Sacramento Short Sale Agents Don't Get No Respect

By
Real Estate Agent with Lyon Real Estate BRE #00697006

sacramento short sale agentsThere are days that I feel like Rodney Dangerfield. Well, not DEAD in the sense that Dangerfield is not around anymore. More along the lines of working my little tail off, only to discover that Sacramento short sale agents don't get no respect. We close transactions just like everybody else. But because we sell short sales, some people treat us like we're lepers.

You know what? I don't care. I'm not looking for respect. I respect myself plenty, thank you very much. My cats love me, and my husband is a saint. But don't come to me with an offer that's not an offer.

One of my short sale sellers signed an offer yesterday. It was beautifully written. Not an error on it, which is pretty rare. The buyer offered to pay a little over list price, the earnest money deposit was fat, and the buyer agreed to wait until April 30th for short sale approval -- all excellent signs of a committed buyer. However, before I delivered the contract, the buyer's agent called to ask if the deposit would be returned if the buyer canceled prior to short sale approval. Huge red flag.

When I explained to the buyer's agent that the buyer needs to be dedicated to the short sale process, the agent said the buyer had expressed reservations. Well, why did the buyer agree to wait until April 30th if the buyer has no intention of waiting? Perhaps that buyer doesn't want to buy this home? Perhaps that buyer should not try to buy a short sale? Maybe we should cancel the contract?

In one of my pending short sale transactions, the buyer's agent sent me an addendum asking the seller to repair a broken appliance. The seller lives 100 miles away. The home is sold "as is," meaning the buyer is purchasing this property in its present condition, warts and all. If there is a seller contribution in this escrow, the bank will want that money. Does the buyer want to cancel over the appliance?

I was speaking with another short sale agent yesterday who said she has learned a lot from her association with me. She is now not afraid to ask a buyer if the buyer wants to cancel, although in the past it was a frightening thing to ask. However, she has learned that it's actually an excellent question. Does this agent get respect? She doesn't know and doesn't care, either. We're both in this business to get the job done.

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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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Show All Comments
Rainer
77,505
Celia Maddox
Solutions Real Estate-The Celtic Connection - Gilbert, AZ

Thanks for posting. I learn a lot from Active Rain blogs. Best Regards,

February 02, 2010 08:39 AM #1
Rainmaker
136,860
Cheryl Clayton
Westlake Village home buyers and sellers Thousand Oaks homes - Westlake Village, CA
Conejo Valley and Simi Valley Realtor

Elizabeth, you may not get respect up there in Sacramento, but on ActiveRain your words are cherished! The short sale process is very trying at times... but we've got more coming, so, if you want to stay in business... keep doing those short sales!

P.S. love the dog pic:)

February 02, 2010 08:58 AM #2
Rainmaker
587,593
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

This isn't a business for sissies.  Ask, and then clarify.  Ask and then clarify.  Surprises are never good. 

February 02, 2010 08:59 AM #3
Ambassador
1,880,863
Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Elizabeth:  Hope I can type this comment before one of my fingers falls off.  After all, I am viewed the same way.--leper.  It's really ridiculous to think of these buyers that are gambling on multiple houses at the same time and that their agents are allowing it to happen.  Not only do they not respect us, the short sale agents, they clearly don't respect themselves.  Their clients are never done house hunting.

 

February 02, 2010 09:23 AM #4
Rainmaker
118,277
DAdrea Davie
Keller Williams Realty - Lathrop, CA
Stanislaus & San Joaquin Short Sale Agent

Hello Elizabeth, 

I believe you are great and I am in the Central Valley, maybe those agents just don't recognize greatness when it is in front of them! I think that many agents have not had the success with Short Sales and therefore have turned against them and the process. However, if you have been successful completing Short Sale transaction then you understand the value in them. 

Thank you for sharing!

February 02, 2010 12:26 PM #5
Rainmaker
847,130
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

I feel your pain. We get asked some unreasonable questions as well from time to time, and I have to explain to these people that there is no money to make the changes. 

On the plus side, we just got an approval today. 

February 02, 2010 01:47 PM #7
Rainmaker
43,460
Cara Pearlman
Frankly Real Estate, Inc - Bethesda, MD
Realtor - ABR, SFR

Elizabeth, It is shocking to me that people still treat you like a leper when short sales and foreclosures are so common. Other agents are finally starting to treat us normal after years of dealing with foreclosures. Now agents in our office come to us for advice on how to structure winning offers and other REO related items. 

February 02, 2010 07:26 PM #8
Rainmaker
1,197,770
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Hey J Philip, I got 7 short sale approvals for my sellers last month that should be closing this month, along with 3 buyers.  Business is great. But if agents refuse short sale business, they're missing out.

I think I may be submitting an offer tonight for a couple of short sale buyers. I told them, "If you sign this offer, then you wait for approval. You don't go to open houses and you stay the heck off my web site. Don't look at any homes online. No more dreaming, no more searching. Just commit yourselves to this purchase because I'm not showing you any more homes!" I suspect some agents don't want to be so direct nor draw the line for their clients.

sacramento short sale agent

February 02, 2010 08:07 PM #9
Rainmaker
573,877
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

I'm writing on another agents short sale with Bank of America tomorrow.  Wish me luck.

February 02, 2010 11:06 PM #10
Rainmaker
251,689
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management - Sacramento Area

With more short sales coming it will pay to know what to do.  I do not much like the guessing game that has to be played to see if the bank will do the deal.  That is what freaks out the buyers.

February 03, 2010 12:20 AM #11
Rainmaker
122,603
David Dee
IRN REALTY - Alhambra, CA
Real Estate - San Gabriel Valley (L.A.) & N. Orange County CA

From the desk of David Dee,

Elizabeth, I've seen agents write multiple offers on shortsales. Their line of reasoning is first come, first served.

February 03, 2010 12:53 AM #12
Rainmaker
1,108,976
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Elizabeth - If your husband loves you, and YOU love you, then that is a VERY good thing!  However, a cat will love anyone that feeds it, so I wouldn't put too much stock in that:-)

February 03, 2010 07:50 PM #13
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Rainmaker
1,197,770

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

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