When you are a Sacramento short sale agent -- or any type of real estate agent, for that matter -- there is one solid truth to which one must adhere. That truth is you represent your client first and foremost. You owe it to that person to do the best job possible. Period. No ifs, ands or butts. If an agent can focus on that premise, that agent will be successful. I believe that. I've always believed that. And here is a story to illustrate:
A few days ago, I received an offer on a Sacramento short sale listing. The buyer's agent missed a few key elements in the offer, which made it necessary to draw a counter offer. If I have to go to the trouble of drawing a counter offer, I am also likely to throw in a disclaimer and disclosure about buying the home in its "as is" condition. That's because agents on the whole don't understand how a short sale works. When they don't understand, you can bet their buyer doesn't understand, either. But it's a point they need to know.
We didn't change the price or the terms. On Saturday, I sent the counter offer to the buyer's agent. Come Sunday, we received another offer. The second offer was a better offer. But it, too, was missing a few crucial elements and a couple of supporting documents. I contacted the second agent, sent that offer to the sellers and asked for corrections. I also contacted the buyer's agent of the first offer to let him know we had received another offer and to inquire as to when the counter would come back.
The agent left me a voice mail to say he was fishing. However, he assured me his client absolutely, positively wanted the home and would return the counter offer. By Monday, I received the revised offer from the second buyer. The best thing for my clients to do was to cancel the counter offer to the first buyer and accept the second offer. That was very clear to me.
Although the agent promised me his client wanted the home, the fact was I did not have the counter offer back in my hands. I was holding a really good offer from a buyer who was willing to perform. I asked the sellers what they wanted to do, and they chose to withdraw their counter and accept the second offer.
I left a voice mail and emailed the withdrawal of offer, called a WOO, to the buyer's agent. Later that night he left a message. He said it was "just as well" because his buyer was unwilling to buy the home in its "as is" condition. Was he lying then? Or was he lying when he said the buyer absolutely positively wanted the home? I don't know, and I will never know. The only thing I know is what's on paper. If it's not on paper, and I'm not holding it, it doesn't matter.
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
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The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
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.
