Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park

I closed a short sale in Sacramento County last week in which I had never met the sellers. I had never seen the home, either. If you can believe that. I drove out to Elk Grove to pick up my lockbox and realized this was a home I had not put the lockbox on. I didn't put the lockbox on it because I didn't shoot the photos, and I didn't inspect it. One of my team members did it for me. That's rare, because I am very much a "hands-on" agent.

Being a hands-on agent means I will probably never make a million dollars in any given year. But so what? Money is not the most important thing in life. Taking care of my clients myself is. The day I have to farm out everything to a third party to boost my business is a day I would turn into some corporate monster, like some banks we won't talk about.

I did not meet with the sellers of this Elk Grove short sale because we had discussed everything to their satisfaction over the phone. I was not available when they wanted to list their short sale, which usually does not happen. But I wanted to meet their schedule, so I asked my trusted team member to shoot photos. I uploaded the listing paperwork to an online digital signing service for them. And, of course, I personally handled their marketing, buyer's offer selection and short sale negotiation.

As a Sacramento short sale agent, I pride myself on giving my clients individual attention. I assess their particular short sales based on their own situation and circumstances. I tackle the most serious cases first and schedule the sellers who are not quite ready to list yet down the road. Clients sometimes wonder how I can treat them like they are my only client when I'm closing such a volume of short sales. I'm extremely organized. I prioritize.

I sell short sales all over Sacramento. You need that short sale sold? I'll sell it for you. Over the last few weeks, I've taken listings in Sacramento, Rancho Cordova, Natomas, Cameron Park, Roseville, Granite Bay, Carmichael, and this one in East Sacramento:

4832 Q Street, Sacramento, CA, 95819, is offered exclusively by Lyon Real Estate as a short sale at $240,000. If you're hoping to find 1922 charm married to modern updates, this home is for you. Crown molding, hardwood floors, giant master, remodeled kitchen and bath, central heat and air, plus a 2-car garage. For more information, call your East Sacramento short sale agent, Elizabeth Weintraub, 916 233 6759. For a private showing, call Barbara Dow at 916 761 7398.

Photo: Elizabeth Weintraub

I met with an East Sacramento seller yesterday who has a home he wants to sell. It's a 2 bedroom he bought a long time ago, and there is plenty of equity. I will put this on the market in a couple of weeks. Whenever I meet with sellers to talk about selling a home, especially a rarity such as a home with equity in Sacramento, I show them how others will look at their price.

Because it doesn't really matter what I think or what the sellers think or even what other agents think. Only 2 things matter. How the buyer views the home and how the buyer's appraiser views the home. And they both, unfortunately, tend to look at it differently. Especially in our ever-changing and wobbly Sacramento real estate market. That's why pricing a home is an art. Buyers compare homes to others available for sale, while appraisers compare homes to others that have sold in the last 3 months.

Appraisals are coming in low even though buyers are low-balling. That's a weird combination. Why would you get a low appraisal? Lots of reasons. There are often dual markets going on in the same neighborhood. As an East Sacramento agent, I can tell you that a home right across the street from another can sell for $100,000 more. If you don't work in that neighborhood and you're appraising it, you wouldn't know it.

I am happy that I'm focusing on listing homes in East Sacramento over representing buyers in East Sacramento. It's not because I don't like buyers; it's because many buyers in this market seem undirected, unfocused and misinformed, and I don't have the patience or time to deal with all of that. I prefer to focus on single agency with my sellers. I make a great listing agent, that's where my strengths lie. That's the secret to anybody's success -- focus on what you do well.

First time home buyers are unique. I've got to hand it to Sacramento's buyer's agents; it's difficult to manage buyer's expectations in today's market. You guys have a really tough job. I'd also like to nod my head in the direction of my own two fabulous agents: Barbara Dow and Linda Swanson. They have the patience level of saints. I am proud and honored to be associated with them. I can't believe somedays that they are willing to put up with me to be on my team.

Linda Swanson and Barbara Dow are talented, inspirational, witty and exude excellence on par. Between them, I bet they have more than 40 years of experience in the business, and they've never seen anything like the attitude of buyers in this market.

Buyer: How much is this home listed for?

Agent: $300,000, but the comparable sales around it are selling on average at $350,000.

Buyer: We would like to offer $125,000, please.

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Buyer: We would have to repaint this entire house. That will cost $20,000.

