Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park

For a Monday right after the arrival of spring, I had horrendous activity yesterday. Not that I'm complaining, mind you, as I welcome the business. Mondays are always busy, but to tell you the truth, yesterday was especially gruesome. The thing is if I never left my home office, I'd always be caught up. But even with a BlackBerry, I don't have time in the field to respond to all of my emails in the manner that I wish.

I put 3 transactions together yesterday -- a home in Lincoln, which is a Wachovia short sale (approved in 2 weeks), a high-water bungalow in Midtown Sacramento and a Carmichael pool home. Each was particularly stressful with their individual set of challenges. What I didn't need thrown into the mix was to receive emails from several buyer's agents to ask why I had not responded to their offers from last week.

I didn't respond because I had never received them. Why the agents didn't follow up to see if I had is beyond me. For some reason, they waited until the offers had expired before sending me an email.

Now, it's possible that I could receive an email on my BlackBerry and, if it looks like spam, I often delete it on the spot -- from both my handset and my email inbox. Switching back and forth from deleting emails in their entirety or deleting from my handset can be tricky if I'm not totally focused on what I am doing. I was worried that I had somehow inadvertently deleted these offers. One was from a Russian agent with a lot of Zs and Ks in the name. What if I thought that was spam? I felt sorry for those Russian guys and wondered if their emails routinely get mistaken for spam by clueless Americans.

Fortunately, one of the agents was able to forward me her original email. I saw that she had sent it at 1:00 in the morning. So, I know I didn't delete it by accident because it would have downloaded to my computer. My IT department at Lyon Real Estate is investigating this matter. None of those emails is in my spam filter. They just never arrived. Sometimes, technology screws up.

I suspect the lesson here is home buyers should make sure that their agent has contacted the listing agent to confirm that the listing agent has received their offer. Don't just hope for the best. I never send offers without confirming receipt. Never. But apparently some agents do.

I used to be an Estee Lauder girl. Devoted to the line. Couldn't wait for Free Gift With Purchase. But I am now a traitor. I have deflected to Chanel. I used to be a huge fan of Chanel Allure. In fact, one of the sentences I practiced over and over in my head when I first visited Paris was how to ask a shop-owner if she carried Chanel Allure and how much it cost. Yet, I never really used Chanel makeup products. All of that changed last week.

An agent in my Lyon Real Estate office also works at Macy's. Her name is Linda Loli. She's a veteran in the Chanel department, and her make-up always looks great. Sometimes I stop to chat with her while I am downtown at Macy's. She suggested I make an appointment to look at Chanel's product line, so I took her up on it. It's been years since I bought a lot of make-up. And let's face it, I'm not getting any younger; what was a good look in my 40s looks rather silly as I approach my 60s.

Linda says Chanel is the best, and I believe her. In comparison, I'd say Estee Lauder is an A-minus. But I wouldn't have downgraded Estee Lauder if I hadn't tried Chanel. It makes a foundation that doesn't dry out my face and is a liquid-based pressed compact. Chanel also makes a lipstick that doesn't come off. No joke. One end of the tube is a stain, which makes your lips feel yucky, but the other end is a sealer, which gives your lips shine and moisture. You can eat lunch, and your lipstick still looks fabulous. It's an incredible product that I've been wanting for years. Rouge Double Intensite, Ultra Wear Lip Colour.

There's a reason I'm mentioning this to you, a parallel coming up. See, yesterday I received a referral call. A previous client had referred a home seller to me. He wasn't trying to do a short sale. The guy wanted to sell his personal residence as a regular seller. About half of my real estate business in Sacramento is regular real estate sales. Because he had equity, he wanted to get the most bang for his buck, meaning the first words out of his mouth were about finding an agent who charges the lowest amount of commission. He almost apologetically explained that he was planning to interview agents, maybe 3 of them, and wanted to know if that approach was OK with me.

Sure, I responded, because after you speak with several other agents, it will be apparent you're not going to find a better Sacramento agent than me. I welcome comparisons. I say this not out of arrogance but because I believe it. I know lots of agents who don't believe this about themselves. To many, the thought of competition is frightening . . . and it often shows, which is why they lose listing presentations.

Then the seller said he wanted to compare commissions and fully intended to choose the listing agent who charged the least. Well, I charge the most. And I told him that. I justify it because I focus on getting my sellers the highest price and providing the best service. I protect my client's interests. Would he rather get $10,000 more for his home or hire an agent who charges him $1,000 less? His choice. I don't throw my clients under the bus.

