When you enter into a contract to buy a Sacramento foreclosure, you never know what's in store for you. You could run into flying monkeys, wander into a field of poppies or get doused with a bucket of water. Every Sacramento foreclosure is different, depending on the bank.
In fact, you could find yourself in a position where you have never even met your buyer's agent. Who is that wizard behind the curtain, you may ask yourself.
I'm working on a Sacramento bank-owned home right now, and I've never met the buyers. We're in escrow. To make matters even more strange, I've never had any type of communication from the listing agent until last night when he sent me the executed contract, which I had already received a day earlier from escrow.
Last month, a client referred buyers to me. They wanted to spend weeks touring every home on the market in an area that I don't know very well. But an associate in my office lives and works in that neighborhood, so I asked him to take the buyers out and show them homes. I speak to the buyers by phone and through email, and wrote the winning offer for them.
The listing agent's notes in MLS directed me to the bank's website for offer submission guidelines. Turns out I am dealing directly with the bank. I uploaded the offer and all the required documentation. Next thing I know, the bank sent me an email saying the "offer is acceptable." Didn't say it was accepted. Just that it was acceptable.
I called the bank to find out more information, as the email indicated I was permitted to do, but that was pointless. The person I spoke to knew nothing. I asked for his supervisor to call me, but nobody ever did. So, I figured the offer must be accepted and suggested that the buyers begin their loan process. Sure enough, a week later we received the accepted contract and bank addendum.
Now, if I can only get the bank to turn on the utilities for the home inspection. It's weird having no one to talk to in this transaction. At least the buyers can call me, which they do at least once or twice a day. The first time I will meet these buyers, most likely, will be at closing.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com
Photo: Big Stock Photo
Elizabeth Weintraub is an author, 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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.
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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.
Elizabeth, these foreclosure horror stories when described make you wonder if they are even worth your time though you are trying to assist the people of course. I want pictures of those flying monkeys next time you see them.
Foreclosures and, even more so short sales, are not for the faint of heart. Full disclosure of potential problems must be made to the buyers.
Wow, this listing agent isn't doing much are they? When I list an REO we have the power turned on for viewing, much less the inspections! What bank is it? I might need to get listings from them!
elizabeth
When I move, and I am going to buy a home, there will bo only one very attractive broker with a smile that never quits helping me.
Acceptable.....hmmm...better than not acceptable I guess...but that is a new one...at least the response time was acceptable !
Gary: I just close my eyes and click my heels together repeating there's no place like home.
Ron: Short sales and foreclosures aren't as bad as everybody makes them out to be.
Hi Tammy: It's Ocwen.
Tom: You know I am here for you.
Sally and David: Yeah, it's a little weird. What makes me wonder is how many agents can navigate a lender's web site to submit a short sale when so many have difficulty checking email? There was a lot of paperwork to complete, but I used DocuSign to send it to the buyer and got it back in minutes. The response time from the lender was fast as well.
I hope this is not where we are headed with REO's. None of our REO listings have had this type of a lack of one on one communication.