I don't know if I would go so far as to call myself the top short sale agent in Sacramento, but then I don't have to because the Sacramento Press said it for me. OK, I'm laughing a little over this because I never claimed that title in our interview but I must haven given that impression to the reporter.
I'm not one of those massively large companies that handle short sale intakes by the hundreds, hand-over-fist. I provide personal service to my short sale sellers and negotiate those short sales in-house.
But reporters call me almost every week as a source for their real estate articles. Probably because with my About.com gig, I'm plastered all over the internet. Even though I'm pretty much swamped with business right now, I still take time to answer questions from the media. After all, my husband is a career journalist (although, I should point out, unemployed since November), and I know how hard that job can be.
I turned down a Sacramento short sale listing yesterday. The Tahoe Park seller had been in negotiations with Bank of America for months, trying to do a loan modification. When she offered the bank a deed-in-lieu of foreclosure, Bank of America told her "it was the law" that she attempt for 3 months to do a short sale. Oh, please. Her home value fell from 2007 to present from the upper $200's to less than $50,000. Her original loan was held by Countrywide.
From my short sale experience, even if we found a buyer who was willing to wait the 4 to 8 months it may take to get this Bank of America short sale approved, this particular seller's circumstances are such that she may not qualify for a short sale.
I told the seller, "Look, I'm in the business of selling short sales in Sacramento; it's in my best interest (not necessarily yours) to accept your listing. If I thought this would work, I'd take it. So what does that tell you?" If handling Countrywide's old loans through Bank of America weren't such a nightmare and Countrywide didn't have such a lousy reputation among Sacramento short sale agents, this poor seller would stand a better chance. And I suggested she tell Bank of America that.
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.
Elizabeth - YOU GO GIRL! I have heard numerous stories just like yours about BofA/CW homeowners who are in the same situation as that homeowner and the bank just made it worse. It's despicable!
Hi Elizabeth
Got to love BOA/CW; glad you are #1, but I always thought so any way.
Featured @ Club Chaos
Congrats on getting the good press, Elizabeth! I don't have the numbers, I'm sure Countrywide was, if not the #1 lender ( in terms of number of loans) close to it, just such a short time ago. I think CW or BofA owes their customers so much more than they are giving. That's such a shame.
Elizabeth - Congrats on the accolades! I feel so bad for sellers caught in the short sale crunch......it's a blessing that agents like you are there to help them out.
I think the "May Be" should just be replaced with IS. And this poor lady doesn't need a broker, she just needs a listing agreement to send to the bank and I don't blame you for letting someone else give that to her.
Elizabeth... I'm beginning to think your middle name is Short Sale
Elizabeth SHORT SALE Weintraub
I'm not sure they will get the message they think they have become too big to fail even if they try really hard to be poor a customer service.
Elizabeth: Congratulations on your success with short sales. Good to know that you are able to see the light through the tunnel and fuel your real estate career for years to come!
Countrywide has become such a point of contention. The B of A loans aren't nearly as bad, but if that original loan was Countrywide, god help the seller. I had a conversation with my in-house negotiator yesterday, saying it's become obvious that she can't trust whatever she is promised, and I suggested she check, double-check and verify every file at least twice a week.