For those of us in Texas, HOA's are the rule in any city of size. Most are managed by large, professional management companies and are added value to a community. They really help keep home values up and act as the fearless neighbor when it's time to tell another resident to keep the brken down car off the lawn, remove the Christmas decorations in May, and cut the lawn to keep it at least under 6 inches.
But, by now most agents have also seen the meteoric rise in fees that are charged when a seller needs to move. There has always been a transfer fee to cover the administrative changing of the name, even though the address remains the same. OK, a $100 fee maybe can be justified. Then a resale certificate needs to be provided, but again there is a cost. So, ok maybe another $100 from the seller to provide this to a buyer.
But it has gone to the extreme. HOA management compaies are now charging for code compliance inspections prior to closing (maybe they should be doing this all along?) and charging up to $300! Transfer fees are increasing and we just had one HOA charge $300 to the buyer to register! And the resale certificate and CCR copies are the real killer. $275 for the resale certificate, and $200 for a copy of the CCRs!
Many members of our board, SABOR, are up in arms and we need the legislature to reign in these unregulated companies. However, it has come to our attention that one of our powerful politicians owns one of these companies! Until I have more details, I am not going to name names, but we need help. If an HOA is mandatory, it needs some sort of regulation. Continuing to accept these outrageous costs is only going to make it easier for them to increase in the future.
Please, if you are a Texas Realtor(R), get the conversation going and let's try to get some tread on this issue. We know our legislators won't act until it is a real public issue, so we need our buyers and sellers to make noise as well. If you sell a home, or are purchasing, look at the costs and ask why!
Wednesday, August 19, 2009
Thursday, August 13, 2009
Featured Listing - San Antonio
This is a wonderful home in the northwest area of San Antonio. Near the new Christus Santa Rosa Hospital, Sea World, UTSA and more!
Friday, August 7, 2009
113 Firesage
Fantastic custom home in Universal City, close to Randolph AFB, forum Shopping, Ft Sam andmore! Huge 3 car garage, custom built in cabinets, floor to ceiling fireplace and mantle, granite kitchen counters and more!
Monday, August 3, 2009
Latest Lending Rules
Here is the latest on the new lending rules enacted and in place as of 1 August:
In 2008, The Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA) were passed by Congress and the Federal Reserve Board published the regulations under the Truth in Lending Act. These regulations were written to provide a more transparent, level and fair regulation of the real estate industry; to add additional steps to help prevent deceptive lending practices; and to protect consumers by making them more informed --and therefore more confident--in their home financing choices.
HERA - Amends the Truth in Lending Act (TIL) implemented through Regulation Z. Has a number of provisions including the Mortgage Disclosure Improvement Act which changes the Truth In Lending requirements surrounding early and final disclosures to home buyers and addresses the timing of when fees can be charged.
HERA applies to:
* ALL Loans registered on July 30, 2009 and thereafter
* ALL Primary Residence and Second Home Transactions
* ALL Purchase and Refinance Transactions
HERA changes:
*Collection of Fees - No fees, other than an actual and reasonable credit report fee, may be collected prior to the borrower’s receipt of the initial disclosure from the lender. Disclosures are considered “received” three full business days after mailing.
*The borrower must be provided a copy of the appraisal a minimum of three business days before closing. The appraisal is considered “received” three business days after mailing.
* Business days for HERA timing purposes include Saturdays and exclude Sundays and Federal Holidays.
*The absolute minimum number of days to be able to close a transaction once HERA is implemented is 7 business days from initial TIL Disclosure.
*An APR increase of more than .125% from the initial TIL requires re-disclosure of the new and final APR via the TIL disclosure a minimum of 6 business days prior to the closing date.
In 2008, The Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA) were passed by Congress and the Federal Reserve Board published the regulations under the Truth in Lending Act. These regulations were written to provide a more transparent, level and fair regulation of the real estate industry; to add additional steps to help prevent deceptive lending practices; and to protect consumers by making them more informed --and therefore more confident--in their home financing choices.
HERA - Amends the Truth in Lending Act (TIL) implemented through Regulation Z. Has a number of provisions including the Mortgage Disclosure Improvement Act which changes the Truth In Lending requirements surrounding early and final disclosures to home buyers and addresses the timing of when fees can be charged.
HERA applies to:
* ALL Loans registered on July 30, 2009 and thereafter
* ALL Primary Residence and Second Home Transactions
* ALL Purchase and Refinance Transactions
HERA changes:
*Collection of Fees - No fees, other than an actual and reasonable credit report fee, may be collected prior to the borrower’s receipt of the initial disclosure from the lender. Disclosures are considered “received” three full business days after mailing.
*The borrower must be provided a copy of the appraisal a minimum of three business days before closing. The appraisal is considered “received” three business days after mailing.
* Business days for HERA timing purposes include Saturdays and exclude Sundays and Federal Holidays.
