By Don Dunning | July 17, 2009
As everyone knows, the real estate market is in the doldrums; however, several factors indicate a current opportunity for both buyers and sellers. Interest rates fell for the third week in a row to an average of 5.14%, great news for buyers and those who wish to refinance. This is not the lowest ever (4.78%), […]
Read MoreBy Don Dunning | July 10, 2009
In trying to get a leg up, some buyers, at conceivably great risk to themselves and the sellers, are submitting offers on a number of properties all at the same time. People are throwing out these simultaneous bids, predominantly on short sales and bank-owned homes, in the hopes one will stick. If they intended to purchase all of them, and had the ability to do so, this would not be an issue. Conversely, if they disclosed their gambit to each seller in writing, the sellers would then have received full disclosure; however, the offer might not be viewed as a serious one.
As a member of the California Association of Realtors (C.A.R.) Professional Standards Committee, I heard about this problem last month at the most recent gathering of C.A.R. It was highlighted as being widespread throughout the state.
Read MoreBy Don Dunning | June 11, 2009
On May 25th, I posted my latest article, “Is Waiting to Sell the Best Idea?” The premise was that a number of potential sellers are waiting for the market to improve. Many of these people assume that means a return to a seller’s market, or, at least, a strong “normal” market. I suggested signs that […]
Read MoreBy Don Dunning | June 4, 2009
Day two in Sacramento for California Association of Realtors state directors. Yesterday, 1500 of us went to the Capitol to express our dissatisfaction with certain bills. Many meetings today. Short sales, REOs and foreclosure process, including new laws, discussed in detail. The public doesn’t realize that many licensees handling distressed propereties are not fully versed […]
Read MoreBy Don Dunning | May 31, 2009
About two weeks ago, my buyers made an offer on a home where they were in competition. They did not get it. I just got a call from the listing agent. Seems the accepted offer is falling apart and she is wondering if my buyers are still interested. This is a classic situation where the […]
Read MoreBy Don Dunning | May 27, 2009
Realtors from throughout California, myself included, will be meeting in Sacramento next week for mid-year meetings. Highlighting those sessions will be the June 3rd gathering to make it loud and clear which legislation is on the “oppose” list. Some of those bills, with explanation from the California Association of Realtors (C.A.R.): SB 407 (Padilla) Point-of-Sale […]
Read MoreBy Don Dunning | May 25, 2009
After speaking with homeowners who would like to sell, I’ve observed that many are relying on assumptions that once might have been true, but may no longer be valid. The big question is: What if waiting, as opposed to selling now, turns out to be a mistake?
Some are thinking that the local real estate market will be a lot better within the next few years. If you are one of those waiting for the market to “turn around,” how will you know when that time has arrived?
Read MoreBy Don Dunning | May 23, 2009
Interest rates are at near-record lows, but actually getting those loans is more of a chore than I can remember. This is so because, after years of granting mortgages to anyone who could fog a mirror (and a few who could not), many banks have become incredibly more restrictive. Due to well-intentioned legislation intended to […]
Read MoreBy Don Dunning | May 13, 2009
According to a CNNMoney.com article today, “Foreclosures: April Was a Shocker,” U.S. foreclosures were much higher than projected, exceeding even March’s torrid figures with 342,000 homes in financial distress. In March, a record one of every 374 homes in America received either a notice of default, auction notice or was in the process of bank […]
Read MoreBy Don Dunning | May 3, 2009
According to a recent L.A. Times article, “The Obama administration, stepping up efforts to stem foreclosures, will offer lenders and homeowners incentives to cut payments on second mortgages, write down balances on first mortgages that are underwater, and repay loans in a timely fashion.” About half of all distressed first loans are believed to also […]
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