Closing the Escrows of Two Homes in West Sacramento
Closing the escrows of two homes in West Sacramento on the same day is rewarding to me in one sense that I can pick up both lockboxes in one trip from Land Park, just over the Sacramento River. That’s what happened yesterday. Well, of course, I also get paid for my performance but that pales in comparison to the joy and ecstasy felt by my clients and, while a stranger may find that statement difficult to believe, people who know me know it is true. I make a difference in my client’s lives. Especially when they are selling a short sale, which is probably why I enjoy the challenges of short sales so much. The rewards are right there when I hear the song of relief echoed.
One seller told me that he knew deep down that he probably would not have been successful if he had hired a different West Sacramento REALTOR. Apparently, he had called several agents to discuss selling, and they all presented strategies in opposition to what I suggested, so he chose me instead. That was a smart move. He said he also selected me to be his agent because he felt he probably would not get approved for his short sale yet believed I would find a way to do it. He was right.
He did not get approved the first go-around and I successfully changed the bank’s opinion. Yup, the lender flat out rejected his short sale. I scoffed at that short sale denial. The short sale bank was misinterpreting the situation and overlooking a crucial piece of evidence. Because of my vast experience, I knew what to tweak, how to repackage and present to approve. We provided the revised package and the short sale was approved. Other agents might have given up at that point, but I pride myself on the fact that my short sales close. Despite the repackaging time lag of a few days, the short sale approval arrived within 60 days from our “on market” date and we closed 30 days later. Just like I predicted.
We also had received a bunch of inquiries and several offers at the inception of this listing. The difficulty with this short sale, despite seller qualifications, was the condition of the home. I have a background of fixing up and reselling homes, so I have a pretty good handle on what it costs to make repairs to a home that has been damaged. It’s a delicate balance between what a short sale bank will take (market value) and the profit margin for an astute buyer. We chose a sales price, and it sold for $1,000 more. However, we had also received offers that were lowballs from losers and going nowhere. The investor who bought this home will make a pretty profit when he resells. He was smart.
The bank’s appraiser called me to discuss the condition of this home, and we spent a long time on the phone chatting about what it needed. He saw my point of view and agreed with my assessment of value. Second hurdle passed. Short sales are all about jumping the hurdles and making it around the track to closing. If sellers have patience and trust, I’ll get the job done for them. Tomorrow, I’ll share an interesting thing about the second closing. If you need help selling or buying homes in West Sacramento, call Elizabeth Weintraub at 916.233.6759. I answer my phone.