I'll give you an example. Last week I received a Request for Repair on my East Sacramento listing. The home inspection noted a Zinsco electrical panel and mentioned that some of these electrical panels could be faulty or dangerous. The home inspector suggested the buyer hire a licensed electrician to inspect it. Instead of getting a professional's opinion, the buyer's agent issued a Request for Repair and asked the seller to replace it. I advised the seller to reject the request and asked the agent to get it inspected by a electrician.

Next go around, the agent submitted an invoice in the sum of $1,800 to replace the 100-amp panel with a 200-amp panel. Nope, the seller will not replace the panel nor will the seller upgrade the panel. I didn't ask the agent to send me a bid; I asked for proof that the panel needed to be replaced. Was the panel faulty? Apparently not. The agent could not produce an electrician's report that said the panel was faulty. And by the way, dear buyer's agent, we issued a Notice to Perform yesterday and expect the release of contingencies today. An hour later the contingency release arrived in my email. Matter dropped.

Do you think my seller is sorry that he hired a real estate agent who charges the most? I don't think so. Just like I don't care that Chanel doesn't offer "free gift with purchase." I'd rather pay a fair price for an excellent product without the hype, smoke and mirrors. I suspect my sellers want the same thing.

Photo: Big Stock Photo

If you've never bathed a cat, you're missing out on one of life's most treasured moments: a time to bond with your cat. Oh, who am I kidding? It's really a matter of who is in control -- you or the cat? Make no mistake about it, it's the cat.

Many years ago, I used to turn on the shower, toss the cat into the bathtub and quickly slam the door. But that method didn't work very well, so I don't recommend it.

The easiest way to bathe your cat is to take the cat to a groomer or the vet, and pay them deal to with the misery.  However, most cats never need a bath as they routinely clean themselves. My cat, Brandon, doesn't. I don't take him to the vet for a bath, though, because it's too far to drive from Sacramento to Davis, where my vet is located, not to mention he'd have to be sedated because the vet can't handle him.

Brandon turned 18 in July. He has arthritis, asthma and renal disease, and most likely a bit of dementia.  To help him cope with his diseases, I shoot a prednisolone pill down his throat every morning with a pill popper -- it sure beats trying to stick my fingers down his throat. If he was human and not a cat, he'd have to wear dentures. He's lost most of his teeth over the years. Except for his secret weapon, a lone canine, which could do serious damage if it came into contact with my flesh.

Brandon hates everybody but my husband and me. I've watched him turn into the Tasmanian devil around visitors.  In fact, when my niece was 3, she coined the term: devil cat. "Oh, but all cats love me," my friends sometimes say, as though I have no idea what I'm talking about. I try to warn them that this cat is different, but they don't listen. Next thing you know, Brandon has slapped their glasses off their faces, across the room and body slammed 'em to the floor.

About every couple of months, I bathe him in the kitchen sink. This involves moving everything off the counters and placing towels in strategic positions. I grasp him firmly by the neck and place him in the sink. I try to use a calm, soothing voice to reassure him that everything will be OK, but he doesn't buy it. He's a smart cat; he reads the Sacramento Bee, it lines his food bowls.

He screamed bloody murder and most likely hated my guts yesterday. Getting him wet was the easy part, soaping him was more difficult, especially when his neck became slippery. It would have been nice to have had 3 hands for this chore, but my husband wanted to keep his reputation in-check as treat guy.

The trick to bathing a cat is to be firm and work quickly. During this event, Brandon turned into Superman -- how did he get his paws on a supply of Kryptonite? But I continued to shove him back into the sink, unhook his paws from the faucet and tried not to let his legs and tail go down the drain. I ended up about as drenched as he was.

Fortunately, it was fairly warm for a fall Sacramento day, and I gave up trying to blow-dry him. He wiggled all over the counter and tried to crawl into the toaster.  I left him to sit on his pillow and air dry.

I'm sure the other two cats were hiding under the bed during this, thinking they better never get on the wrong side of me. Here are the "before" and "after" photos. This very happy, trusting cat turned into an angry and plotting cat.  I don't know how he will get revenge, but it ain't gonna be pretty, I can tell ya that.

Photos: Elizabeth Weintraub

Almost every day I receive spam from home inspectors in Sacramento. Some of them offer inspections at cut-rate discounts -- and who can blame them? Business is slow for many home inspectors because fewer transactions are closing this year over the last few years. But is cost alone a reason to choose a home inspector?

