Zaida Patel, Realtor ----- Blog Website » buy

Tax Credit $8000 on FHA Mortgage

Zaida Patel — Fri, 05 Jun 2009 19:28:01 +0000

According to the California Association of Realtors, qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the U.S. Dept. of Housing and Urban Development (HUD) recently announced.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for other closing costs, which can help lower principal balances and monthly payments.

To read the full story, please click here

John Laing Stops Building in Fremont, CA

Zaida Patel — Sat, 25 Apr 2009 16:49:42 +0000

On February 1, 2009, I listed the model home (previously sales office), and leased by John Laing Developer. Every week-end, 30-40 homebuyers, came asking about the status of the John Laing builder. Because the home I listed is owned by a private owner, I did not have any information about the builder’s status.

Therefore, I called the John Laing Headquarters in February and I was told that they are not going to continue building or complete the Villa d’este community in Fremont. It’s up to their lender to decide on the future of this community in the Ardenwood area.

However, since this is the only floorplan and home available, there is no competition. Unfortunately, the asking price is not attractive to home buyers and timing is wrong, due to the current economic trend. The owner bought the model home for $1,400,000. It is currently listed for $1,275,000 which is still a loss for the seller. The property does have over $200,000 of upgrades with high end appliances.

Recent article about the John Laing company, please click here.

Article on Timeline of John Laing’s pathway to Bankruptcy, please click here.

Do Home Inspections

Zaida Patel — Sat, 25 Apr 2009 04:21:20 +0000

Los Angeles Times

Independent home inspections are crucial for would-be buyers
A crucial part of the home-buying process is the home inspection, but many home buyers do not pay enough attention to this important step. According to the president of the American Society of Home Inspectors, many of the items that independent home inspectors find during the inspection are results of neglect. Most homeowners do not provide regular maintenance, such as changing filters in the furnaces and air conditioners, fixing leaky faucets and repairing doors and windows.

MAKING SENSE OF THE STORY FOR CONSUMERS

· During the home inspection, home buyers should turn on the water faucets to gauge the water pressure. If the water drips or there are noises, it could mean there is a problem with older galvanized piping or inadequate piping. Sections of piping may need to be replaced, or a completely new plumbing system may be needed.

· While vertical cracks in the foundation are normal and often are caused by the house settling, horizontal cracks are not, and generally result from hydrostatic pressure against the home’s foundation. This can be corrected by excavation and drainage and repairs to the wall itself. If horizontal cracks are evident, home buyers should consult with several structural engineers to determine corrective measures.

· Stains on walls and ceilings should be further evaluated to determine the cause and extent of any possible hidden damage. Home inspectors also should search for the cause and test the stain using a moisture meter to determine whether or not it is active.

To read the full story, please click here

New Loan Fees for Homebuyers

Zaida Patel — Fri, 24 Apr 2009 19:28:45 +0000

SF Chronicle

Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.

Under the new guidelines, applicants will be charged more for down payments of less than 30 percent. Home buyers with FICO scores between 700 and 720 will pay an extra three-quarters of a point. Applicants who purchase a condominium and do not have a 25 percent down payment also will pay a three-quarter point add-on penalty, regardless of their FICO score, for purchasing a condominium instead of a single-family home.

The two Government Sponsored Enterprises (GSEs) said the additional fees are to counter higher risks and losses associated with certain loan products, buyer equity stakes, and credit scores.

To read the full story, please click here

Welcome

Zaida Patel — Mon, 20 Apr 2009 15:30:49 +0000

Thank you for visiting ZaidaPatel.com. As one of the premier real estate services in the San Francisco bay area, we offer valuable real estate information and news to buyers and sellers in all areas related to real estate with a particular emphasis on the east bay communities of Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon.

The SF bay area Ca real estate is changing rapidly. We know it is important for buyers and sellers to stay informed on home values. I specialize in reporting current market information and news concerning Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon real estate.

I won’t waste your time – when an offer is made, I’ll require acceptance or a counter offer within 24 to 48 hours.
You’ll have the advantage of personal, one-on-one attention, as well as my dynamic web and e-mail resources.

Feel free to call my cell phone (510-676-2236) or send me an e-mail ( zpatel at rwnetwork.com).

- Realty World Viking Realty