that would work or be able to locate another like it. I don’t want potential buyers to hang up without talking with me a little bit so I can get better acquainted with their needs and perhaps help. But this woman was not one of those. I could tell by the way she screeched and the hostility in her voice. She was definitely on the rampage.
Well, she announced that she didn’t give a rat’s patootie that the home was in escrow. She lived behind my listing in West Sacramento and was calling about the #*#%(@! camellia trees in the back yard. The woman who was sitting next to me edged a bit further away because I imagine she could hear my caller screeching and probably thought somebody was dying. What was wrong with the camellia trees? Usually irate neighbors call to yell about camellia flowers falling in their yards because maybe they think the real estate agents should be standing in the back yard holding out nets to catch errant tree waste before it blows over the fence.
After much hoopla, her problem seemed to be that her gardener proposed that perhaps my seller’s camellia tree roots were invading the yard and interfering with the neighbor’s sprinkler system. One of her sprinkler heads broke and she immediately pointed her well manicured finger at her neighbor. Not only that, she hissed, but she called The Rivers and the HOA told her that camellias are not allowed under association rules. So, Miss, what are YOU gonna do about THAT? I can stop your closing of escrow.
She doesn’t possess that power. I let her know I would contact the seller and asked if the number she was calling me from was the best number for the seller to reach her. This released even more rage. What? She thought I was the seller. Wow. But I was not the seller; I was just the West Sacramento real estate agent. No, she spit, the number on my phone is NOT the number the seller should use. The seller should call her cellphone. I asked if she could please call me back and leave her cellphone number on my voicemail, explaining that I could not write it down at the moment.
More yelling.
Was I on Candid Camera? I glanced around the salon.
Listen, seriously, I pleaded, I am at a nail salon with my wet nails under a dryer, and I cannot write down your cellphone number; I’m sorry.
Well I am in my kitchen drinking coffee, she retorted, and I’m just as busy as you are!
What is this, Housewives of West Sacramento? She promised to call me back in 15 minutes but did not. It’s too bad you can’t physically slam down a cellphone or she would have done it. People. Sometimes they are their own worst enemy.
West Sacramento Fireworks And Baseball
West Sacramento fireworks and baseball at Raley Field was a fun place to be on July 3rd. In addition, I was able to spend time with my good friends from “The Sign Post,” Peg and Jim Eggleston. I have known them for about 18 years. Their company puts up most of the real estate for sale signs in over 4 counties. Tonight, I was honored with an invite to their private baseball booth to watch the River Cats. As an added bonus, a rare evening out, combined with watching the famous West Sacramento fireworks, at Raley Field.
Some of the other invited guests were Kaleb Eggleston and his beloved Tran. Some other friends I had not seen in a while, Tina and Ed, it was great to see them too. Everyone had a long day so in the end, we all were longing for sleep. It was a super time enjoyed by all.
If you would love one of our beautiful custom for sale signs in your front yard, with a big SOLD sign rider, just call Weintraub & Wallace Realtors with RE/MAX Gold, at 916-233-6759.
–JaCi Wallace
West Sacramento Condo Closed at Highest Price
Call Elizabeth Weintraub to sell your West Sacramento condo at 916.233.6759.
I closed a West Sacramento condo yesterday at the highest price any condos there have sold at for at least a half dozen years, maybe more. This particular condo is in the Riva on the River complex, but it could have been anywhere in West Sacramento, and I would have produced the same result. I have a special way of setting the stage for my listings and my customized marketing tends to generate the highest prices ever for my sellers. Further, we capitalize on the seller’s market to maximize potential. The West Sacramento condo market is on fire.
That’s the one of the things that being in the business forever can do for a Sacramento Realtor. My years since 1974 give me invaluable insight to market swings, which means there isn’t much I haven’t already seen, except perhaps a naked Donald Trump, and I never in a million years want to lay eyes on that hideous image. Every listing I tackle is different and requires a strategy to match market forces, in addition to exceeding my seller’s expectations. My sellers expected minimum hassle on top of a stellar performance from their West Sacramento Realtor to sell their West Sacramento condo, and they hired the right agent.
I don’t set seller expectations, sellers do that; but I do tend to exceed them. I work with some sellers who prefer isolation, they don’t want me to call or communicate unless it’s urgent and then only via text. Others want play-by-play details, and I’m happy to provide that, too.
