We Wanted To Celebrate – Really – We Did ! ! !

I know, I know – by now most of you already know that we have closed the first individual lot sales escrows in Windward Village! I am sorry that we did not make a bigger deal of it sooner; however, we had a small hiccup right after the first escrows closed. On Friday, January 29, 2010 we received confirmation that the lot escrows had closed . . .

Some Good News Finally . . .

Today we are meeting with Land/Home Financial Services, Inc. and several other key members of the team involved in the conversion of Windward Village to a resident-owned, fully subdivided community. It now appears that Land/Home is finally in a position to go forward with FHA financing for the lot purchases . . .

Because the original posts with the list of lenders and foundation installers is buried deep in this site, and needs to be updated, below are the current lists of lenders and contractors who have expressed interest in working in Windward Village on the resident lot purchases. Please feel free to contact them if you have not already settled on a lender, or a foundation contractor. In No Particular Order, They Are:

** UPDATED 7/24/2009 **

Two New Prospective Lenders Added . . .

Over the past several weeks, I have been asked again for information about the lenders working in the project. All are working diligently towards making the first escrows close, but have been delayed substantially due to the rapid pace of change in the industry due to the real estate recession. In addition to those lenders we have been working with, two new lenders have stepped forward and expressed interest in offering loan products to the residents of Windward Village; Lighthouse Asset Management and Alliance Mortgage and Marketing . . .

Moving Forward at a Snail’s Pace . . .

Well, it’s been some time since I last updated you on the status of the close of the first lot sales escrows in the project. As you are all aware, we did receive the public report to sell lots at the end . . .

With most of the original buyers having signed their contracts and opened escrow, we’re getting closer to the first close of escrow . . .

As with this project ALL THE WAY THROUGH, we are still slugging away towards the first close of escrow, and continue to run into detours along the way. We originally thought that we would close the first group in January, but we have been delayed due to some underwriting issues affecting all of the lenders.  Until some time in January, project approvals for lending from acronym agencies such as FHA, Fannie Mae and Freddie Mac were done in-house at the lender . . .

Last Evening’s HOA Meeting Sparks New Rumors . . .

Today I received a phone call from one of the lenders in the park. The lender explained that they had received a panicked phone call from a resident in the park who attended last night’s HOA meeting. I apologize as we only learned of that meeting a few hours before it was scheduled, and could not attend due to a conflict, otherwise we would have been there. In any event . . .

When Completing the Preliminary Change Of Ownership Report, Include This . . .

In the package from the Escrow Company, you are being asked to complete a long, complex form called a “Preliminary Change of Ownership Report,” often referred to as a PCOR. In the prior post, I suggested how you may wish to fill this form out, however, I promised an attachment for you to print, attach to the PCOR and return to escrow. The attached document is that attachment, and you can simply print this, and attach it to your PCOR before you return it to escrow. We will, upon the first close of escrow, be in contact with the Los Angeles County Tax Assessor’s office, to provide them with information about the transaction and its exemption from re-assessment, however, you will want to include the attached to flag the assessor’s office to the fact that your individual lot purchase is a part of the exempt transaction involving the Windward Village Conversion.

Many Residents Are Confused About How To Complete The Escrow Package . . .

For those residents who have signed their purchase contract, you are just now beginning to receive the dreaded Escrow Package. I know that the forms sent to you by escrow seem daunting, but they really aren’t as bad as they might appear . . .

Christmas Comes A Little Early To Windward Village MHC . . .

After what seems like an eternity, the Department of Real Estate released its Limited-Term Final Public Report on the Windward Village Subdivision and conversion to Resident Ownership. You may download a copy of the Limited-Term Final Public Report by clicking the graphic above, or by going to the Project Documents page on the website, and scrolling down to Limited-Term Final Public Report . . .