This is the promised follow-up to my April 21
st
Newsletter.
In cooperation with the Northern California K. Hovnanian staff, we’ve created a plan to demonstrate Davis’ significant demand for an
Aging-In-Place
neighborhood.
As you can imagine the sales of new homes have plummeted. The national builders fear of the unknown and unintended consequences of the virus is rampant. Obviously, like all us they want to be optimistic, but the pending realities of a USA self-inflicted recession are here and concerning.
Ultimately, K. Hov’s decision to commit tens of millions of dollars for infrastructure and land are made at its east coast headquarters. In K. Hov’s case, it’s in New Jersey a state with the second most Covid-19 cases.
Our Plan is Straightforward:
Demonstrate that Davis offers a significant number of active adult buyers ready, willing and able to purchase a new
aging-in-place
home.
How?
Turning your informal “commitments” into “pending” escrows with a $5,000
FULLY REFUNDABLE
deposit. This process is regularly permitted by the California Department of Real Estate. It’s called a “Pink Preliminary Public Report because its printed on “pink” paper.
The law allows builders a
pre-contract
approach as long as the buyers’ funds are deposited to an independent escrow account and the escrow can be canceled by the buyer AT ANYTIME with the deposit returned to the depositor within five (5) business days.
In our case, the independent escrow will be with First American Title Company. First American will deposit all funds into its Bretton Woods Buyers Account at First Northern Bank, Davis office.
No one but you as the depositor and First American will have access to your deposit.
Your $5,000 will bear interest at the rate of one percent (1%) per annum which is much higher than what banks now offer customers. Whoever thought we would see a time when one percent on what amounts to savings account is a good deal!