Agent: Average cost per room is about $50 for paint.

Buyer: Yeah, but we'd have to hire somebody, and that will cost $20,000.

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Buyer: We have cash. We heard cash is king. We'd like to buy a home for cash in East Sacramento.

Agent: How much cash do you have?

Buyer: We have saved $15,000 and saw a home on Trulia for $55,000.

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I wonder how an East Sacramento agent does the math on those closed short sales when talking to a prospective seller. It's no surprise that the public has a hard time trusting real estate agents when some of those agents engage in agent fluffery. How does a consumer separate fact from fiction? Moreover, why should a consumer have to decipher what is true and what is not in the first place? Aren't agents supposed to be honest and follow the Code of Ethics, which means tell the truth?

I think they get away with it because some of them tell only half of the truth and not all of the truth. They might distort some information. But it makes it difficult to choose an East Sacramento agent to sell your home. Because there are ton of them clawing to get out of the ditch. Ick, bloody fingernails, scratching those concrete walls. It's a real battleground out there right now.

However, when it comes to a short sale -- and I'd like to think any other sale in East Sacramento but I'd just be tootin' my own horn -- a seller really needs to hire an experienced Sacramento short sale agent. I talked to a seller about selling her home as a short sale in East Sacramento. This seller had talked to a competitor who gave the impression that the agent had closed lots and lots of short sales. I pulled production for that agent from MLS. You know how many short sales that agent closed as a listing agent over the past 24 months?

One.

One sold short sale listing.

Yowza.

And this East Sac seller has a complicated situation. The loan is a refinance, a hard-money loan. Not only that, but there's mortgage insurance involved. Those two combinations means the seller needs not only an experienced Sacramento short sale agent, but needs an agent who is not only certified as a HAFA short sale specialist but has actually closed HAFA short sales. This seller's best bet is a HAFA short sale. Fortunately, the seller was referred to me. I am a Sacramento short sale agent. I am a Certified HAFA Specialist. I have successfully closed HAFA short sales. The seller is doubly lucky that I also specialize in East Sacramento.

I get my fair share of short sales located in my areas of specialty such as East Sacramento, Midtown or homes in Land Park, but I go where duty calls. Much of the short sales in Sacramento are in Lincoln / Roseville, Natomas and Elk Grove, so that's where I go.

While this particular seller is lucky, others aren't so lucky. Many simply choose as a short sale agent a childhood friend, the next-door neighbor, some part-time real estate agent who maintains a flashy website, a guy who was napping when he happened to pick up the phone when they called the floor desk of an agency down the street, and so on. Then, when their short sale goes south or they don't get a release of liability, they look at the real estate industry as a whole as letting them down. Or they say short sales don't close. Which is about as far from the truth as it gets.

This is the deal. If you're looking to hire a real estate agent to do a short sale, and let's say that you have to choose solely between an agent who specializes in your neighborhood or an agent who is a short sale specialist, here is what you do. #1) verify the production of the short sale specialist and #2) hire the short sale agent.

Graph: Elizabeth Weintraub, sourced from MetroList

Early February a seller called to ask if I would mind stopping by her home after hours. It was dark when I arrived. She lived in the back unit of a duplex in East Sacramento. Most entry-level homes in East Sacramento are selling briskly these days as prices have softened a little bit and financing is extremely cheap. It's a good time to buy a home in Sacramento.

This seller bought the duplex several years ago from Fannie Mae. It was a foreclosure home. She had been reading the headlines in the Sacramento Bee about all the foreclosures and short sales in Sacramento and felt she had a pretty good understanding of the market place. She had also spoken to coworkers and family members who urged her to do a short sale. The problem was it was too overwhelming for her to manage an income property and she wanted to return to renting. For some people, renting vs. buying makes more sense.

See, this is why it's smart to contact an East Sacramento agent before putting your home on the market as a short sale. Because it turned out that this seller had equity. She did not need to attempt to do a short sale because she could make a profit. Not only could she make a profit but she could end up with enough money to pay back the first-time home buyer tax credit she received. If you take the tax credit and then sell during the first 3 years, that tax credit needs to be repaid.

I could see the worry lines begin to melt away on her face as we talked. She had no idea that she had equity and could get out of this investment without harming her credit. Now, there are some duplexes that would need to sell as a short sale in East Sacramento, but this wasn't one of those.

