Resale - 1075 ELLA ST

announcement

Please contact your REALTOR® or licensed real estate agent to schedule a showing. If you are not currently represented, please contact the listing agent directly.

Stacey Schalde, REALTOR®/Broker Associate
DRE Lic. No. 01215521
Andrews & Associates Real Estate
Phone: (805) 801-1339
Email: schalde@charter.net

If you participated in Drawing #684, don't hesitate to contact Stacey Schalde for the requirements to be placed on the list for Opportunity #753 for the opportunity to apply for this home.

The most important step when applying to buy a home is to speak to a loan officer on this list to determine if you qualify for the financing and if you are comfortable with the payment.

Program Documents & Disclosures

Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust

This program requires you to sign a Restriction Agreement with a 45-year term.

Understanding the intricacies of the program documents is crucial when considering participation in a housing program. Deed restrictions, agreements, promissory notes, and deeds of trust are all legal instruments that can significantly impact the rights and obligations of property owners. For instance, deed restrictions can limit how a property is used, who you can sell it to, refinancing, and upgrading the home, and it requires the owner to occupy the home. It also sets conditions for its future sale, which includes a cap on the resale value and/or an equity share, depending on the program. Similarly, a promissory note is a binding promise to repay a loan and/or excess sales proceeds (the difference between the home's fair market value and the maximum restricted resale price), and a deed of trust secures the promissory note by placing a lien on the property. Click below to access & review the documents to ensure this program is for you. You can hire an attorney to help you understand the Program Documents you’ll sign and promise to abide by.

Program Documents and Guidelines