East Bay Realty Pro Blog

Digital signatures have been legally authorized for over ten years, but rarely used in real estate because of resistance from California banks; however, they are becoming increasingly common.

What is gained in expediency and convenience needs to be balanced by the potential risks of buyers and sellers “speed-signing” without fully understanding the real estate documents they are approving.

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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.

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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.

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Camera cable down sewer lateral shows condition on monitor

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.

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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.

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Wild turkeys in Oakland

Two days before Thanksgiving, my wife let out a cry of surprise and asked me to come quickly to the window of our Oakland home. It was about 7 AM, and, there, in our backyard, were three wild turkeys placidly munching on our marigolds and kicking up the garden for insects. They appeared to be females because they were smallish (for turkeys), had dull, not iridescent, feathers and none had a wattle.

They stayed awhile, but not long enough for us to get a good photo. Some time later, as I was outside our garage, they were languidly visiting our neighbor’s property and I was able to get a decent picture.

Casually ambling about right before Thanksgiving is a risky practice for a turkey. I hope they didn’t end up on someone’s plate.

For more info on wild turkeys, see “Feeding Wild Turkeys Will Bring Problems Homes to Roost” from the California Department of Fish and Game, and “Wild Neighbors: The Wild Turkey: Threat or Menace?” by Joe Eaton, an article from the Berkeley Daily Planet.

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.

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Poodle Parade, Carmel-by-the-Sea, CA

Participants await their turn to march

Something else to add to why Northern California is one of the greatest places in the world: Poodle Day at Carmel-by-the-Sea, recognized as one of the most dog-friendly cities in the country. As long-time poodle owners and lovers of everything doggie, my wife Sonia and I were excited to find out about this annual event.

Our two mini poodles, CB (Cuddle Boy), 14 and a half, and Queenie, almost 15, looked at us quizzically as we all woke up early for the almost two-hour drive down to Carmel and  the 8 AM check-in. We quickly got our registration stickers and spent hours before, during and after the parade taking photos of the seemingly unending number of gorgeous, sweet, loveable and often funny poodles of all sizes and shapes. Many of the people who were brought by their dogs had colorful, matching outfits.

The parade drew 360 official entrants (poodles and poodle-mixes), from Sacramento to British Columbia, plus many others who came to watch. Registration fees go to the NorCal Poodle Rescue, adding to the joy and positive vibe of the affair.

After the parade, we had a wonderful lunch at Jack London’s Grill & Taproom, one of the many restaurants in this beautiful city that welcomes dogs. We already have next year’s parade date, September 29th, circled on our calendars.

Check out all our photos at photobucket.com/poodleparade2011

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.

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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 to our wonderful city as well.

See S.F., Oakland in top 10 most walkable U.S. cities