These particular sellers asked me what they should do to get their condo ready for the market. The floor in the kitchen was peeling up and part of it was missing. The ceiling had a few cracks. The carpeting was spotted and a bit dirty. We called in my super-duper carpet cleaning pros, who sent the bill to escrow and waited for payment at closing. This way my sellers didn’t have to pay anything out-of-pocket. We left the kitchen floor in its present condition, amazingly enough, and it didn’t dissuade buyers at all.
We encouraged buyers to submit their best offer, and sold the home for a little over list price, which was already higher than anything else. It sold at $276,000. There were a few situations to settle during escrow. First, the appraisal came in low, who appraises a condo for $1,000 under the contract price? What kind of appraiser does that? Second, the buyer decided to submit a credit request for the kitchen floor after the home inspection. I’m sorry, did the buyer go blind when she entered the condo initially and walked through the kitchen? We closed this West Sacramento condo without any concessions, no price reductions, no repairs.
You see, I’m the kind of agent many home buyers tend to remember. Oh, they might not be overjoyed with me at the time, probably poking stick pins into an Elizabeth doll, but when the time comes to sell, you know who they will call. The listing agent who advised the seller not to cave in to their demands, that’s who. They call Elizabeth Weintraub. Not the agent who couldn’t foresee the fruitless effort of submitting a request for repair. That’s just the way it is in this business.
How Many Offers Does it Take to Sell a West Sacramento Home?
The Tower Bridge leaving West Sacramento.
If you believe that even in a hot market it is easy to sell a West Sacramento home that presents layout issues sans updates, then you are not a Realtor. A smokin’ hot seller’s market can only set the stage for a sale, it won’t ensure a buyer will fall in love with a home that is, well, not without its challenges. Por supuesto, as a top producer West Sacramento Realtor, I try to explain the challenges to the seller, but I also realize that not every seller is ready to hear that the home she bought oh-so-many-years-ago, the beautiful la casa with the layout she loves, has many things wrong with it from the perspective of home buyers today.
Things That Do Not Sell a West Sacramento Home
First, the main floor el cuatro de baño was located right around la esquina from the kitchen. One buyer joked that while he’s doing his business, he could open the refrigerator with his foot to grab a la cerveza. The kitchen featured glossy white ceramic counters, out-dated white appliances, under-sized ceramic tile flooring, and an island without a sink. A half wall separated the dining room from the family room (it was not open), and the adjoining areas were carpeted (not hardwood). There were only three bedrooms (not four) in this almost 2,000 square-foot-home. The back yard was open to a busy street. But worst of all, the separated attached garages were single car, lacking storage.
These were all el obstáculos to overcome. I figured it could take a while to accomplish my new objective: to sell a West Sacramento home at top dollar with drawbacks. Hey, I don’t make up the problems, I just deal with what’s at hand. I look for a way to put a positive spin on every drawback. The deal is the obstacles present $ decline values in the eyes of a buyer. Even though it’s wrong, buyers often steeply discount homes that don’t meet the standards they have come to expect.
We received 6 offers for this West Sacramento home before one of the offers was realistic enough and satisfactory to meet the seller’s needs. I did not throw in the la toalla and walk away from the listing, like some agents might be tempted to do. When I make a commitment to a seller, I make a promise to stick it out and do my best every single day regardless of how long it takes. If they are willing to wait for a full-price offer, that’s what we do. It’s not my house, I’m not making the payments. It’s not my call to tell a seller to sell for less than what they expect.
Buyers do it instead. They send these ridiculously low offers and expect us to work with them. Their agents send “comparable sales” to support the lowball offers because they are at a loss for any other strategy. No buyer’s agent I know wants to write a lowball offer that is going nowhere but they often do it to try to solidify a relationship. Usually to sell a West Sacramento home, the sellers and I might receive multiple offers at one time, not a bunch of lowball offers scattered throughout the listing period. I never urge sellers to take an offer they don’t want.
Instead, I review my marketing. I didn’t like the photographs that were shot in August with dead leaves all over the place, so in January, I paid my photographer to shoot all new photos. Studiously held open houses almost every Sunday. Plastered large ads in the Sacramento Bee for open houses, and updated the listing on websites across the board. Tweaked everything I could lay my manos on. And finally, the winning buyers fell in love with this home, and we sold the home over list price without a single repair. To sell a West Sacramento home with issues, it can take revised strategy and patience.
I’m satisfied that I got the job done well, and I set high standards for my performance. My sellers are thrilled they got their price.
If you’re looking for a West Sacramento Realtor who produces results, call Elizabeth Weintraub at 916.233.6759.
