Comments Off | Friday, March 5, 2010
Los Angeles Times
Many borrowers in default stay put as lenders delay evictions
Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free. Pressure on banks to modify loans and a glut of inventory are driving the trend.
To read the full story, please click here.
5 comments | Saturday, April 25, 2009
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.
1 comment | Friday, April 24, 2009
SF Chronicle
Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.