Bay Area REBlog

Effective April 22, 2010 the EPA has a new renovation, repair and painting rule regarding lead based paint. Generally speaking it applies to homes built prior to 1978. The new law describes paint safety practices established and the steps contractors, renovators, real estate agents and property managers must follow to comply with the rules.

 The following is an exerpt from the NAR governmental affairs division:

These rules require contractors and renovators to get trained and certified in EPA’s new lead-based paint work practices. The rules apply only to licensed contractors – do-it-yourselfers will still be able to do RRP work on their own without being trained or certified and without getting fined.

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Many cities have first time home buyer assistance programs for low to Moderate income households. The program for Sunnyvale provides assistance in the form of deferred payment second mortgage with financing up to $50,000.

The buyers must currently live or work in Sunnyvale to be eligible and their gross annual income must be within the guidelines for moderate income limits for Santa Clara County. The home obviously must be in Sunnyvale as well. The applicant must qualify for the first loan from one of the specified lenders, contribute a minimum of 3% toward the down payment, and have no more than 97% total financing on the property. The housing expense ratios can be no less than 35% and no more than 40% with a total debt ratio no more than 50%

In addition, the buyer must attend a city and Fannie Mae approved home buyer education class from a HUD certified housing counselor prior to receiving approval for a Program loan.

Click here for the link to the City of Sunnyvale site for these loans.

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I talked about the Mountain View Festival a few weeks ago so I should not discriminate.  This weekend is the Palo Alto Obon Celebration.

Ringing of the giant bell  at 5 p.m. Saturday will mark the start of the annual Obon Festival, a two-day celebration of Buddhist and Japanese-American culture.

First held in Palo Alto in 1948, the traditional event brings families together to honor the spirits of their ancestors. (It is held in almost every town and city in Japan in July or August. )Palo Alto’s version combines food, entertainment and dance with contemplation and is free and open to the public.

Musical highlights will include taiko drumming, a bamboo flute and Japanese harp concert and an outdoor jazz performance on Saturday night by the temple’s resident “Bad Karma” quintet. The food will be a mix of Japanese offerings, such as sushi and udon, and American festival food such as hot dogs, shaved ice and strawberry shortcake. There will also be martial arts demonstrations, including one by the Palo Alto Judo Club at 9 p.m. Saturday. For children, there will be a midway with carnival and craft booths.

Guides will be on hand to answer questions and give tours of the sanctuary (Hondo).

The festival will close with attendees dancing in a circle outdoors, a traditional ceremony meant to raise the memories of loved ones.

The Palo Alto Buddhist Temple is at 2751 Louis Road in Palo Alto. For more information, visit www.pabt.org

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Oh my goodness, more regulations!!  I know it is a result of the mortgage crisis and buyers saying they did not know information about the loans they agreed to sign but now we will see more time delays. The Mortgage Disclosure Improvement Act (MDIA) amends the Truth in Lending Act- (you know the Regulation Z, in which lenders provide adequate time to review information about their loan). 

I can see getting ready to close escrow and everything being held up because interest rates have changed on the loan at the last minute. Don’t get me wrong, I believe disclosure is important and clients need to know what is happening. I just dread the nail-biting and grumbling that is coming.

Here are the new Federal regulations in case you’re in the house buying /refinancing market.

• Initial Truth In Lending disclosure. A seven-business-day waiting period is now required between the delivery of initial disclosures and the signing of closing documents. This will eliminate the possibility of closing in less than seven business days unless the borrower faces a bona fide personal financial emergency.
• Up-front fee collection. Up-front fees cannot be charged until after the borrower receives the initial disclosures. If disclosures are mailed, the fee is charged the fourth business day after mailing. If disclosures are hand-delivered, the fee is charged the same day.
• Redisclosed Truth In Lending (TIL) . If the interest rate or fees change, causing the Annual Percentage Rate to increase by more than 0.125% then a revised TIL must be sent to the borrower so that the customer receives it no fewer than three business days prior to closing. Each time the TIL is redisclosed, the waiting period starts over and could affect the original closing date. If the rate is in float status, a redisclosed TIL will not be provided each time there is an APR increase. Redisclosure should be sent, if needed, eight business days before the estimated closing date.

