One of the coolest birthday presents I have ever received was a wind chime made out of tiny, ceramic, hand-painted houses. Because my friends know that real estate is my passion.
I met a buyer last week who is the same age as me. Let's say her name is Patricia. She called to say she was looking at Lyon Real Estate's website and I was the first agent she called. Joking around I replied, "And lucky for you, I'll be the last agent you call."
Patricia had found a specific home that caught her eye and called the listing agent. He was rude, she said, and refused to show the home unless Patricia was prequalified through a lender. We talked about her search for a new home, the Sacramento neighborhood she wanted, why this particular home met her needs, and I referred her to a mortgage broker for loan preapproval.
The following day we met at the property, with preapproval in hand. Patricia is a bird lover, just like me, except I don't have birds tattooed on my legs. The home she wanted to buy was a flipper, bought by an investor either at auction or through a bulk REO purchase. I had researched this property for her because it's tough to pick a purchase price on flippers.
I ran the seller's name through the tax rolls and discovered this seller had purchased over the last year 37 foreclosure homes. Then, I printed out a report from MLS showing every home the listing agent had sold over the past 6 months for this seller, which were 9. Of the 9 sales, 7 were at 100% of list price. One sold at 102% and 9th at 97.8%. From those numbers I concluded that Patricia could most likely buy that home at 2% less than list price.
But to reach that price, I suggested that she offer 5% under list price. We were in a multiple-offer situation, too, because other buyers wanted that home as well. Sacramento home buyers don't always have to offer more than the listed sale price to win the home. Acceptance depends much on the seller's motivation and other factors.
The home had been recently updated, but it wasn't completely finished. There were minor things that still needed to be completed. Stuff like installing an exhaust fan, replacing a window sill, caulking around the tub, trimming out a window, reviving a dead lawn and attaching receptacle plate covers over outlets.
We sat on the living room floor under a ceiling fan to sign the offer. I showed Patricia the comparable sales, which were 15% more than the price I hoped she would get. I showed her the print-out of the seller's sold homes, too, so she could see the ratios of list prices to sold prices. But we also talked about a bunch of other stuff.
Patricia made the comment that I obviously was a lot younger than she. I laughed. She is 56. So am I. Until today, that is, because her birthday isn't until winter, which makes me older than Patricia.
She also said that she really did not like the listing agent because of his attitude. Hey, I pointed out, I told her the same thing, that she needed to be preapproved, but I must have conveyed that message in a different tone.
"This home needs so much work," she lamented, as we walked around the home for a final inspection. Patricia had not seen other homes in that price range, nor the horrible conditions of those homes. In comparison, this home was turnkey. She asked if it's unusual for a buyer to buy the first home a buyer sees.
Actually, it's not unusual at all. It's also not unusual to ask that question. I'd say about 1/3 of my Sacramento home buyers pick one home to see and that's the home they buy. Probably because buyers are smarter these days and do a lot of their homework upfront. They pour over MLS listings online and know exactly what they want. Sometimes, they don't give themselves enough credit.
Later that afternoon, I emailed and faxed Patricia's offer to the listing agent. I included a note that pointed out the benefits of accepting Patricia's offer and mentioned that my buyer would take care of all the little unfinished items. I reasoned that other buyers would demand the finish work. And it was so minor. It could mean the difference between irritating the seller or getting the offer accepted. I explained my rationale to Patricia. She agreed.
We received a multiple-counter offer the following day. A multiple-counter offer means the seller has countered more than one buyer. The counter offers can be completely different from one another and, even if each buyer accepts the counter terms, the seller still reserves the right to select which offer will be accepted.
Sure enough, the multiple-counter offer was at 2% under list price. I tried to temper Patricia's excitement because it ain't over until the fat lady sings (meaning the seller accepts it). There was no guarantee that she would get this home, and I didn't want her to be overly disappointed.
I am happy to report, however, that Patricia got the home! The listing agent called to say that Patricia's offer was accepted, and he emailed the accepted multiple-counter offer and contract to me. I called Patricia to share the good news, who is still talking about "all the work." But she's thrilled.
And that's my birthday present to myself today. To win a home for a deserving home buyer that's priced 15% under the comparable sales, in excellent condition and to beat out other buyers in a multiple-offer situation.
It's funny, after all my years of selling real estate, I still get excited for my buyers. That's probably why I am still in this business.
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
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. 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.