*The absolute minimum number of days to be able to close a transaction once HERA is implemented is 7 business days from initial TIL Disclosure.
*An APR increase of more than .125% from the initial TIL requires re-disclosure of the new and final APR via the TIL disclosure a minimum of 6 business days prior to the closing date.
Monday, July 27, 2009
Homes in Schertz, TX
Jut thought we would share some listings with you that are available in Schertz.
Let's start with 3028 Greenshire in the Greenshire Oaks subdivision.
Its a fantastic custom home with a 3 car tandem garage. It is 2622 square feet with a beautiful master suite down and two large bedrooms and a game room up. The roomy kitchen has loads of counter space and built in ovens for the cook in the family. Listed at $249,900 this is a great home in a great school district. Available and easy to show. Call and we'll set up an appointment.
We'll post one listing a week to work with....
Wednesday, July 15, 2009
Schertz again ranked in top places to live!
CNN/Money Magazine has named Schertz, Texas one of the best small towns to live in across the United States.
Schertz is the largest city in the San Antonio metropolitan area with more than 32,000 residents. Schertz is America’s 39th best small town.
The city’s population grew more than 80 percent since the 1990 census, making it one of the fastest-growing cities in Texas.
Every two years, Money Magazine releases its list of America’s best small towns. In 2007, Schertz was ranked 40th on the U.S. list and was one of only three Texas towns on the top 50 list. In 2009, Texas towns Schertz, Hewitt, Keller, Mansfield, Friendswood and Georgetown all earned spots on the magazine’s list. Dallas-Fort Worth suburbs Keller and Mansfield ranked seventh and 24th; Friendswood, in the Houston-Galveston area, ranked 32nd; Georgetown ranked 45th; Hewitt ranked 46th.
Schertz has been cited for its prosperous outlook and quality of living through sound planning and fiscal responsibility. Schertz is planning on opening new roads, a library and a recreation center this year. The city’s unemployment rate fell to 4.3 percent in April, down from 4.7 percent in February. About a third of Schertz’s employed population works for Randolph Air Force Base.
“I think Money Magazine’s ranking of Schertz is a reflection of the hard work this community has done over the past 50 years,” says Hal Baldwin, who has represented Schertz as mayor since 1994. “I want to give credit to the volunteers … the people who work hard to make this city an outstanding place to live.”
Schertz City Council member Michael Carpenter says Money Magazine’s ranking is significant, particularly in the wake of the U.S. recession.
“We have stated that we want to be the premier city in the (San Antonio) metropolitan area — being recognized by CNN/Money Magazine as being in the top 40 small cities in the United States in 2007 and again now in 2009 suggests we are on the right path, that we are succeeding in our goal,” Carpenter says. “Only nine of the top 50 cities recognized in 2007 bettered their position in 2009 — Schertz is one of them. That’s keeping some pretty good company, and suggests that we may be a lot closer to our goal than some may think.”
Schertz is the largest city in the San Antonio metropolitan area with more than 32,000 residents. Schertz is America’s 39th best small town.
The city’s population grew more than 80 percent since the 1990 census, making it one of the fastest-growing cities in Texas.
Every two years, Money Magazine releases its list of America’s best small towns. In 2007, Schertz was ranked 40th on the U.S. list and was one of only three Texas towns on the top 50 list. In 2009, Texas towns Schertz, Hewitt, Keller, Mansfield, Friendswood and Georgetown all earned spots on the magazine’s list. Dallas-Fort Worth suburbs Keller and Mansfield ranked seventh and 24th; Friendswood, in the Houston-Galveston area, ranked 32nd; Georgetown ranked 45th; Hewitt ranked 46th.
Schertz has been cited for its prosperous outlook and quality of living through sound planning and fiscal responsibility. Schertz is planning on opening new roads, a library and a recreation center this year. The city’s unemployment rate fell to 4.3 percent in April, down from 4.7 percent in February. About a third of Schertz’s employed population works for Randolph Air Force Base.
“I think Money Magazine’s ranking of Schertz is a reflection of the hard work this community has done over the past 50 years,” says Hal Baldwin, who has represented Schertz as mayor since 1994. “I want to give credit to the volunteers … the people who work hard to make this city an outstanding place to live.”
Schertz City Council member Michael Carpenter says Money Magazine’s ranking is significant, particularly in the wake of the U.S. recession.
“We have stated that we want to be the premier city in the (San Antonio) metropolitan area — being recognized by CNN/Money Magazine as being in the top 40 small cities in the United States in 2007 and again now in 2009 suggests we are on the right path, that we are succeeding in our goal,” Carpenter says. “Only nine of the top 50 cities recognized in 2007 bettered their position in 2009 — Schertz is one of them. That’s keeping some pretty good company, and suggests that we may be a lot closer to our goal than some may think.”
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