Go ask Alice, when she's ten feet tall. Hey, I hear the Jefferson Starship will play at the casinos this spring. Hard to imagine that it's been 40 years since I was 17.
Ah, I remember it like it was yesterday. The year was 1969. We had reserved seating on the first floor, but when the Jefferson Airplane hit the stage, everybody rushed to the front. There was little crowd control back then. I managed to swipe a front-row seat and stood on top of it as Grace Slick grabbed the microphone.
The audience applauded like crazy. Slick welcomed the screaming crowd, slapped a few hands and asked her fans how much their tickets cost. Some people yelled out $10. Others said $12. I think the advance-purchase ticket price was $8.00. Slick leaned over the stage toward the guy who said $12. Her eyes were wide. She laughed: "You paid $12 for this show? You got ripped off!"
I'll tell you who is feeling ripped off right now. My sellers of an El Dorado Hills short sale in Serrano. A few weeks ago, Bank of America requested an updated HUD to reflect a few minor fees that the bank was unwilling to pay. When we get to that point in a Bank of America short sale, I know that approval is just around the corner, so I often notify the buyer's agent to suggest that the buyers start their loan process. That's because underwriting is causing delays in some transactions this spring. If we don't close by the expiration date in the short sale approval letter, we need to get an extension, and that's not always easy.
We received approval from Bank of America within 60 days of submission to Equator. The sellers were elated. They had moved out of state for employment reasons and their parents were coming into town. Seemed like a good time to go out to dinner with the parents and celebrate. The buyer's agent was excited as well.
Escrow ordered an updated prelim and set a date to close at the end of April. The transaction coordinator sent out the seller disclosures to the buyer's agent. My office assistants changed the MLS status from active contingent to pending. Everybody was preparing to rock and roll. Then the email arrived from the buyer's agent. She said the buyers had gone around her back and hired another agent while they were in escrow with us. This agent wrote an offer on another short sale, and that short sale, surprise, was also approved this week.
The buyers, being smart and rational people, had decided to ask their kids which home they should buy. Their kids chose the other home. When logic and proportion have fallen sloppy dead. And the White Knight is talking backwards . . .
This seems to be a potential lawsuit waiting to happen . . . a hookah-smoking caterpillar.
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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.
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What a cool way to describe a really sad situation, Elizabeth.
Jefferson Starship has played shows at our Laughlin River Run in one form or another in recent years.
Elizabeth - ouch...I'm so sorry to hear that! Hopefully you'll find another buyer quickly.
Frustrating is not a strong enough term to describe this situation but it's the only thing that comes to mind at the moment. Let the kids decide on such a big investment...yikes. Sounds like the cart driving the horse.
I think this is happening more and more...
BTW- My dad loves Grace Slick and met her at one of her art shows in St. Louis. After purchasing a drawing of Jerry Garcia drawn by Mrs. Slick- they got to have their picture taken with her. My dad was in such awe that he could not even talk- sounds like you may be a similiar fan;)
I don't really have an urge to see Jefferson Starship. There's only 2 of the original guys in it and no Grace Slick.
As for these poor sellers, they say the buyers are in hot water now because the buyers apparently breached the good faith covenant inherent in purchase contracts. They could not afford to buy 2 homes, which means they probably violated contract law. People, you can't go around writing multiple offers and expect to get away with such deceitful behavior, especially when you've got a deposit in escrow.
But I'm staying out of it. My job is to sell this Serrano short sale again.
Do you think that is an agent screw up or a buyer screw up? I'd say that agents need to keep continual communication with their buyers and this agent did not. So frustrating.
Good lord Elizabeth! There is no end to the whackieness going on in today's real estate world - especially with short-sales. It's Woodstock all over again, with altered states and absent rationality - but there's no music to dance to this time around.
I'm wondering if it may be prudent for short-sale seller agents to ask buyer agents to have their buyers sign an "Exclusive Buyer Agent" agreement in these transactions.
That is one reason I'm SO happy that buyers must actually disclose if they are under contract on another home and if they do or don't wish to retain the rights to enter into another contract on the GAR purchase and sale agreement in Georgia. It limits this very thing. A second seller might not accept an offer from someone disclosing they are already under contract and it would certainly help a law suit if the buyer breached a forfeited right to make other offers while under contract.
Are you kidding me, "asked the kids" which house to buy. What a cop out. They have no grace and are not slick.
Ouch. You know, this is why booze was invented. I'm sure you will find another great buyer soon ... contingent on the cancellation of your current escrow. What a mess! I hope those buyers put down a large deposit and never see it again. Grace Slick WAS Jefferson Airplane!
Elizabeth, I'm so sorry for the sellers, I hope they get a new buyer soon AND then go after those other buyers. Unbelievable.
I feel sorry for sellers as well, but that happens with short sales , what a story ! keep the great working sharing these kind of blogs !
A lawsuit in the making. And noone will win when it's all said and done. Good luck on the next sale.
I deal with REOs as a listing agent and buyers making multiple offers drive me crazy. Good luck in selling it quickly again.