The Dangers of Hiring the Wrong Short Sale Agent in Sacramento
Enjoying a reputation in the real estate industry as a Sacramento Realtor with integrity (and a person who gets the job done) has been very helpful for my clients because it means my listings carry weight. What do I mean by that? It means an agent doesn’t have to worry when he or she spots a listing with the name of Elizabeth Weintraub attached to it. By the very nature, Elizabeth Weintraub listings relatively assures buyer’s agents that their transaction will conclude without drama or a pile of complications. If that particular home is a short sale, all the better; no fear, it will likely close.
I received short sale approval on a fixer home in West Sacramento a few days ago, which I forwarded immediately to the seller. He was completely stunned that I had received the approval so quickly, within a few weeks — especially due to the fact that his short sale had been initially rejected only a few days ago. It needed one little tweak to qualify, and we submitted revised documentation that addressed the particular protocol demanded of us. Some other agent might have thrown in the towel after the rejection. I don’t take no for an answer.
The thing is some home owners are really suspicious about their lenders. They make up all sorts of stories to fit any given situation, perhaps to help them cope with the confusion and utter bewilderment often apparent at certain lending institutions. Some sellers are paranoid and believe their banks employ sabotage. Bank employees can be crafty but they’re no Robert Durst. If you haven’t seen that HBO 6-part Documentary, The Jinx, I encourage you to watch it because it will leave you feeling creepy for days, which is better than feeling your bank is out to get you.
My seller said that many agents were vying for his listing and calling him to list his home. He interviewed a handful of real estate agents but he kept coming back to my name as the best short sale agent in Sacramento. I’ve sold more short sales since 2006 than any other real estate agent in a seven-county area. This guy and his family needed a professional who would get the job done, and said he didn’t want to take any chances so he hired me, and I got his short sale approval. The seller said he did not think another agent could have done it. His situation was complicated.
Short sales are all a little complicated. Yesterday a fellow called to say he was parked outside his new home, which he found on Zillow. Well, that home is closing escrow in a few weeks, so it’s not his new home. We chatted for a while and discussed how he’s living in a rental that is a short sale and thinking about buying it. He wouldn’t tell me who listed that home but continued to insist the agent, a property manager, was a “very experienced short sale agent” because the agent, most likely, had told him that. There’s a sucker born every minute, according to PT Barnum.
Who is the lender, I asked. Did the agent tell him that with Nationstar as the lender, the home is going to an online auction where another buyer can swipe the home? Nationstar short sales are animals onto themselves. Unless the investor is Fannie Mae or Freddie Mac, that’s where Nationstar short sales go these days. Then, he admitted he had submitted an offer through the agent-slash-property manager, and was in escrow. He has a fiduciary, which means all further questions need to be directed to his agent. I can’t interfere. Our conversation ended. I doubt that guy is buying a house, though.