How Many Times Do I Have to Sell This House or is the Third Time a Charm?

By
Real Estate Agent with Lyon Real Estate BRE #00697006

sacramento short saleAmong my dozen or so short sale listings in Sacramento, sits a darling home in Orangevale that begs to close escrow. The first go-around brought 4 or 5 offers, half of which vanished by short sale approval. The banks approved the sale very quickly, too, in about 5 weeks.

Upon approval, we were down to 2 buyers, one of which had offered substantially more than the other, so the bank chose that buyer.

But that buyer hired a doofus home inspector who insisted the home had been through a recent flood. Nope, the sellers responded, there had been no flood. What had happened was the removal of 6-inch baseboards, which were replaced by smaller baseboards. This left an exposed unpainted line on the walls around the room that looked like a flood line to the inspector. Hey, wear your glasses, why doncha? Regardless, the first buyer freaked out and canceled.

The second buyers were real estate agents who were planning to cosign on an FHA loan for their son. This time we got short sale approval in about 3 weeks. Halfway through escrow, the son bought another home. Fortunately, the second buyers decided they would move forward anyway and buy the home as an investment. Except they didn't know that FHA requires more than 3.5% down on an investment purchase, and they didn't have enough money. That pending sale blew up.

I then called back an agent who was having a hard time finding a home for her buyers. She had been calling Sacramento short sale agents who have a lot of pending short sales, asking to be notified in the event of a cancellation. Desperate times call for creative measures, and buying a short sale in Sacramento -- heck, buying any type of home -- is a challenge for most buyers right now. There is little for sale and tough competition.

This agent showed the home, wrote the offer on the tail end of the previous cancellation, and we're back in escrow.

For the sake of my sellers' sanity, I hope the 3rd buyer sees this through to closing.

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The Short Sale Savior, by Elizabeth Weintraub, coming in June 2009.

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

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.

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Topic:
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Location:
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Groups:
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Diary of a Realtor
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Tags:
sacramento short sale agent
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Comments 18 New Comment

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Ambassador
1,877,667
Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Elizabeth:  Third time's a charm...at least I hope so for your sake and the sellers.  Looks like an adorable house.

April 13, 2009 09:59 AM
Rainmaker
973,701
Sharon Alters
Your Fleming Island Relocation Agents.
Coldwell Banker Vanguard Realty

Elizabeth, we have a similar home. Same buyer made an offer twice and backed out twice. (He's toast if he tries again.) Yesterday we finally got another offer. It's a beautiful custom home at a great price. Let's hope third time works on this one too!

April 13, 2009 10:03 AM
Rainmaker
1,389,364
Tom Braatz
Waukesha County Realtor Real Estate agent,Waukesha
Re/Max Realty Center 262-377-1459

Elizabeth

I hope that the third time is a charm for you.

Tom

April 13, 2009 12:00 PM
Rainmaker
573,777
Terry & Bonnie Westbrook
Westbrook Realty - Grand Rapids Forest Hills MI Re
Westbrook Realty Broker-Owner

Too bad in this market we c=sometimes have to sell things three times and then the banks want us to discount our fee. Whats wrong with this story. Good luck on the third sale.

April 13, 2009 01:04 PM
Ambassador
1,482,685
Tammy Lankford
Your Lake Sinclair Expert (706-485-9668)
Lane Realty

Well I can tell you that I certainly believe in "third time is the charm".  It's worked out very nicely for me "this time."

April 13, 2009 02:32 PM
Rainmaker
387,821
NW Real Estate |Colleen Fischesser & CO Serving Seattle-Tacoma area Since 1990!
Serving Seattle-Tacoma Home Sellers & Buyers since
RE/MAX Select R.E | Designated Broker/Owner

I'm not surprised we have to go through so many hoops to get these properties closed. Perhaps eventually many will begin to understand how hard we work for our paychecks and the public perception of our industry will improve. One can only hope right? Good luck w/ this buyer!

