About Oakland's Temescal

That saying is really true. Real estate is local. While sales prices in some areas of Oakland have decreased significantly in the last few years, the Temescal Area maintains it's value. Home sales prices even edged slightly upward when comparing 2008 vs. 2009 Sales Prices. For a pdf copy of the chart below, visit my website.

It's never fun to deal with an agent whose action is giving us all a bad name.

My client's offer was accepted on a two-unit building. The plan was for he and his wife to live in one, and rent out the other. This is their first home, and they have limited funds. Which is why it made sense to get an owner-occupied duplex.

Because the market is heating up in the under $300K price range for a duplex, we were happy to get accepted.

PROPERTY WAS MISREPRESENTED

The first time we were at the property, we saw that there are two separate living spaces. Or so we thought. But on our second visit, we realized that the bath in the second unit was only a partial bath, and didn't even have a shower, which makes it not a legal second unit.

Because it isn't a duplex per the MLS, and because we couldn't get the loan approved for this as an owner-occupied duplex, my clients elected to back out of the contract. We didn't clear any contingencies, so we were within the timeframe to cancel the escrow.

CANCELLATION OF ESCROW

That was two weeks ago since I sent the cancellation request. I have emailed, texted, voice-mailed the agent who still hasn't given us the cancellation signed by the seller, so we can't get the escrow cancelled and my buyer's deposit back.

Yet, he has already put the property back on the market as active, without the signed cancellation.

$1000 CIVIL PENALTY

In our cancellation instructions, it states that "A party may be subject to a civil penalty of up to $1,000 for refusal to sign such instructions if no good dispute exists as to who is entitled to the deposited funds."

My broker has gotten involved, and gave the agent 48 hours to respond or subject himself and/or his client to the civil penalty of $1,000. And still no answer.

THIS AGENT IS BAD, BAD, BAD!

I know there's going to be a resolution to this, eventually. But what infuriates me is that this is the kind of agent who gives our profession a black eye.