Zaida Patel, Realtor ----- Blog Website » tax credit

Obama Housing Plan

Zaida Patel — Fri, 12 Mar 2010 05:21:56 +0000

The New York Times

Program will pay homeowners to sell at a loss
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: Paying some of them to leave.

To read the full story, please click here.

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.