April 13, 2009 02:39 PM
Ambassador
243,724
Jesse & Kathy Clifton
Fairbanks Alaska Real Estate Specialists, 907-328-9328
Jesse Clifton & Associates, REALTORS®

Let's hope the third time is the charm... geez.

April 13, 2009 03:17 PM
Rainmaker
150,798
Josef Katz
{Marketing Maestro}
Education Marketing and Direct Response Marketing

"doofus home inspector"  I can just picture the guy... If for whatever reason it doesn't close (I hope it does) maybe we have a client who might be interested...

April 13, 2009 04:23 PM
Rainmaker
1,105,014
Myrl Jeffcoat
Greater Sacramento Real Estate Agent
GreatWest Realty

Elizabeth - A "doofus" home inspector. . .Too funny!  Let's hope the next time you get a transaction together on this listing, it finalizes.

April 13, 2009 07:18 PM
Rainmaker
508,865
Mary Douglas
REALTOR, Red Feather Lakes, Colorado
United Country Ponderosa Realty

Elizabeth, I would hate to be the seller, how disappointing! I hope your third buyer makes it all the way to the closing also!

April 13, 2009 07:30 PM
Rainmaker
713,734
Barbara S. Duncan
CRS, GRI, e-PRO, Searcy AR
RE/MAX Advantage

Elizabeth, I've got to go to bed.  You wore me out just telling about that house!  It made me think of a couple of foreclosures that I have going right now............

April 13, 2009 09:35 PM
Rainer
117,877
Erin Stumpf (Attardi)
916-342-1372 / DRE# 01706589 Sacramento, CA
Dunnigan Realtors

Ugh...I hate it when that happens.  Last year I had a short sale that went through 3 buyers and 3 approvals too.  Have one currently in a similar state. The seller is the one that suffers - so many emotional ups and downs.  My fingers are crossed for you!

April 14, 2009 12:19 AM
Rainmaker
1,196,046
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Put 40 years of experience to work for you
Lyon Real Estate

See, and agents ask me why I purposely price my short sale listings low. It's because my sellers need to attract multiple offers. Without multiple offers, we'd be back to square one on every other transaction. I regularly check in with all the buyers to make sure they are still hanging in there while we're processing the file. Which is more than I can about some other listing agents. I email them, call them and after repeated contact efforts, the squeaky wheel gets the grease, but one shouldn't have to exert that kind of energy to get an update.

short sale agent sacramento

April 14, 2009 11:22 AM
Rainer
256,188
Debi Ernst
GRI, e-PRO, Broker/Sales Associate
St. Charles County, Missouri - Prudential Alliance Realtors

Elizabeth - That would be frustrating...I hope it closes this time!   :)

April 14, 2009 11:44 AM
Rainmaker
227,931
Linda Jandura
Realtor, North Carolina Buyer & Seller Specialist
Raleigh Cary Realty

Good luck on this one. I love your term for the inspector! Fits some of them perfectly. We had one where the vinyl flooring in the upstairs bath had shrunk a little and pulled away from the wall. He said there might be water damage and the buyers wanted the flooring pulled up and replaced.- Nope, not doing that.

April 14, 2009 03:03 PM
Rainmaker
818,757
J. Philip Faranda
Broker-Owner
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

I've had short sales go like that. 

That inspector should be beaten with a wet noodle. 

April 14, 2009 11:00 PM
Rainmaker
1,196,046
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Put 40 years of experience to work for you
Lyon Real Estate

And yet I'm still getting more offers!!!

sacamento agent

April 14, 2009 11:23 PM
Rainmaker
1,343,291
Sally K. & David L. Hanson
WI Realtors - Luxury - Short Sale - CDPE, REDS
Keller Williams 414-525-0563

We use Clue Reports a lot...that way IF there was a flood...and claims made...we know....and not much can be left to the creative imagination of the inspector/buyer...don't ya love it ?  Know what you don't know and don't imagine the worst !

April 15, 2009 07:58 AM
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Rainmaker
1,196,046

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents

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