Cameron Platt

The data in Trulia was pulled from a Postlets.com advertisement that was posted by an auction company in Southern California, not by the listing agent, who has the property listed at $439,900. That $160,965 figure you quoted is not the sale price -- it is a starting bid at an auction that the company is promoting later this month.

These types of auction listings can be very misleading and confusing to the casual observer.

As of Saturday, November 15, the property at 30 Chimney Rock is listed as "sale pending" in the MLS. No further price data will be available until escrow closes.

Should you have other questions about other properties in this neighborhood or throughout Oakland, please feel free to contact me for assistance.

Best regards,
Cameron Platt. JD, CRS
Platt Inc. Real Estate
(510) 708-4137
ccp@plattinc.com - Yesterday, 13:48

Indeed -- you can probably expect to see it available as an REO sale within the next few months.

Cameron Platt, JD, CRS
Platt Inc. Real Estate
(510) 261-1661
ccp@plattinc.com - Sat Nov 15 2008, 18:54

Caveat: I am an attorney and broker in California. My reply should not be interpreted as legal advice.

The short answer is: possibly.

The sellers cannot compel you to purchase the house (called "specific enforcement" of the contract). If your contract has a "liquidated damages" clause, as most do in California, you may lose up to your entire deposit, but nothing more. If there is no liquidated damages clause, and the sellers can prove that your cancellation of the contract was not caused by their actions (or inaction, as the case may be), you may be liable to them for damages they have suffered due to your breach of the contract (i.e. the difference between the price on your contract and the price they are subsequently ale to sell the house for -- not good news in a declining market).

You mention that the sellers keep moving the close date farther and farther out. I assume that your contract specifies a close of escrow date. The sellers' failure to close on that date, barring any changes to the contract, means that the sellers are in breach of the contract, and you should be able to cancel it without penalty.

Your realtor is likely not impartial here, and stands to lose a commission if you pull out. Furthermore, unless your realtor is an attorney as well and is representing you in that capacity, you are on shaky ground relying on a non-lawyer's legal advice.

My advice to you: consult an attorney and have him/her explain your contract to you. The few hundred dollars you spend will be well worth it.

Best of luck,
Cameron Platt, JD, CRS
Platt Inc. Real Estate
(510) 261-1661
ccp@plattinc.com - Fri Nov 14 2008, 10:28

In my experience, banks typically reply quickly -- within 2-4 days of offer submission. Of course, other variables may slow their response time down, such as multiple offers, etc.

Banks will negotiate on price within reason. If you can give them solid reasons why your offer should be accepted, I have found banks to be fairly reasonable. They want to get the property off their books, after all.

Good luck!

Cameron Platt, JD, CRS
Platt Inc. Real Estate
(510) 261-1661
ccp@plattinc.com - Fri Nov 14 2008, 10:16

It depends upon many factors, including how long ago the property was purchased, price paid, improvements done, etc. There is no "magic bullet" equation given our current assessment scheme. If you would like a better idea of what a condo is worth on today's market, I would encourage you to contact me for a no-charge market analysis.

Best,
Cameron Platt
(510) 261-1661
ccp@plattinc.com - Fri Nov 14 2008, 08:35