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Berkeley seller applauds hourly real estate consulting

By Don Dunning | April 13, 2012

Last week, a woman who had just closed escrow on her Berkeley home posted the following online: “As I was selling directly to my tenants and we had already negotiated the price, I needed someone to handle paperwork and explain the process to me.” She knew that, typically, real estate agents charge a percentage of the purchase price for their services. In her situation, this did not make financial sense and she called me to help her on an hourly basis.

Over the years, I have written about why this arrangement is logical in specific instances. I have also commented about how slow the real estate industry has been to fill this obvious need to help buyers and sellers in a more cost-effective way. That continues to be true.

Choosing to sell for a loss

By Don Dunning | March 12, 2012

In the mid-nineties, I had a listing where the seller did not receive any money back. Instead, he had to write a large check at close of escrow. As years passed, especially the rip-roaring seller’s market of 2004 through 2006, it seemed unlikely that could happen again. Times have changed.

Recent reports indicate that at the end of 2011 there were 11.1 million U.S. homeowners with mortgages higher than their homes were worth. That was an almost four percent increase from the previous three months.

Rather than choosing foreclosure, a short sale or deed-in-lieu, there are hordes of potential sellers stressing over whether they should, or even if they can, write a check in order to sell. I have spoken with many of them in the past three years.

Oakland sewer lateral ordinance now in effect

By Don Dunning | January 24, 2012

A private sewer lateral (PSL) is the pipe that connects the sewage line in a building to the public sewer main that is usually in the street. As of January 16, 2012, all properties in the City of Oakland, except condominiums and large retail structures, are subject to an ordinance that requires inspection and possible repair of PSLs under certain circumstances.

This is a good thing for those of us who live in Oakland and for the environment. There are details, however, for buyers and sellers to know and understand to avoid problems. Reading my previous two articles on this subject, Sewer Line Blues and Sewer Line Blues II, will likely open your eyes to what could happen if you do not pay attention.

Buyers and sellers need analysis of research

By Don Dunning | December 11, 2011

Referred by my former clients, I recently received a call from a prospective seller who bought her home in the last seller’s market with another Realtor. This seller feels her agent did not provide important information for her to consider prior to making the offer on her house. Among the missing input was a way for her, as a buyer, to place the purchase price into perspective relative to previous “hot” markets and what happens when the market cools down.

Before I go further, I suspect some readers might be thinking, “With hindsight, it is easy for someone to look back and criticize another agent for not knowing the future.” My response is that no one should expect real estate licensees to be clairvoyant, but using experience from past markets for the benefit of clients is something that differentiates top agents from the rest.

2012 CA housing forecast: More of the same

By Don Dunning | October 24, 2011

At the recent fall meeting of the California Association of Realtors (C.A.R.) in San Jose, I heard C.A.R. Chief Economist Leslie Appleton-Young give members a glimpse of what to expect in the 2012 real estate market. Appleton-Young said that “the economy has started to stall and weaken” and "consumers are shaken up."

Just as 2011 is projected to end up much like 2010, 2012 is predicted to continue the pattern. The basic message: Don’t expect much improvement in the near future.

Approach distressed properties with caution

By Don Dunning | September 18, 2011

I admit it – in over 30 years as a real estate broker, I have never represented either a buyer or seller in a transaction involving a “distressed property,” i.e., an REO (real estate owned by banks) or a short sale. The reason is simple: dealing with banks under these circumstances can be worse than water-boarding torture. Some sellers may have no choice other than to succumb to this process; buyers in the Oakland/Berkeley market almost always have, in my opinion, better options.

The folks who usually benefit most from foreclosures are the small cadre of professional investors who seem to live on the courthouse steps. They pay all cash, get a seriously discounted price, and have the greatest margin for error. Non-professional buyers, who venture into short sales and/or REOs, however, tend to be unaware of how big a risk they are taking. Instead of getting a bargain, you might end up with more grief than you ever imagined.

Oakland in Top 10 of “Walkable” Cities

By Don Dunning | July 25, 2011

Seattle-based firm Walk Score just released a survey that ranks Oakland in the top ten of America’s most walkable cities. The 50 largest U.S. cities were compared for easy accessibility to shops and services. It is good to know that this highly desirable feature is adding value not only to specific homes and neighborhoods, but […]

Quick Reaction to My “Common Courtesy” Article

By Don Dunning | July 22, 2011

I just received an email from a woman who agreed with the sentiment in my article, “Realtors Deserve Common Courtesy.” She said, “Welcome to the age of email. Somehow, because communication is easier, people use it less…” This reader described how, many years ago, when she went on job interviews and felt she had done […]

Realtors deserve common courtesy

By Don Dunning | July 17, 2011

Sometimes, the idea for an article comes from unexpected places. I just received a phone call from a veteran agent who I have known in real estate for over 25 years. She asked if I would write about how poorly people sometimes treat those of us in the business and how we deserve better. What follows is my response to her request.

Over 25% of Mortgages Denied in 2010

By Don Dunning | June 27, 2011

According to a recent Wall St Journal article, “Tighter Lending Crimps Housing,” over 25% of all mortgages nationwide were rejected last year by the ten largest real estate loan providers. And, this is before new rules take effect that will make it even more difficult to borrow. (See my previous post, “Getting Mortgage Will Be […]

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