If I hadn't seen that email with my very own eyes, I would not have believed it. I've been working with a couple whose home I sold last summer as a short sale. It's been a bit of a struggle to get their parents qualified for a mortgage for a variety of reasons, but I finally received the preapproval letter yesterday. This couple had identified the part of Sacramento where they wanted to look. We've been concentrating on a couple of neighborhoods in that part of town and looking at homes.
Suddenly, out of the blue last night, I received an email asking to see bank-owned homes across town in another city. They expected to see these homes tonight. With less than 24-hours' notice. No explanation, no warning, just a demand.
The problem with this scenario is communication. Buyers who don't talk with their agents and simply make demands are buyers who are likely to end up with an agent with little experience. You really don't want to buy a bank-owned home through a novice real estate agent. There are too many things that can go wrong. From the 10-plus page contract the bank will send that overrides most of the buyer's purchase contract, to the delayed closing because escrow is in southern California -- which can also result in per diem fees -- to the "as is" contractual agreements, shortened inspection periods and possibility of earnest money deposit forfeiture for non-performance, buying a bank-owned home is best left to the pros.
But the way I'm feeling about this is I can't help these people. The reason I can't help them is because they don't want my help. I don't work at Starbucks. I don't work at Macy's. I'm not selling lattes or shoes.
And this is an example of how buyers can end up overpaying for a mold-infested property that's been boarded up for a year. I really care about my clients and want to do the very best job possible for them, but if they are working against their own interests, then I have no choice but to let go.
Photo: Big Stock Photo
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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.
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 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.
