There are agents in town who think this particular Sacramento short sale agent can walk on water. Perhaps these are agents who hang out at pot dispensaries. I don't understand that perception. Yes, it's true that miracles happen every day, but not as a direct result of my actions. They happen because we agents in the short sale world live in the Twilight Zone. Nothing is as it seems. Nothing really makes sense. And I'm OK with that.
I've learned how to be successful in this type of dysfunctional system know as Sacramento short sales. I can sail my ship across the roughest seas without puking overboard. I'd say that's a real accomplishment.
One of the biggest misconceptions is whether a listing agent can get a short sale extension from the lender. It's not the lender's call, necessarily, but the circumstances and the PSA that make the investor call the shots one way or another. It's not predictable, either. You can not always get an extension on a short sale. You should never rely on it.
It's not a matter of cutting off the nose to spite the face. Although, it may appear that way. Things change week to week, day to day. No agent is privy to what goes on behind the scenes with the bank's investors. We can only relay what the bank tells us. If the bank says, "No extension -- if you can't close by X date we're selling the loan," you can be pretty well assured that there is no extension. I've been there when the file has been closed, and we've had to start the short sale over.
Some mortgage guy got his knickers in a twist yesterday. He was pretty irate that I was able to get an extension from a bank that had previously told me "No extension." Somehow, this was my fault that the bank had changed its mind! Why, I must have deliberately misled him or been too lazy to try to get an extension -- was his take on the situation. And just when I was beginning to experience a change of heart about him . . . thinking maybe we should let him stay in the deal . . .
He should take a clue from Morton's Restaurants. I know there are foodies who really dislike the big chain restaurants because they are not edgy, wild or innovative enough. They are predictable. There is nothing wrong with delivering uniform service or meeting expectations. I went to Morton's last night with my team member for dinner. When I asked my husband to guess where we were going for dinner, I gave him a clue. I said this was a restaurant where he would never ever go in a million years, and I would really like it. He came up with the answer immediately. Although, I've never mentioned this restaurant to him. That's how well he knows me.
At Morton's, the guy at the door shakes your hand and introduces himself. The server shakes your hand and introduces herself. Yeah, there is the "presentation," but you can waive it. The servers are quiet, unobtrusive and they deliver. If you like a good steak, you won't be disappointed. When you leave, your car is waiting at the curb. Seamless service. They anticipate what you want and think about how to make the experience pleasant, and they perform.
Wouldn't it be exceptional if all mortgage brokers and lenders followed Morton's example? Doo, doo, doo-doo. Doo, doo, doo-doo. Nope, hello, Rod Serling.
Here is a photo my husband recently shot at the Columbia River:
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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.
Last time I ate at Morton's I was traumatized by the size of the baked potato. It could feed a neighborhood.
You are right about one thing. A short sale is like taking an adventure into the Twilight Zone. You never know how it will end. I just subscribed to your newsletter. Your information about short sales is right on!
Have a great day Elizabeth.
Hey Melissa: Those baked potatoes come from Mars. They're humongous. If I hurled that potato at somebody's head, I'd kill 'em.
Hello Joanne: I have no idea who those people are who subscribe to my newsletter but now you are in their company, LOL. Some of them write to me and say they read it long after they bought a home because they just wanna hear what I have to say. Why? I'm not all that interesting.