Selling a Home | Real Estate Articles & Blog – Don Dunning

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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.

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.

Side Effect of Real Estate Marketing Photos

By Don Dunning | March 3, 2011

Part of marketing a real estate listing is posting exterior and/or interior photos of the property online along with other details of the home, including the address, on the Multiple Listing Service, virtual tours, agent and real estate company web sites. Problem is… everything that goes online, stays online… sometimes forever. Not many agents and […]

List of required disclosures keeps growing

By Don Dunning | February 8, 2011

As time goes by, the number and types of disclosures that must be made by a seller and/or his agent continues to expand. Many of these have resulted from lawsuits; all are meant to avoid legal disputes in the purchase of a California home. The California Association of Realtors (C.A.R.) “Sales Disclosure Chart” contains 39 of them for various property types.

When I am called to review a case as an East Bay and Bay Area real estate expert witness, the question arises as to whether the non-disclosed item was a “material fact.” This is defined as information needed to help the buyer decide whether or not to purchase and how much to pay.

Many sellers and a surprising number of agents seem not to understand the importance of full disclosure; this can turn out to be an expensive mistake.

Listing syndication: What it is and why it matters

By Don Dunning | December 12, 2010

“Syndicating” means receiving listings from the Multiple Listing Service (MLS), or the listing broker, then transmitting them to a myriad of accessible sites. The problem is not in finding real estate data, but in locating accurate, reliable sites.

A 2008 study of third-party real estate sites found a range of incomplete and/or inaccurate data from 20 to 92 per cent. This includes the largest and most well known ones and is creating some negative consequences for consumers and real estate practitioners.

False Info Floating Regarding Real Estate Taxes & Medicare

By Don Dunning | October 20, 2010

I have received a number of inquires from clients and those who read my newspaper column about a “3.8% ‘sales tax’ on homes sold after 2012.” There are a lot of rumors and much incorrect information going around, especially online. Here is a statement from the California Association of Realtors (C.A.R.): “Misinformation has been spreading […]

Don’t Count on Humans to be Rational

By Don Dunning | August 10, 2010

Two recent news bits reinforced my observation that people behave in ways that often can be considered irrational. Item 1: An online story I read last week about a real estate survey that indicated, in today’s market, buyers have a significantly higher opinion of the agent who represents them than sellers have of their agent. […]

Selling by Yourself

By Don Dunning | August 7, 2010

A Florida company that helps For Sale by Owners (FSBOs) recently filed for liquidation. It reminded me of how much knowledge and skill is required to successfully represent sellers, especially in today’s market. Needless to say, if competent agents are having trouble getting their listings sold, it is that much more difficult for most owners […]

Does your agent “stand in your shoes?”

By Don Dunning | May 14, 2010

In the overheated real estate market of 2004 to 2005, many buyers paid outrageously high prices for properties that were not special in quality or location. This included numerous ones that were decidedly underwhelming. Now, a plethora of purchasers are either victims of foreclosure, have sold for large losses or are paying mortgages on houses worth a lot less than their total loans.

Conversely, in today’s much weaker market, where prices have softened substantially, we see some homes listed at unrealistic amounts. These are the ones that sit unsold. In a number of situations, overpriced properties that did not sell were taken off the market and are now back on at equally improbable figures.

We can ask: “What advice, if any, did the agent give his or her buyer or seller?”

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