Some buyers are wary about hiring an agent's home inspector. They may think an agent might promote only those inspectors who won't "blow the deal." A few agents probably fall into that category, but not very many of them. Most agents want their clients to receive a complete picture of the home's condition, if, for no other reason, that to offer less than a truthful picture is a huge liability for an agent and against the law.

I give my buyers a list of home inspectors to choose from, which includes a brief bio on some of them. I also note that if none of the inspectors on the list appeal to them, buyers are encouraged to choose a different inspector from several trade associations, with links provided. I do not choose the home inspectors for my clients because it's not my home and not my home inspection fee.

Lately, I've noticed a certain home inspector has been favored by my buyers more often than not. He charges a lot more than the rest of them. He doesn't use software to prepare his home inspections -- he gives buyers a hand-prepared, lengthy narrative report, complete with actual, hard-copy (not digital) photographs. He is also the guy sometimes called by the court to provide expert testimony in cases involving home inspections.

I try to attend my home inspections. This way I can answer questions and be there for my buyers, but I also tend to learn something new. I will never know it all. The more I learn over the years, the more there is to know.

Yesterday, for example, I attended a home inspection in Sacramento. The buyer in this case is responsible for the pest work because she purchased the home in "as is" condition at a fabulous price. He discovered evidence of raccoons in the attic, which the pest inspector missed. He also noted that he didn't find any live pest infestation under the home, but was quick to explain that he is not a pest inspector and not licensed to give that kind of advice.

Good thing that I had already advised my client to obtain her own pest inspection and not rely on the termite report handed to us by the seller. The pest inspection recommended tearing out the shower walls to fix a shower pan leak and replacing those tiled walls with marble. Give me a break.

There are many types of home inspections that a buyer can get. A home inspection is only one of them.

Photo: Caylyn Brown

Agents have asked me how I manage to maintain my positive attitude and cheerful disposition, especially while tackling the challenges inherent in Sacramento's real estate market today. I believe it's my nature to be cheerful -- I mean, given the choice between a glass half-full or half-empty, I'll take the one with champagne. But my clients also keep my mood elevated.

As a Sacramento short sale agent, my sellers are thrilled to sell their homes, but it's a bittersweet happiness, sort of a two-edged sword in a way. True, I have helped them to unload a troublesome liability but they have lost their home. It's an emotional roller-coaster for some short sale sellers. Many have tried to obtain a loan modification and failed. The joy they felt the day they moved into that home has long ago vanished.

I try to put myself in their shoes, even the ones with really tiny feet. The wait for short sale approval is often agonizing. Because nobody knows what the lender will demand or whether the short sale will get approved. It can be stressful all around.

Buyers, on the other hand, are ecstatic when they buy a home. Many have been priced out of the Sacramento real estate market for years and only now can afford to buy. There are still good deals to be had in Sacramento. Interest rates dipped below 5% last week.

I called a buyer yesterday to let her know that her offer had been accepted, among multiple offers, for a home in South Land Park. She said, "I'm standing in the middle of the Sacramento Co-op, so I can't scream." She was clearly delighted. The home is perfect for her. When my clients are elated, so am I.

I believe that agents who only list homes and never represent first-time home buyers are missing the chance to share in this joy that buyers feel. Another buyer -- whom I did not represent, I represented the seller -- called me last week to ask if I would mail her some of my business cards. She had closed escrow on a Sacramento short sale, again, the perfect home for her, and had been talking with her neighbors. Some of these neighbors are also upside-down, owing more than their homes are worth. She asked if it would be all right if she referred them to me, and thanked me profusely for helping her to close escrow.

Sellers often send me short emails thanking me for my hard work when escrow closes. But it's the buyers who give me unexpected baskets of goodies, flowers, bottles of wine and grateful thank-you letters. It's the buyers who are grinning ear-to-ear when I hand them the keys. I'd say the buyers are much happier in this market than sellers. And I feel privileged to share in their joy. It's part of the reason that I sell real estate.

I sort of feel like a modern day Paul Revere. As though I should lower the top on my car and go racing throughout Sacramento with a bullhorn screaming, "The foreclosures are coming, the foreclosures are coming." But why? Why, when I can write a blog about it instead?

REO agents in my office have reported an uptick in foreclosure listings. They are busy cleaning out the trash from these homes and preparing them for sale. Our FAX machines are buzzing, paperwork is flying.

Could it be that after waiting for months and months, pecking like a starving chicken through limited inventory, our Sacramento home buyers will finally have more choices available to them? Certainly looks that way.

