Some mornings it's difficult to select one topic to write about. That's because so many things happen to this Sacramento short sale agent in one day. Since I generally write about my previous day's experiences, to pick just one situation is hard. I don't have time to write another book.
Do I write about the agent who sent me an offer on a short sale and included a copy of an earnest money deposit check dated in January? When I see red flags like that, I check my Supra website to see if the agent had even shown the property. Nope. When I asked the agent to promise in writing that the agent will not write any other offers for the buyer and will withdraw outstanding offers upon seller's acceptance, per the seller's instructions, the agent hesitated, saying the buyer would like to view the home one more time.
Yeah, right. It would be a good idea for the buyer to eventually view the home.
Or maybe I should write about the potential seller with a Wachovia short sale situation, who, for some reason, needed to put a home in Sacramento on the market immediately? This seller requested listing paperwork, which I prepared and emailed. The seller had refinanced the home and was most likely mortgaged over basis. When I suggested to the seller that tax advice was very important and to call an accountant for such advice, I was shot down and pretty much told to mind my own business.
Which I decided to do by not working with that seller. Good idea to mind my own business.
There was also the seller who wanted to do a short sale on a rental because the negative cash flow was never ending. The seller felt that continuing to make mortgage payments every month was a huge financial drain on resources. The rental is a condo in Sacramento. When I inquired about the status of the homeowner's association payments, the seller hadn't made a payment for almost two years. Well, the bank is unlikely to pay those delinquent HOA dues. I asked if the seller was making more money in 2010 than at the time of loan origination. Affirmative.
So, there is disposable income then? All of a sudden, the seller switched gears and retracted that statement. The words of Hugh Laurie from that TV show HOUSE entered my head: Everybody lies.
There are only so many hours in a day. It was more important that I work on bringing two short sale banks to an agreement over a seller contribution through a mutual compromise. Equally important that I get an extension and postponement of trustee's sale on another pending short sale escrow. And extremely important that I get MGIC to back-off on its unreasonable demands and let the seller's bank approve the short sale like it wants to do.
Not to mention, I have to occassionally stop what I'm doing and pet the cats. My cats don't lie to me.
Photo: Big Stock Photo
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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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.
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.
It may be rewarding the first time Elizabeth but when you see the same thing over and over I feel like I'm on a production line, not selling real estate...
Thanks for the timely post,
Paul
Hi Elizabeth, I thought I had one closed when at the last moment a spouse decided not to sign and threatened to file for bankruptcy. The catch was that even if she had signed and later filed bankruptcy any transaction occuring in the preceding 90 days would be set aside ! And did I mention that my buyer had already wired the full purchase amount and now we can't get that out either !
Featured @ Club Chaos
Elizabeth: I got the willies on a short sale listing appointment the other day. The crap detector goes off long before we have the evidence. You get a sixth sense of people's intentions and honesty levels.
Hi Elizabeth, After a day like you described, it's nice to have pets to pet. You're right they don't lie and they don't tell us to "mind our own business". Now that statement cracked me up.
Sounds like a very long day indeed. Time with pets and a glass of wine are in order.
All the experience can make such a difference , The red flags need to be listened to.
All in a days work for a short sale agent. Nothing like it!
Those cats don't tell the truth either. They are tricky that way. We have the same people in property management, those that lie and those that keep quiet.
Hi Paul: I rarely see the same thing over and over. Every day is a fresh new hell.
Hi Bill: Those last-minute surprises do tend to further complicate already complex situations. So, what did the seller do? Did your buyer ever get the money back? Holy cow.
Hi Chris Ann: I suspect you are a lot like me. We listen to our gut instincts because they don't lead us astray.
Hi Mary: Studies have actually shown that petting your cat can lower your blood pressure.
Hi Robert: Well, maybe your cats lie to you but mine don't. That doesn't mean they are not manipulative, though. Maybe you're associating manipulation with deception. Cats are pretty straight forward. They want what they want when they want it.
I know where you're coming from. I have a SS team in place so i don't have to deal with that. I know me i may ( and a strong may) say something that would not be pretty. Good Luck.