I've been pretty busy lately listing short sales throughout Sacramento and in Land Park. In fact, I just listed another short sale home in Land Park last night. This is a home that had previously been on the market for a long time, listed with several other real estate agents at prices that buyers for homes in Land Park would not accept.
Since this weekend, I've taken 3 new short sale listings, which I will negotiate for those sellers personally. At all my appointments lately, after I explain how the complete short sale process works, I've noticed the same thing happening, right after I say that it's pretty much like any other non-short sale listing with one exception.
That exception is within 7 to 14 days, the sellers will probably be in escrow as an active short contingent.
When I tell sellers that prediction, their eyes open wide. I can see the shock in their expressions and sense their disbelief. And I know why. It's not an unusual reaction. It's a tough market. Sellers who have had their homes on the market, month after month without any offers, often feel they are facing a long road with no real destination. Sellers who own homes in severely depressed neighborhoods, which are not in the Land Park area, sometimes feel that the rug is being pulled out from under them, and they fear that no buyer will want their home.
The words: 7 to 14 days before you'll be in escrow, doesn't always register with sellers. In fact, when I explain that not only will they be in escrow, but they will most likely have multiple offers to choose from, their jaws drop.
But it's true. It's not like I have a crystal ball or anything; I just see it happen again and again and again. I've been a Sacramento short sale agent for a long time. The procedures that apply to regular listings are slightly different than how I handle short sale listings. I market those listings with other objectives in mind because the target audience is a bit different. But I can accurately predict how long it will take before a short sale seller is in contract.
Back-on-the-market listings, not so much. They are another story. But new short sale listings, yes. The basic reason why the days on market would generally run past 2 weeks is when the home is occupied by a tenant who requires an appointment. But soon as that tenant moves out, bam, offers roll in. Or the home requires too many repairs, which limits the type of buyers. Not every buyer wants a fixer upper.
If you're looking for a short sale agent in the Sacramento area, give me a ring or drop me an email. I'd love to speak with you.
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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...I'm sure your short sale sellers must see you as wonder woman! That's great success. Best wishes for continued success!
It's great that you can offer some certainty to your sellers. That can only come from a deep and comprehensive knowledge of your local market which makes you doubly valuable as the listing agent.
Three new short sale listings! Wow!!
Clients must be pleasantly surprised when you tell them about your 7-14 day time frame. The important thing is that you have the track record to prove it.
Elizabeth -
Boy, do I love your blogs...especially with all the highly organized links....all the time.
But the pix of the big owl eyes.... Now that's a classic.
I'm sure they become believers quickly when those offers start pouring in, but meanwhile I love that wide eyed you've lost your mind visual.
Hi Elizabeth, I too love the visual - It must be incredible to those sellers that such a wondrous thing could occur! Congratulations on 3 more listings - that's awesome.
P.S. I might be inclined to give you that same look, thinking you'd lost your mind! LOL!
Elizabeth, My market is the same way. You can't keep a property on the market they sell so quickly. Reminds of 2005 when I was taking 7 day listing agreements.
Elizabeth: You are the Sacramento Short Sale guru. If anyone is going to get the house under contract quickly, it's you.
Elizabeth - My market in Destin is faaaaaaaaaaaarrrrrrrrrr slower! Congrats to you!
Ah Elizabeth ! I love how you continue to just be the ultimate authority for your clients ! Great post, and wishing you all the best for a fantastic year :o)