I don't profess to know much about the South. Except, they talk funny. They probably think we from the North talk funny. The North is where TV news reporters go to learn how to speak. True fact. When I was a kid, my mother said the reason Southerners have a drawl is because it is too hot most of the time to fully open their mouths to enunciate, so words come out kinda sloppy.
OK, I've done it now. A bunch of Southerners will probably boycott my blog. I'm just saying what my mother used to say. Yup, that's my middle name, troublemaker. You might think it's Sacramento short sale agent, but any regular reader of my blog knows that word is troublemaker. I'm a bit of rebel. In fact, rebel was a nickname in junior high, so there, bite on those Georgia peaches.
After putting one short sale into contract yesterday, I received another offer for another short sale. This new offer is for a home that the BPO came in too high. Usually, that is not a problem for me because we price short sales in line with the price a BPO agent will provide. So, this is an odd situation. After the bank told me the price it wanted, I checked the comps again, even sent the bank a CMA because I could not find a single home that had sold anywhere near that price.
Chase has been a difficult short sale bank with BPOs lately. Doesn't make sense, really. Chase is incredibly slow, yes, but generally their BPOs have been good until recently. Typically what happens is the bank says it wants a higher price, so we sell the home at a higher price. Then, the buyer's appraisal comes in for much less -- probably right about the place where I listed it in the first place. So, we present that appraisal to the bank, and the bank responds by lowering the price and providing a revised short sale approval letter.
That's a lot of dancing around the block to get to closing. But sometimes, that's what you've gotta do. If the bank won't be reasonable, then you play their game. Some agents would cancel a short sale when the bank is unreasonable. They figure the bank doesn't want to do the short sale. I don't give up. My objective is to close. If the bank won't listen to me on the front end, it will on the back end.
I'll invite the bank over for lunch. Feed it a plate of black-eyed peas with bacon, bake up a batch of cornbread, and mix a mint julep -- show some real Southern hospitality. Maybe drop a bunch of "bless your little heart" phrases while batting eyelashes and sweetly smiling. Because by the time we get to dessert, we'll be serving the low appraisal with real whipped cream.
Back to my point about the South. Do you know where is the southern most place in America? I went there yesterday, after finishing up negotiations on an offer. Below are photographs of what happens there. People actually jump off the cliff, into the ocean, some 50 feet or so below. It's like jumping off the edge of the world. And no, I didn't try it. I get enough excitement from Sacramento short sales, thank you, very much.
Yup, still on vacation on the Big Island. Home of the southern most place in America.
Photos: Elizabeth Weintraub
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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.
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The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
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My dad's family was from Arkansas. Been there like three times ever. But when I get really tired, guess what! I talk with a southern drawl. That and sweet tea are the only good things to come out of the south... and of course my family.
I love you short sale/bank strategy. and I love how you're not afraid to say which bank is giving you issues. Troublemaker - nope, you just tell it like you see it. Never stop!
Hi Linda: My niece's father is from Georgia, and I think I have a few relatives who live in Georgia as well from my great grandmother's side of the family, but I never go there. Which means I cannot speak with any authority about it. I will say that I guess I figured the Keys in Florida were the most southern point in the U.S., and did not realize it was actually on the Big Island on Hawaii.