Sacramento Home Sellers Dump House at Huge Loss
Impatience lost a couple of Sacramento sellers $50,000, and I don’t have the heart to tell them. These sellers don’t read my blog, and I doubt they know anybody who does, so it’s not like I’m breaking the news to them in this manner. Besides, it wouldn’t have changed anything for them because they had already made their decision; they just apparently didn’t have the heart to tell their Sacramento real estate agent about it.
Instead they elected to remove their home from the market so they could refinance. At least that was the story. One can’t get a loan on a home if it’s for sale in Sacramento. Maybe they started out thinking about a refinance and then some EP (equity purchaser) guy called? Maybe that EP guy was a client of another agent whom he wanted to cut out of the deal or maybe the guy just regularly combs the canceled listings, calling sellers, trying to strip out every last dime of equity and leaving a few scattered pennies on the table? Hard to speculate, and it doesn’t matter.
The situation is the sellers grew impatient. Their home wasn’t selling fast enough. It was due to price, like most homes that don’t sell fast enough. The price needed to be a little bit lower but the sellers continued to hold out hope for their price until they just gave up. Out of the blue. What I know is they asked to cancel the listing because they planned to refinance, and the next thing I saw they had suddenly sold their home at a gigantic loss. It’s called a For Sale by Owner.
The new owner then put the home back on the market for $50,000 more than the owner had paid for it. Along came a buyer who contacted me. The buyer contacted me because I sell a lot of homes in this particular neighborhood in Sacramento. My buyer bought it. That $50,000 is going into the pocket of the EP guy. Telling my former clients that they messed up would be pointless and mean. But it’s not pointless for readers of this blog. It’s a good example of what can and does happen.
If they had only waited for the fall market in Sacramento and continued to list with their Sacramento real estate agent.
Yoda says: Patience you must have, my young padawan.