The manager of my office received an odd letter from the Department of Real Estate on Friday. The DRE wrote because a buyer from several years -- some purported real estate agent / investor who represented himself, so you know what kind of client he had -- was unhappy that he didn't get to buy a short sale home in Elk Grove. So, he complained to the DRE about losing the transaction. The tone of the letter seems to indicate that this DRE investigator gets a lot of these bogus complaints but nonetheless must follow up. I chalk it up to the price of success.
I suspect what this misguided agent could not get through his head was his offer was received after the seller accepted a different offer. I maintain impeccable records. Not only that, but we had received 8 offers on this property. They ranged from, let's say, $250,000 to $315,000. This particular agent was so danged smart, he offered $250,000. He threw a lowball at us. This means even if he had submitted his offer before the seller accepted the winning offer, his offer still, gall darn it, would have been rejected.
With multiple short sale offers -- and with some of the highest near the top of the comparable sales -- there is little reason to issue a counter offer, much less multiple counter offers. Still, this guy was ticked off that he wasn't in the running, so he whined. I'd like to say: Pull your head out of the ground -- it's so wet right now, you'll drown. What part of day late, dollar short don't you understand? But I don't because it wouldn't do any good.
Then, this morning I received an unsolicited email from a buyer who was in the middle of negotiations somewhere. Apparently, the seller gave him a counter offer and he and his wife had accepted it. In the meanwhile, the seller had received other offers before the counter was returned to its maker. As a result, the seller decided he wanted more money. Probably totally within his legal rights.
This is all my fault, the writer says, because I endorse following contract law and, in fact, I wrote an article about how to handle counter offers that says when a counter offer is out, another buyer can swoop in and snatch the home. I have made him very unhappy, he says. He says he can't convey how upset it makes him that I encourage others buyers to beat out offers like this.
See, the thing about being in real estate and a Sacramento short sale agent is I have been handed this marvelous opportunity to meet and interact with the most bizarre people who say the craziest and do the nuttiest things. I just can't make up stuff like this. It makes me chuckle, and then I get on with my day.
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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.
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