I like to tell my clients that we shouldn't cross bridges twice, but sometimes, you've got to. Part of the service I provide for my clients is to anticipate problems before they happen and try to head them off at the pass. There are situations, though, over which I have no control. And that means preparing for the worst and hoping for the best.
One of my clients, whom I cherish to pieces partly because his mind operates the same way as mine, can work himself into a lather. He's very analytical, always questioning why people do the things that they do and trying to predict what they might do next. He sets up a number of imaginary scenarios in his mind and plots out options and outcomes.
I try to explain, drawing on my own experiences, that he'll drive himself nuts doing that. You can deal with only the situation at hand, and it might not present an option that you've considered, so why waste the energy?
I feel very badly for some of my clients right now who are unable to close escrow on schedule. Some are delayed because of the stinkin' HVCC process; others are postponed because escrow won't go that extra mile to get the HOA docs or the REO lender isn't signing the HUD in a timely manner. Other Sacramento buyers are up against the buy and bail situation and, even though their situation may be believable, lenders are rejecting their loans in underwriting.
And of course, there are the delayed short sale approval letters. Especially if they are coming from a short sale originating with Bank of America or Countrywide, but other short sale negotiators are experiencing backlogs due to volume.
My advice is if you're waiting for a Sacramento escrow to close, whether it's a short sale, foreclosure or even a regular transaction, have an alternate plan in place in case your escrow closing is delayed.
Photo: Elizabeth Weintraub, Blooming cactus in Land Park, Sacramento
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.
The Short Sale Savior, by Elizabeth Weintraub, available in bookstores everywhere and at Amazon.com.
Sacramento Short Sale Agent, Elizabeth Weintraub, has the answers to your Sacramento short sale questions.
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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.
We are experiencing the same thing in Myrtle Beach, SC! I think we have had one, maaaaybe two at the most, close on the original date scheduled.
Good luck and it sounds like at least you are well-equipped to deal with these situations with your clients head on.
Great Advice Elizabeth, hopefully they figure out another method for the appraisals than the HVCC.
Elizabeth
Great advice from a great real estate agent. In the end if you get them closed and onto the "next" that's what really counts.
Elizabeth ... We agree that all of us and our customers must be patient during these times and not have serious expectations of timely closings, whether short listings, REO's, or equity.
Elizabeth ... We agree that all of us and our customers must be patient during these times and not have serious expectations of timely closings, whether short listings, REO's, or equity.
Anticipating problems in this market is very difficult. The underwriters are going to extraordinary lengths to find problems that have never appeared before.
Ah yes, found a new problem to delay closing just today. The seller's attorney sent fed ex package to some random attorney 3 hours away instead of the my purchaser's attorney. Now waiting to see how long that will take to fix. Package contains original signed deed and signed HUD.
Elizabeth, When you have a very qualified buyer who is pushed through 3 lenders, requiring 2 extensions and you still haven't closed (and you've chewed off your nails to the quick & you aren't even a nail biter)...there's a definite problem. I do understand what you are feeling!
I have three closings this week that are rolling into next week. It's a real challenge at times. I feel like I'm fencing, "On Guard, Parry, Parry, Lunge."
Elizabeth - What you have said regarding alternative scenarios (realities) is so true. Even in traditional markets I managed to have a plan B or C. But as I told my son (also an agent) the other day, now we need a plan D, E, and sometimes F to go along with A, B, C. And it's important to communicate with clients some of the possibilities should things not go as planned. There's nothing worse than having them living out of a moving van.