Q. What is the reason the Legislature passed the Buyer’s Choice Act?

A. The Legislative findings and declarations state that the recent troubled real estate market has resulted in a concentration of the majority of homes available for resale within the hand of foreclosing lenders and has dramatically changed the market dynamics affecting ordinary home buyers. The act declares that the potential for unfairness occasioned by the resale of large numbers of foreclosed home requires that protections against abused be made effective immediately.

Q. What is the Buyer’s Choice Act?

A. The Buyers’ Choice Act is a new law that prohibits a seller who acquired property as a foreclosure sale from requiring a buyer to purchase title and escrow services from a company chosen by the seller as a condition to receiving offers or selling the property. It was enacted by Assembly Bill 957 (Galgiani).

 Q. When does the Buyer’s Choice Act become law? 

A. Yes, provided that a written notice of the right to make an independent selection of those services is first given by the seller to the buyer.

A. The law covers title insurance and escrow services.

A. Yes. A seller who violates the new law is liable to the buyer for three times all charges made for the title insurance or escrow service. In addition, a seller who violates the law is also considered to have violated their licensing law.

A. No. A transaction cannot be invalidated solely because of the failure to comply with the law.

Q. Does the Act continue indefinitely? 

A. The Act is only effective until January 1, 2015 unless it is extended by the Legislature.

Significant price reduction on this beautiful, custom property with terrific views. Now priced at $1,099,000, this home feels so private nested above Kottinger Drive yet it is within walking distance to our historic downtown. Click here to tour this home. Then contact us for a private showing.

Open House on Sunday 5/24 from 1pm-4pm.

Here is a sample of mortgage rates as of 2/27/09. All rates below are assuming an “owner-occupied” 30YR fixed loan, a 740+ credit score and 80% LTV(loan to value), aside from Doctor Loan at 95% LTV and FHA at 96.5% LTV. 

Conventional, $417,000 and below
- 5.250% rate @ 0 points
- 4.875% rate @ 1.00 point
- 4.625% rate @ 2.00 points

Conventional, $417,001 to $625,500
- 5.750% rate @ 0 points
- 5.125% rate @ 1.00 point
- 4.875% rate @ 2.00 points

Conventional, $625,501 to $1,000,000 (call for rates on loan amounts $1,000,000+)

- 6.250% rate @ 0 points
- 5.750% rate @ 1.00 point
- 5.500% rate @ 2.00 points

FHA, $417,000 and below
- 5.500% rate @ 0 points
- 5.125% rate @ 1.00 point
- 4.875% rate @ 2.00 points
 

FHA, $417,001 to $625,500
- 6.000% rate @ 0 points
- 5.375% rate @ 1.00 point
- 4.875% rate @ 2.00 points

“Bank of America Doctor Loan” (95% LTV up to $1,000,000, No Mortgage Insurance Required!!)
- 6.250% rate @ 0 points
- 5.750% rate @ 1.00 point
- 5.500% rate @ 2.00 points

Rates Courtesy of our Lending Partners at Bank of America:

Rick Anixter 925.876.9534 
Diane Koizumi 925.548.4410
Sergio Szyrko 510.508.5528

 

The Pleasanton Weekly Holiday Fund closed its 2008 campaign with donations totaling $138,711, well above the $100,000 goal set for the sixth annual community drive.

Donations came from more than 200 individual, corporate and organization donors, with the            Tri-Valley Community Foundation matching the first $50,000 received. Besides the $138,711 total, which included the match, another $4,000 was received by the fund in specific contributions earmarked for Open Heart Kitchen.

Checks in equal amounts will be distributed to the seven recipients targeted in the 2008 campaign. Besides Open Heart Kitchen, the other beneficiaries are Axis Community Health, Hope Hospice, Senior Support Program of the Tri-Valley, Tri-Valley Haven, Valley Humane Society and the Emergency Room expansion program at ValleyCare Medical Center.

Again this year, the largest contribution came from the Valley Marketing Association, a Pleasanton-based organization of Realtors, real estate specialists and real estate-related professionals that serve the Tri-Valley. Led by Realtor Roy Dronkers, the group’s president, the VMA contributed all of its receipts from a December holiday party and additional contributions, raising $20,613 in direct donations and, with the Community Foundation match, totaling $41,226.

 ”As everyone knows, these are tough times for Realtors and others in our industry,” Dronkers said. Even so, helping others is a key mission of the Valley Marketing Association and we’re proud to be the top contributor to the important work of the Pleasanton Weekly Holiday Fund.”

 Dave Rice, president and chief executive of the Tri-Valley Community Foundation, said his group supports the Weekly’s Holiday Fund because the beneficiaries are among the many needy organizations the foundation also helps fund.

 ”This is truly a community-wide effort by the Pleasanton Weekly that serves a growing need in the Tri-Valley,” Rice said. “While those who contribute have jobs or other income and most have health insurance, the Holiday Fund contributes to organizations that help those who don’t. The Tri-Valley Community Foundation is honored to be part of this effort.”

 Unlike most other fundraising drives by individual organizations, the 2008 Holiday Fund had no administrative expenses or other overhead. The Pleasanton Weekly and the Tri-Valley Community Foundation donated all the support services so that all money raised would support local non-profit groups.

 Click here to read the entire article.

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