Arjuna Ravik…, Other/Just Looking in 32810

Deed and resale restrictions at 1883 Agnew Rd

Asked by Arjuna Ravikumar, 32810 Mon Nov 4, 2013

Can someone tell me more about the deed and resale restrictions on 1883 Agnew Rd #311
Santa Clara, CA 95054?

For how long can I not re-sell my property?
And it says must be owner occupied the entire time. Would this apply even after I have paid off the mortgage? i.e. will I be able to rent it out in the future?

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Answers

4
Juliana Lee, Agent, Palo Alto, CA
Tue Nov 5, 2013
A couple key points of the Santa Clara Below Market Rate program:

•Owners must agree to allow Neighborhood Housing Services to name another qualified buyer

•During the first five (5) years, the equity increase is capped at the amount of percentage change in the Santa Clara County Median Income (AMI) level from the year that the unit was purchased until the year that the unit is sold

•Owner earns 5% equity per year during the 20-year restriction

The program is intended to expand home ownership to people who could not otherwise afford it. The trade off is that the program has regulations to prevent it from just being a way to transfer money to a few lucky people who take advantage of it. The regulations are intended to make certain it will be used by people who want to live in the home they are buying.

Santa Clara home values are given at http://julianalee.com/santa-clara/santa-clara-statistics.htm

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650.857.1000

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
.
Web Reference:  http://julianalee.com
0 votes
Steven Ornel…, Agent, Fremont, CA
Tue Nov 5, 2013
Hi Arjuna,

Go to the City of Santa Clara Neighborhood Housing Services Silicon Valley here: http://nhsnow.org/santa-clara/

Next, go to the bottom right corner of the picture and find "Important Forms" header and links.

The answers to your questions will be contained in the two-page BMR Services Matrix (Buyers) link: http://static.squarespace.com/static/50fd7dece4b0dc8c8e305a3…

For additional information and guidance your primary contact would be:

Teresa Martinez
Housing Department Manager
Direct: 408-579-6565
tmartinez@nhssv.org

-Steve
0 votes
John Juarez, Agent, Fremont, CA
Tue Nov 5, 2013
We have no specific insight into the deed restrictions and resale restrictions on your property.

From your question, I speculate that you bought a BMR (Below Market Rate) property or you have some other type of special financing program that aided your purchase. If this is the case, the answers to your questions will be found in your documentation or you can query the administrators of the program.
0 votes
Terri Vellios, Agent, Campbell, CA
Tue Nov 5, 2013
All those answers can be found in the HOA and deed restrictions. If it must be owner occupied that is an HOA rule not a lender rule, so whether or not you pay cash or have a loan doesn't change the rule.

Resale restrictions usually indicate that the buyer must be owner occupied or they must qualify for below market rate property. Low income, first time buyers, etc.

These are the type of answers that your agent will get for you.

Have an amazing day.
0 votes
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