I love happy endings. I'm a sucker for happy endings. We closed escrow this week, and the seller made a nice profit. Plus, she was spared the agony of a short sale.

What's the next best thing to living within crawling distance of Trader Joe's in East Sacramento? Living within crawling distance of Trader Joe's in an updated duplex that you bought for less than $300,000, that's what. Not only that, but it comes with a couple of garages and extra parking. How do you like those apples? With a few slices of guyere from Trader Joe's, I bet.

This is buying a home and buying an investment rolled into one transaction. You've got a one bedroom unit in the front, which is presently rented on a lease at $950 a month, and you've got a one bedroom unit in the rear for yourself. You can be a landlord and a homeowner at the same time, which will dramtically cut your mortgage payment, too. This is truly affordable.

And it's so adorably cute. If you're a single guy, women will flock to you for your good taste. If you're a single woman home buyer, you will feel right at home the day you move in. It's got hardwood floors, beautifully refinished hardwood floors. Crown molding. Ceramic floors in the kitchen and bath. Indoor laundry -- yeah, no more running to the laundromat.

The back unit is far enough away from 51st Street, that you're unlikely to hear any traffic noise. You can probably sleep in on a Saturday morning. The garage, if you choose not to park in it, will give you extra storage space, too. It doesn't get any better than this. FHA will make a loan on this for 3.5% down to qualified buyers. Call your real estate agent, call your mortgage broker, or call your East Sacramento agent, Elizabeth Weintraub, at 916 233 6759. For a private showing, call Linda Swanson at 916 607 0111. But hurry. Opportunities like this for homes in East Sacramento don't come along very often!

1482 51st Street, Sacramento, CA 95819, is offered exclusively by Lyon Real Estate at $299,000. The front unit is #1480 but it doesn't show up in the assessor's records by the front unit, it is noted by the back unit. Elizabeth Weintraub is the listing agent. Call 916 233 6759 for more information.

Photos: Linda Swanson

Some of my best ideas come to me when I'm sleeping. They pop into my dreams. Which means some of my very best ideas are probably lurking in my subconscious. It beats having your best ideas come to you when you're, oh, say, like Dudley Moore in that 1981 movie Arthur. His best ideas came to him when he was drunk. Probably because he was rarely sober. If you've never seen Arthur, you're in for a treat.

A few nights ago I had a dream that I was holding an open house for that adorable family on Showtime's Shameless. They live in this two-story wreck in south Chicago. I gathered the kids around me and assigned each one of them a room. When visitors came through the open house, the job of each kid was to stand in their appointed room and talk about the benefits of that room.

We rehearsed. Like a broken record, over and over. That's a brilliant idea, people. Who better to sell a home than the people who actually live in it? Sell the benefits, not the features. The sun comes up in the morning through that window, so I don't need an alarm clock.

Last night, though, I dreamed up a new wallpaper. You know how wallpaper has gone out of fashion? Well, I've got news for you, it's coming back. Only edgier and with a bit more bite. My new wallpaper idea is to take the sections of your city's free entertainment newspaper -- the part with all the bands -- neatly trim the edges, apply wallpaper paste and slap it up there. How cool is that? That idea is worth millions.

Of course, with wallpaper, the pattern repeats. The unique thing about this phenomenal idea is the pattern does not repeat until maybe you get to last week's paper or the week before that. But the pattern doesn't have to repeat. You can write your own rules. And it's free. Doesn't cost ya a penny.

Back when I was a kid in my 40's, I used to swipe posters from the halls of local venues and hang them on my living room wall. Now, I wish I had saved those posters because those fun days are gone; I can't make myself stay up that late anymore. But this is the next best thing. Every kid in America will be clamoring for this rock-band wallpaper.

Well, I ran out of room today. Tomorrow I will tell you about my new East Sacramento listing. It's not even a short sale, if you can believe that. It's a regular sale, an updated duplex over by Trader Joe's for less than $300,000.

A short sale or no short sales, when buyers don't conform to the marketplace, many agents will dump those buyers because they view those people as a waste of time. Conforming to the market means the buyer is looking in the price range the buyer can afford to pay, and the buyer is willing to buy one of those available homes. Now, I don't work with insane people, if I can help it, but I will work with buyers I like -- even if they don't fit the mold -- as long as they are serious about buying a home.

