Elizabeth Weintraub • Sacramento Real Estate Agent: January 2010

Home Buyers With Unrealistic Expectations Are Not Buying a Home in Sacramento

land park sacramento catsNot every potential home buyer will buy a home in Sacramento this year, regardless of how much a buyer may yearn for a home. How do I know this? Because I speak with first-time home buyers who want to buy a home nearly every day. I listen to their wants and needs. From this information, I determine whether these buyers are realistic and motivated. See, a buyer can possess all the motivation and determination in the world, but if a buyer is stuck in fantasy land, the odds of buying a home are dramatically reduced.

I try to be non-judgmental. I know that buyers are not professional real estate agents and don't possess intimate knowledge of the market. Part of my job is to educate buyers. Especially those who rely on Zillow or other websites that provide inaccurate information. Armed with knowledge, a buyer is then able to make an informed decision.

A few weeks ago, a buyer called to say she was unhappy with her agent because she wasn't getting results. Since agents are generally in the real estate business to make a sale, it was entirely possible the problem wasn't the agent. The buyer asked if I would research a particular short sale home in Elk Grove. Her agent had shown her the property. She had not made an offer nor signed an exclusive buyer's broker with this agent.

I called the listing agent. The agent had 5 offers, several of which were all-cash offers, and those all-cash offers exceeded the list price of $400,000. As with many short sale listings, the price was artificial and below the comparable sales, priced to drive multiple offers. I know the main reason that some banks reject short sales is because many offers are too low, so a lowball offer was not going to fly. Not to mention, it makes little sense to compete in these types of situations if a buyer is unwilling to offer over the listed price.

The buyer asked if she could buy this $400,000 home for $300,000. I explained all of the reasons why this type of approach was not going to work. Even if all the other buyers vanished by the time of short sale approval, leaving this buyer in first-place position as the lone survivor, the bank would not take that type of offer. On top of which, this home was was highly desirable and unique -- which means those other buyers aren't going away.

A few days later, the buyer emailed me to confess that she had gone back to see that home again with her agent. She was so overwhelmed with desire that she wrote an offer on the spot for $300,000. She asked if I would still work with her and show her other homes while she waits for an answer from the seller. I know, beyond a shadow of a doubt, that the buyer is not buying this home.

Now, I am not in the business to swipe other agent's clients. There's enough business in Sacramento for everybody. I had explained earlier how real estate agents work and why this buyer should decide which buyer's agent she wants to hire. She told me she really liked her agent but did not feel her agent could perform.

I suggested she stick with her agent. I didn't drop this buyer simply because she wrote an offer with her agent, although loyalty is paramount. I also didn't drop the buyer solely because she promised to work with me and failed to live up to her promise; although, I prefer to work with buyers who keep their word. This buyer performed contrary to her own best interests. I was forced to turn her loose because she could not, would not, did not listen to my advice.

Even my cats would agree.

Photo: Elizabeth Weintraub, from left to right, Pia, Pica and Brandon

elizabeth weintraub



Weintraub and Wallace Realtors



Elizabeth Weintraub reviews




Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Home Buyers With Unrealistic Expectations Are Not Buying a Home in…
Not every potential home buyer will buy a home in Sacramento this year, regardless of how much a buyer may yearn for a home. How do I know this? Because I speak with first-time home buyers who want to buy a home nearly every day. I listen to their… more
Do You Really Want to Buy That East Sacramento Short Sale?
While I was researching short sales in Sacramento for a client this morning, I noticed my MLS profile needed an update. So, I clicked on it to make the change. At the very bottom is a place for additional languages. I typed in Klingon Well, I don… more
President Obama Turns to Facebook
I'm one of those rare people who still subscribe to the morning newspaper. In my case, it's the Sacramento Bee I pick up the paper from my front porch every morning, shake off the icky bugs and toss the paper on the breakfast table. Today's… more
Here is a Prairie Oaks Short Sale in Folsom
As I was driving to Folsom yesterday to meet with yet another charming couple who need to do a short sale a potential short sale seller from Elk Grove called me. She was interviewing Sacramento short sale agents and had already spoken to an… more
Banks May Demand Seller Contributions to Approve Sacramento Short…
Among the many twists and turns a short sale can take during its relatively incessant and torturous life is the often anomalous ending. It ain't over until the fat lady sings. Trying to second-guess the bank's investor guidelines is a crap shoot,… more
Here Was a Sharp Starter Home Offered as a Short Sale in Foulks Ranch…
The President of the Sacramento Board of REALTORS personally called me last Friday to ask if I would list a short sale in Elk Grove. The seller had called the Board, asking for a recommendation to a Sacramento short sale agent Often, when an… more
My Parakeets and Cockatiels Have Found a New Home At Capitol City…
Transporting the birds from Minneapolis to Sacramento was not an easy task. The plan in the spring of 2002 was my husband would drive to Sacramento and get an apartment, while I stayed behind to sell the house. He had to immediately start a job as… more
How to Increase the Odds That a Buyer's Sacramento Short Sale Will…
If a buyer for homes in Land Park asks me to show a short sale listing, I do investigative work before putting that home on tour. There's just no sense in letting a buyer fall in love with a home that might not close escrow. See, the problem with… more
How Elizabeth Weintraub Shows Homes in Land Park and the Sacramento…
I'm often amazed when I receive an out-of-the-blue offer for a listing, meaning the buyer's agent has not made prior contact with me It's sort of like they figure that buying a home in Sacramento is on par with flipping through a Macy's catalog… more
The Worst Thing That Could Happen to a Real Estate Agent
What's the worst thing that could happen to an East Sacramento agent Or to any real estate agent, for that matter? Well, apart from rolling over a guard rail in the rain. Over the last week, 2 vehicles at different locations slid off the freeway… more