Client: “More like that, and I’ll buy 6 or 7!”, words any Sacramento Realtor loves to hear, WACHOVIA short sale closed!
After a couple times out with a client searching for a home for his daughter, we found a Sacramento Short Sale Gem! After we located the floor plan that was appealing to the client, it was a matter of locating a home that was appropriately priced… cheap. Initially we looked at Bank owned homes in the area. We quickly found bidding wars and inflated pricing with unrealistic bank expectations. So, I returned back to what I know, Sacramento Short Sales.
I was able to locate a property, which fit the criteria for the buyer. Unfortunately after the first three phone calls, there was no seller’s agent contact. Which to me indicated if the agent was handling buyer calls this way, I wonder how he was handling the bank negotiations. I did not give up. Fourth phone call success! I asked the right questions 7 Things to Consider When purchasing a Short Sale… that your agent must know… and we submitted an offer to Wachovia and had it approved in 7 days. At one point the seller’s bank, Wachovia, negotiator called me… the buyer’s agent! Furthemore, our initial offer was accepted WITH some seller concessions, I had originally advised my client that the bank would counter… I was wrong!
Note to the agent who has the bank owned home we originally looked at: I ruined your comps. Initially your home was listed at $149,000, you then dropped the price to $120,000, still no offers after 7 days. My client was ready and willing to pay all cash and close in less than 10 days and may have gone to $110,000. However, you chose to remove the home from the market and put the home back up 30 days later for $149,900. It’s been 7 days and you have now reduced the price yet again to $139,900. I apologize for ruining your comps, but even if you close at this price my client now owns his home and will make the renovations bringing it to your original listing price, leaving him after repairs, at least $30,000 in equity. He’s keeping it and enjoying the demo, making the home his own for his daughter to raise his granddaughter.
After asking questions, probing and pushing, a seemingly lazy agent, my client won. BTW the seller’s won too, Wachovia gave them $5,000 to close before the 28th! Everyone WON!
Interested in buying a Sacramento or Placer County Short Sale? Call Jennifer Klein (916)230-3880 or email JenKleinSac@gmail.com. If you’d like to take advantage of the Tax Credit we’ll need to get moving and get you into contract!