See, this is the thing, first-time home buyers for neighborhoods such as East Sacramento or Land Park often want more home than an entry-level price will allow. I'm talking about those two-bedroom, one-bath, 1,000 square-foot homes. Without much updating, these homes sell between $250,000 and $300,000, give or take.

I've been working with a buyer for more than a year who really wants a home in East Sacramento. That's because I know I can help her, and I like her. We were in escrow twice, trying to buy other agents' short sale listings, both of which collapsed due to circumstances beyond our control. In one situation, the seller, mid-stream, elected to pursue a loan modification. Poor guy, lottsa luck. In the second, the listing agent wasn't on top of the short sale and the bank foreclosed. Spittooey. I hate it when that happens.

This particular buyer, in reality, wants a nicer home than she can afford to buy. Does that mean she doesn't deserve it? It's sort of like looking for a needle in a haystack. But those situations are present in East Sacramento. This buyer is patient. I know how to spot deals when I see them, because they are there if you know where and how to look.

Last month, we found this buyer an excellent East Sacramento short sale. Believe it or not, the bank approved the short sale in two days -- and it wasn't a Wachovia short sale, in case you're wondering. It was a situation in which the previous buyer had walked away upon short sale approval and the home was scheduled for auction. The home had appraised for about $35,000 more than the buyer is paying. As an East Sacramento agent, I knew it was a steal when I first laid eyes on it. Plus, the bank is paying the buyer's closing costs, a stipulation of the contract that the listing agent did not believe we had a chance in hell of getting.

Reminds me of a David Duchovny poster.

Before I tell you about this new Sacramento short sale listing in River Park, I'd like to say that getting older isn't as bad as some people make it out to be. Sure, you've got your typical weathered skin that one day just shrivels up and turns into crepe paper before your very eyes, but you can always wear a long-sleeved shirt. You might find that your nouns begin to disappear, but verbs are a lot more fun anyway. And when you're writing, you generally have the luxury of just sitting there and waiting for the noun to magically appear. It eventually comes. That's not so bad.

Having my vision go, now, that's annoying. But it's why I wear reading glasses or mono-vision contact lenses. Without visual aids, I feel like I'm blind as a bat. When I brought in the newspaper the other day -- yup, I still subscribe to The Sacramento Bee, so you know I'm an old fart -- I noticed a brown wad in the corner of my front porch. I asked my husband if he noticed it. Could have been a rotting potato or maybe a wasp's nest. Hard to say without my contacts.

When the sun came up, I went out to look. It was a dead bird. I wondered if the newspaper carrier whacked it when he tossed the paper on our front porch. I mean, what are the odds of that? Who wants to find a dead bird on their front porch? That's sad.

This home in River Park, Sacramento, has a brick front porch. Many homes in East Sacramento sport fabulous front porches. This charmer is a 3-bedroom, 2-bath, built in 1961, nestled way down off Moddison Avenue near the river. It has 1,644 square feet, according to the Sacramento County Assessor.

A stunning feature in this home is the beautiful hardwood plank flooring throughout. The kitchen features blue laminate plank and the baths have been updated with ceramic flooring. Dining options include a breakfast nook in the kitchen and a formal area in the separate family room. Both the family room and living room have their own fireplace.

The family room has a vaulted ceiling and overlooks the fenced back yard. There is a skylight in the formal living room. You also get a 2-car attached garage, central heat and air, dual pane windows and a covered patio.

River Park is a part of East Sacramento. There is one way in and one way out via Carlson Parkway. You'll notice an abundance of really old trees that give the neighborhood a lot of character and warmth. The American River runs behind it, as does the train, but depending on where you are in River Park, you might not hear the train all the time. It's also close to Sacramento State University.

3775 Erlewine Circle, Sacramento, CA 95819, is exclusively offered by Lyon Real Estate as a short sale at $285,000.

For more information or a private showing, call your Sacramento short sale agent Elizabeth Weintraub at 916 233 6759.

Photos: Elizabeth Weintraub

Some of the most beautiful glass chandeliers in the world are made on the island of Murano in Venice, Italy. But if you touch the glass, even for a moment, salesmen come running to ask if you have questions and will try to sell you a chandelier. The trick is to not let them see you touch it. Don't even think about poking a string of glass to watch it spin and sparkle unless you're prepared to listen to a high pressured sales pitch. Some salesman are all the same, no matter where you go. Except for Tom and me.