Photo: Elizabeth Weintraub, 35 years ago on June 28, 1974.
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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.
I hope you have a Happy B-day and I wish you luck with your buyer you are really doing right getting what you can for your buyer.
Eizabeth
Happy Birthday to you and have a great day enjoying it. The picture does not look all that much different from today; and you still have that amazing and wonderful smile. Lars says Happy birthday as well.
Great story and a great picture out i the woods. Thanks for the post and Happy birthday
Happy Birthday, loved the story and the happy ending...its tough working with these short sales!
Elizabeth,
Hmmm, I guess a box of chocolates is going to pale by comparison to the birthday present you gave yourself!
What I find interesting is that, by sharing this experience with the rest of us, you've given everyone here a gift (and it's YOUR birthday for crying out loud!)
The gift is that everyone can now see how the best Realtors do it. This was a mini-seminar on how the perfect deal is done. The preparation, the analysis, the representation, the follow through. All of it handled perfectly.
At 51, I respect elders like you :: LOL...I almost literally just spit my coffee out imagining your reaction to that one!! ::
Thank you for sharing your experience wih us...and I hope you have the most wonderful birthday ever!
(Now, go get yourself a bird tattoo)
Happy Birthday!
Dave
Hi Elizabeth~ Happy Birthday to you! I don't think we ever get over the thrill of doing the very best we can for our clients. It just doesn't get any better than that!
I, too, am happy when my clients are happy! Happy Birthday, Elizabeth!
I just realized the picture is of you in 1974. A very cool picture!
Great story - Happy Birthday
Congratulations and Happy Birthday. Now even better will be after you closing you tell the other agent that they had a chance at this buyer themselves and because of their attitude you had a great birthday!
Happy Solar Return (wink) and congratulations! Your client has a great agent and you have a raving fan! :)
OMG - Happy Birthday lovely!!! I didn't know. I have so gotta update my calendar. Are you going out tonight? I'm sitting over here planning a triple high-jack party. It's been a while since we did four in a row. Hmm... This may turn into quite a weekend for CC. How could we not celebrate your B-Day? ;-)
Happy Birthday! 'Sounds like you got the perfect present. And congrats to both you and your buyer-client.
Happy Birthday and Congratulations on a job well done. Good luck.
Happy Birthday Elizabeth!!! Great story and truly a great gift to yourself and you helped Patricia gift herself too! I just LOVE happy endings!
Happy Birthday and I also would have guessed you were younger than your client. And who knew you were old enough to drive in 1974?
Happy Birthday Elizabeth! What a great present to yourself. Heck, go out and get that bird tatoo too.
Featured @ Club Chaos
Wow, thank you, everybody. A bird tattoo would indeed be cool but I'm too much of a chicken to get a tattoo. I don't think my pain threshold could take it.
LOL @ Elizabeth. We will have to send you the ones that wash off. ;-)
Speaking as an older man I hope you still have the passion for helping buyers for many years to come. Happy Birthday.
Elizabeth... Wanted to stop by and wish you a HAPPY BIRTHDAY... The Boss Boys would like to share the cake.
Happy Birthday and I enjoyed the old photo! Pretty legs! You did a good job with the lady.
Happy Birthday!
Wonderful blog. Geez, we donot have Multiple counter offer forms. Quite a lesson tome. Funny, I am still a year older...
Happy birthday Elizabeth....all good real estate agents are Cancers...hmmm ? I still cry often when I can tell a buyer...they got the house ! Enjoy the cake....best kind for calorie count !
Elizabeth: Happy Belated Birthday! That's a great story. I actually took my birthday off this year, and still had two contracts ratified that day. Hope you did something just for you on the 28th. I know how hard you are working.
Thanks, everybody, my birthday was great. Love the birthday cakes, too.
My husband gave me a zoom lens for my Nikon, plus a star filter, which I've been craving. When we went to dinner last night, the waiter said I would get a free key lime pie for desert, which is what my husband wanted. So when the waiter returned to our table to take our desert orders, I said: "My husband would die for the chocolate cake supreme."
HAPPY BIRTHDAY ELIZABETH! I know you are a Moon Child (Cancer). Why don't you email me your time and place of birth (including year), and I'll read your stars for you:-)
Elizabeth - Sorry I missed out on the celebration yesterday. Happy Birthday!! And what a great birthday present winning that home for a very special buyer.
As far as the tatoo goes, I'd settle fo one of those cute stick-on or paint on ones! :)