Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park

Sacramento short sale agents tend to form a list of favorite types of short sales to do, especially after we've closed a record number of them. The complexity of a short sale is generally based on the number of loans secured to the property, type of loan and the individual lender. My first favorite type of short sale, of course, is a Wachovia short sale. I work directly with the Wachovia short sale manager in Sacramento, and she makes my job pure joy. In fact, in the last two Wachovia short sales I closed, Wachovia gave the sellers big, fat, cash bonuses at closing, and the short sales were approved almost instantly.

I mention this because Wachovia, over the next year or so, is slowly merging into Wells Fargo, and Wells Fargo is my second favorite short sale lender. Wells Fargo is the sole lender for this Natomas Northpointe Park short sale. I often get approval from Wells Fargo within 6 to 8 weeks, sometimes sooner, and this fast turnaround, may be due to the special relationship between Wells Fargo and Wachovia.

This 4-bedroom, 2-bath Beazer home boasts 1,525 square feet, per the Sacramento County Assessor. It was built in 2003 and is a one-story situated on a curve in the street, which gives it this huge back yard. The lot size is .2074 acres, and the back yard is completely fenced. Did I mention that you get a gazebo with a private spa? Yeah, there's a jetted hot tub in the back yard, off to the side, leaving you with an abundance of lawn space for your dog to run free.

The entry way, kitchen and baths all sport ceramic tiled floors. To be truthful, the carpeting throughout should probably be replaced, but that cost is reflected in the sales price. It's one of the reasons that a buyer is likely to get a good deal, and carpeting is not difficult to install.

You'll love the open floor plan, the kitchen / family room combination and spacious feel of this home. You've even got an indoor laundry room. What else could you want?

1742 Daggett Way, Sacramento, CA 95835 is offered exclusively by Lyon Real Estate as a short sale at $189,000.

Call Elizabeth Weintraub at 916 233 6759 for more information.

Photos: Elizabeth Weintraub

THIS HOME SOLD ON AUGUST 22, 2010 AT $200,000.

I've said it before, but I'll say it again, I love working on Wachovia short sales. Give me nothing but Wachovia short sales in Sacramento and Elk Grove, and I'll be a happy, happy short sale agent.

A Wachovia short sale is like that lone flower growing out of a sun-drenched sidewalk crack. I work on enough short sales in Sacramento to thoroughly appreciate the no-nonsense way that Wachovia handles its portfolio of loans in default. Other banks pale in comparison to Wachovia. I'd say that Wachovia performs like a Gold Medal athlete at the Olympics while, let's say, Bank of America hobbles along like some old guy in a wheelchair with a flat tire.

I met with the manager of Wachovia's short sale department 6 days ago. We walked through one of my short sale listings in Elk Grove as I spoke with the relocated seller on my cell. The manager asked a handful of questions, the seller responded and, yesterday, we got short sale approval.

Not only did we receive approval, but Wachovia is paying the seller $3,500, providing we can close escrow in early December. The seller had gone into default after transferring out-of-state and tapped several credit cards to the tune of about $25,000 to try to keep the mortgage current -- a struggle that proved fruitless in the end.

But wait, the approval gets better; Wachovia is also paying a higher-than-traditional amount of commission. I charge more for my short sale negotiations than many other agents. I figure I'm worth it because I get results. Some buyer's agents snort when they hear about my listing agreement percentage because they don't believe that I'll get it; however, all commissions are negotiable and, on a short sale, subject to bank approval.

It's no secret that short sales are a lot more work than other transactions. I work extremely hard for the commissions I earn. I'm happy to report that Wachovia recognizes this and pays accordingly. As a Sacramento short sale agent, I've been doing them long enough to have established unparalleled systems, which handle the volume, and lets me give my clients the undivided attention they deserve. So, if you are contemplating a short sale in Sacramento, give me a ring. Call Elizabeth Weintraub at 916.233.6759.

And if you're a Sacramento Wachovia short sale seller, believe me, I'm rolling out the Red Carpet.

In life, there are always little twists that keep it interesting, wouldn't you say? For example, last week I was watching a HGTV show about a couple who were buying their first home somewhere in the Midwest. They had obtained an FHA loan. Because they didn't have the money for a down payment, their parents gave them the cash.

Of course, FHA requires a gift letter from the parents. This gift letter specifically states that the funds are not a loan but a gift. At the end of the show, the couple stood in front of the camera, talking about their home buying experience. The wife looked straight into the camera and admitted on national television that they had committed mortgage fraud. "Oh, we are paying them back," she laughed.

I imagine their real estate agent recoiled in shock.

Just like my Sacramento short sale seller was speechless yesterday. This is a hard working guy who lost his job, and the value of his condo fell to almost 1/3 of what he paid for it several years ago. He hired me as his Sacramento short sale agent to find a buyer. It took about 10 days to get into contract, which is an usually long time for my Sacramento short sale listings.

Yesterday, a negotiator from the Wachovia short sale department called to say the short sale was approved. Not only was it approved, she explained, but this transaction qualified for Wachovia's incentive program, meaning the agents would receive a higher commission than the amount Wachovia generally pays. In addition, the seller would receive cash to move.

I called the seller and left a message, saying I had unexpected news for him. When he called me back, I could sense the trepidation in his voice. He admitted that he had a pit in his stomach. But when I told him he would receive $2,500 for moving expenses, he was at a loss for words. "What do I have to do?" he asked, assuming there was a catch. Nothing. Just sign Wachovia's short sale approval letter and close escrow.

This is one very happy short sale seller right now.

There's a saying that if you want to know where lines of ants are coming from, you've got to watch the ants. Because of all the rain we've received in Sacramento over the past 48 hours, I presently have an ant invasion in our bedroom. They are crawling up from the baseboards and down from the window sill. I've sprayed them with Windex, planted Grant's Ants stakes both inside the house and outside, but they keep coming. My cats are fascinated by the ants.

The solution here is to find the caulking gun, load it up and go to the source.

Yesterday, the source came to Lyon Real Estate. The manager of Wachovia's Sacramento short sales department did a presentation at my Midtown office. She's pretty much a one-woman show at Wachovia and handles all of its short sales.

I've been battling the intake department at Wachovia on 2 of my short sale listings for longer than should have been necessary. What should have been easy process was not. One file had been submitted in August, 3 times, but was never acknowledged. The other was submitted early September and is presently under review. The manager gave me her card and suggested that I email her with this information.

I wondered how the Wachovia short sales manager could handle the vast volume of files all by herself. She actually meets with each homeowner and assesses both the property and the homeowner's qualifications during this meeting, rendering a decision on the spot. She must be organized. I have had agents ask me how I can possibly handle the volume of short sales that I do, and it's because I'm organized. As a Sacramento short sale agent, I have systems in place.

After the meeting, I emailed the manager and attached the executed offer and HUD-1 on each of my 2 Wachovia straggler short sales. She responded immediately. We'll probably receive a decision on one short sale by the end of the month; she submitted the other and I'm meeting the Wachovia short sales manager at the property on Tuesday for an evaluation.

Instant communication from the source! It doesn't get any better than this. I would love to do even more short sales with Wachovia. In fact, I'm putting out an open invitation to all Sacramento short sale sellers with a Wachovia loan to call me. Wachovia is the gold standard for short sales.

Now, I've got to stop typing and go look for my caulking gun. Those ants are NOT going to win this battle.