When you think about it, why wouldn't the banks put some of those foreclosures on the market right now? What better time of the year to do it? The first-time home buyer tax credit goes away at the end of November. Given the holidays coming up, that means buyers have about 2 months to close escrow if they want to collect their tax-free money from the government.

If the banks want top-dollar, now is the time. There is a wild and crazy feeding frenzy happening in the Sacramento real estate market for entry-level homes. Not to mention, everybody knows that the banks have been hoarding inventory and manipulating the market for too long.

Will releasing a flood of foreclosures for sale depress prices? I know that's what you're wondering. Probably not between now and November. After that, though, is another story. If I were in charge of a bank, I'd release just enough homes to meet demand. In any case, it's going to be a bumpy ride. Fasten your seat belts.

Thomas Wolfe wrote a book titled, "You Can't Go Home Again," published after his death. The book's title means different things to different people, as I'm sure you've heard that phrase quoted over and over. To some people it means that maybe you have faulty memories about your previous home, and when you go back to see it, it's not the same as you recall.

However, more often than not, the area where you grew up or lived for a long time has actually changed over the years, perhaps dramatically. When I took my husband to Newport Beach to see where I used to live, the house was gone. In its place was a mansion. My Lido Island real estate office on Newport Bay had been torn down. I barely recognized buildings on PCH.

This morning my old roommate and long-time friend sent me a link to an article in the Denver Post about new restaurants in Nederland, Colorado. I lived in Nederland for several years in the early 1970s. I could swear that the featured restaurant in that article was a house where I used to live, an A-frame close to downtown.

A group of us lived in that house. My friend Lady Jake, me and 17 guys. The deal was Lady Jake and I wouldn't have to pay rent as long as we prepared dinners. That arrangement worked well except for the fact that I was the only person who had to get up in the morning and make the long drive down the canyon to go to work in Boulder. At the time, I was a title searcher at First American Title.

While everybody else was partying away the night downstairs, I was generally up in the loft trying to go to sleep. One particular December night the guys decided, for some reason, to roll logs back and forth across the floor. Laughing, talking very loudly, playing music, smashing light bulbs. You ever try to sleep through something like that? We had a deal -- after midnight, no noise.

So when I left for work the following morning, I opened all the windows, left the front door wide open and snapped on the radio at its highest volume. It was snowing, too.

I still chuckle about that episode, but it doesn't mean that I want to go home again. These days, I'm very content to be a real estate agent in Sacramento and share a home with my husband and 3 cats.

Photo: Lady Jake by Elizabeth Weintraub

Before my buyers write an offer, I always check the public records available through Realist in MLS. Sometimes I double check this information against that in the title company's plant because the two can differ. I'm looking for conflicting information between the data in MLS and the public records, but I'm also looking at who owns the property, when the seller acquired title and how much the seller owes.

Sometimes, Realist tags the record as bank-owned when the property is not owned by the bank. I don't know why, exactly, but I suppose that happens because the entity in title may have acquired title in the name of a partnership or corporation.

Everybody knows we have a lot of foreclosures going to auction in Sacramento but very few of those homes are coming on the market. Some of those homes are purchased at auction through a trustee's deed or through private negotiations with the banks beforehand at a steep discount, often close to 50% of the home's actual value.

These homes are referred to as foreclosure flippers. The investor buys the home from the bank, makes a few repairs and plops the home into MLS. Getting financing for a foreclosure flipper is difficult because lenders have instituted a 90-day to 180-day seasoning requirement, meaning the seller must own the home for 3 to 6 months before a lender will make a loan to a new buyer.

Generally, in these situations, conventional lenders have been easier to work with than FHA. But most of my buyers have been making down payments in excess of 20%. One such Sacramento home buyer is trying to buy a foreclosure flipper with conventional financing and is putting down 10%. That means the loan requires MI (mortgage insurance). We are past the 90-day mark, thought we were home free. The buyer has golden credit.

Yesterday we discovered that not only is the lender objecting to the foreclosure flipper, but the newest wrinkle is the MI company rejected the file in underwriting. It would appear that MI is following the 180-day guideline for seasoning. The MI company added another layer to this transaction. Fortunately, since we're past 90 days on title for the seller, FHA will accept the buyer. That's because the ratio between auction price and sales price is less than 50% and FHA doesn't follow 180-day guidelines, according to the loan officer.

The loan officer is paying out of his own pocket to convert the conventional appraisal to an FHA appraisal, ordering a rush review appraisal and expediting underwriting. This puts us on schedule to close on time. Whew. There's never a dull moment in Sacramento's real estate market.