sacramento short sales
Just because there is one bad apple in the bunch or an agent runs into a scheming short sale seller is no reason to decide that all Sacramento short sales are worthless and to not recommend short sales to their buyers — yet, there are many agents in Sacramento who do exactly that. There are agents who hate Sacramento short sales. An agent a while back told me he has listed 40 or 50 short sales. I thought, hmmm, I’ve never heard of him, and I looked up his production in MLS, which goes back to October of 2008. He’s listed and closed 24 short sales. At least I know what kind of agent I’m dealing with.
Every so often I get phone calls from investors who ask if my sellers will consider submitting a lowball offer to the bank for a preapproved Sacramento short sale. They realize the bank has preapproved the price but they expect to negotiate with the bank. For a hamburger today I will gladly pay you on Tuesday. They don’t understand that a preapproved short sale price means the bank will agree to sell at that price, versus, let’s say, a much higher price.
These are the kind of yo-yos who are probably used to dealing with a list price on an REO and they have little working knowledge of a short sale. If I say we’ll sell a home to them for a $1.00, they want to pay 50 cents. It doesn’t matter what the price is, they don’t want to pay it. They are giant time sucks. If you don’t want to offer the preapproved short sale price, I say go make somebody else’s life miserable and leave us alone.
My experience of working with agents over the past 40 years shows that you can’t change a narcissistic real estate agent, no matter how much that agent might desire to change, if the agent is clueless. It’s generally cluelessness that causes a self-centered agent to say silly things. After all, agents are not immune to ignorance in any greater numbers than any other person in the world. It’s the bell curve distribution. You’ve got bad doctors, bad politicians, bad school teachers, bad law enforcement officials, and bad real estate agents, along with the good.
Contrary to popular belief, sweeping California legislation that changed many of the laws about foreclosures and short sales a few years ago does not contain protection provisions that some people expect, probably due to political compromises. For example, did you know that a homeowner who is in default (behind on mortgage payments) and in escrow pursuing a short sale can be foreclosed upon by the bank? But if a homeowner is chasing down a loan modification, the bank is not allowed to continue with foreclosure proceedings.
A home seller from Lincoln mentioned yesterday that he has sold a handful of homes over the past couple of years and bought a home about a year ago, and he has never had such a smooth and easy transaction as he did selling a short sale through me. I called to congratulate him on closing his short sale. I sold the home almost immediately, it comped by the bank at the sales price, and we received a very fast approval, within about 10 days. He sounded almost astonished that he could say that his short sale was so much smoother than compared to a regular transaction. I guess you could say he was very pleased with my performance as his short sale agent.