I was thinking about that yesterday as I waited in the office of Tom Stephens Mercedes Service Center in East Sacramento. Tom displays Murano glass vases in his bookcase. His service center is spotless and one could practically eat off his floor. The waiting area is decorated with hanging plants, flowers and a water feature. Tom Stephens is not your usual Mercedes mechanic. He has a passion for Mercedes, superior customer service and it shows. He's dedicated to his job.

In fact, I'd say there are parallels to the way I feel about real estate and the way Tom Stephens feels about Mercedes service. If Tom finds something wrong with my car, he goes to great lengths to explain the problem, show me the parts -- that plastic doohickey costs $1,000? -- but he fixes it, and generally at a cost that is more reasonable than that which is charged by the Mercedes dealership in Sacramento. I trust him. He takes care of me.

A few years ago, my car died on K Street at a traffic light. It was idling, and then it stopped. After turning the key in the ignition for a couple of minutes, it finally started again. I googled the issue and found a message board where I left a post. Then I took the car to Tom Stephens. He researched it and found the problem. It was a K40 relay. He replaced it. Problem solved. A few years later, I received an email out of the blue from the Mercedes online forum. Some guy in Sacramento had the same problem with his car. I suggested he take it to Tom Stephens and get his K40 dealiebop replaced.

Tom has more than 40 years of experience working on Mercedes, 25 of which were at the dealership. He cares deeply about his customers and the vehicles he maintains. If you want to talk shop about Mercedes, Tom will talk your ear off. That's the kinda guy he is. You get the straight deal from him. I feel the same way about real estate and Sacramento short sales, too. I can talk about real estate all day long and often do. My clients come first. They are the reason for my success over the past 35 years, and I never forget it.

Tom answers his phone when it rings. So do I. He puts his client's needs first. Ditto. Sometimes he works until 10 PM; he's obsessed with the business. His experience and dedication pays off for his customers. I believe that my clients know how much I love my job -- that's why I get up at 5 AM to write about it. People who are good at their jobs generally love them. We're problem solvers, Tom and me. Well, that, and we both appreciate the beauty of Murano glass.

Photos: Elizabeth Weintraub

While I was researching short sales in Sacramento for a client this morning, I noticed my MLS profile needed an update. So, I clicked on it to make the change. At the very bottom is a place for additional languages. I typed in Klingon. Well, I don't really know any Klingon words, so I erased it and typed Pig Latin. Hit the Save button. Apparently, Pig Latin is not a recognized language because MLS would not let me save it. Those MLS programmers, always looking out for practical jokers, I guess.

The listing my client asked about is a short sale home in East Sacramento. It is listed for, let's say, $399,000. This buyer can't go above $350,000. He wanted to know if he could buy that short sale for $350,000. Lots of buyers these days seem to think we are in a buyer's market. I suppose they have difficulty interpreting the market because newspapers and TV yak constantly about foreclosures and short sales. But with falling inventory (we've lost about 2/3rds of our inventory over the past couple of years) and rates below 5%, it's a seller's market in many Sacramento neighborhoods.

I researched this East Sacramento short sale. Looked up the owner's name, which sounded familiar, in Realist. Googled the owner. Yup, the owner is a real estate agent. And the owner / agent works at the same company as the agent who listed this short sale. I read the owner's blog. The owner / agent talked about not really understanding short sales nor believing that they close. Those are all bad signs.

Then I looked up the owner / agent's sales production in MLS for last year. The agent qualified for Master's Club. Doesn't appear to be hurting financially. I ran the name in the tax rolls. The owner / agent owns quite a few other homes in Sacramento. It would appear that the owner / agent may not have a hardship and may not understand that a hardship is generally required to do a short sale. I could be wrong, but I'm probably not.

Well, maybe the owner / agent's real estate buddy has short sale experience? I entered that name as a listing agent into a search for all sold properties from January of 2009. Not a short sale among them. I can tell by the DOM. If the listing agent has never closed a short sale, that's a red flag because the listing agent controls the entire transaction.

I have sold several homes in this particular three-block area, some of which were my own listings, so I know it pretty well. Well enough to know that the market value of that home is more than $399,000, so the bank will probably reject offers at list price. This means a lowball offer won't stand a chance.

I presented this information to my client and asked: "Do you really want to buy that East Sacramento short sale?" I have a feeling he's going to say Ixnay.