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Looking for a family weekend outing with free admission? This weekend the annual Obon Festival and Bazaar will be held in Mtn View at the Buddhist Temple at 575 North Shoreline Blvd. It will be held on Saturday, July 18 from 4- 10 PM and on Sunday from 12 to 8:30 PM.

Obon originated as a holiday for Buddhist to honor and remember their ancestors. The temple held an Obon and Hatsubon Service July 5 to honor loved ones who died the preceding year.

 The festival attracts thousands of people to sample food, watch dance and drum performances, and learn about the Japanese culture. It has been held annually for more than 50 years (my kids use to attend with my neighbor when they were little). There are many special events including Taiko drummers at 4:30 PM Saturday, and 12:30 Pm and 4:30 PM Sunday.The “bon odori”, a Japanese folk dance will be performed by 400 dancers on Sunday at 7 PM. Bring the kids along because there are booths with activities and food, and on Sunday the children can participate in hands-on activities.

Not only is the admission free but parking is also available.

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Nancy Dunaway, Los Altos Village Association Director, and Jo Ann Fishpaw, Chair of Arts & Wine Festival

Yours truly volunteered to pour wine for Martin Ranch Vineyard

And all the wonderful food…..

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The Highly Rated Los Altos Arts and Wine festival is in it’s 30th year and has proven to be one worth attending. Saturday and Sunday- July 11th and 12th from 10 AM to 6 PM. Special entertainment is slated for Saturday evening in Central Plaza from 6 to 8 PM with the Double Funk Crunch.

As always the food can’t be beat with a wide variety including Mexican, Thai, Chinese as well as the All American favorites of roasted corn, sausages, – a favorite is the BBQ oysters!

No jug wine at this festival- only the best local wines are here. This year we have some of our favorites returning with Thomas Fogarty Winery (you know the famous doctor/inventor/cardiac specialist from Stanford fame), Page Mill
Winery ( which now is actually located in Livermore), Naumann Vineyards (located on Montebello Ridge and is my good friend and bought the land from yours truly), Fernwood, Roudon Smith and new on the scene- Martin Ranch.

I have had the opportunity to work in various volunteer postions over the years and am happy to say this year I will be there again. On Saturday, I’ll be hanging out around Main Street and Third as an area captain with my blue Arts and Wine t-shirt and a walkie talkie. On Sunday, I’ll be pouring wine at the Martin Ranch winery booth located at Main and Third. Please stop by to say hello.

The line up of entertainment is extensive for family fun with a kidzone and live bands all day long.

But let’s not forget the ART! Quality and originally by true artisians.

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Looking for a fun family outing without spending a lot of money???

Starting Friday, July 10th the Mtn View recreation department is hosting outdoor children’s movies at the local parks. The films are free and begin at 8:30 PM. Bring your blankets and folding chairs and prepare to be entertained.

Cuesta Park, Eagle Park and Rengstorff Park will be the site of Friday night outdoor movies.

Not sure where the parks are located? Here is a map- http://tinyurl.com/nsvefz

The first movie night is Friday, July 10 at Cuesta Park with the showing of “Madagascar 2.”

July 24, “Happy Feet” will be shown at Eagle Park

Aug. 7, “Kung Fu Panda” will be shown at Rengstorff Park.

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Beginning this week the city of  Mtn View will its summer Thursday Night Live concert series. Bring a picnic dinner and a folding chair.  Concerts will be held on Castro Street every other week in July and August along with other family events such as classic  car shows and art exhibits. The concerts are from 6:30 to 8 PM.

 Notice most concerts are held downtown on Castro Street but July 16th is at Cuesta Park and August 13th is at Rengstorff Park.

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