CA does not have a minimum amount for reserves that an H.O.A. is required to have.
Funding levels of H.O.A. reserves do have an effect on the value of a property.
Part of the reason is that Fannie Mae's lending guidelines require that H.O.A.'s set aside 10% of their budget to funding reserves in order for properties to be eligible for loans (which increases the amount of eligible buyers & makes it easier to sell. With out that eligibility sellers could be limited to cash buyers or having to provide seller financing).
Another reason (and the reason Fannie Mae has this guideline) is if there is an unexpected emergency and the H.O.A. doesn't have sufficient reserves it will cause them to take out loans which they may not be able to get so needed repairs wouldn't be able to be completed or they may have to charge a large special assessment on the homeowners which they may not be able to collect from cash strapped owners (or those properties that have been foreclosed upon (and if you have too large a percentage of delinquent homeowners at any one time that will again effect the ability of a buyer to get a loan).
H.O.A.'s can go up depending on their budget. This is why it is very important for home owners to go to the meetings and be active in their association.
Re: the rental: too many rentals in an association is also a liability to a lender so if you have too high a number of renters to owner occupied units that will also make it hard for a buyer to get a loan decreasing a seller's options & thus the value of the unit.... more
What is the difference between getting a Home Value Estimate from Trulia, Zillow or even looking at the Tax Assessor's Property Value versus receiving a Value Estimate from a Local Realtor? Trulia &
You can contact me and can work something, you don't need to put above asking price in all properties. There are lot of other options depending on where you are looking for.
RE/MAX Active Realty.
Short Sale And Foreclosure Resource
Phone: (510) 676-4770
Hello Reality420012. I agree with you, it's completely relavent to the value of the home! The higher the space rent the less the home is worth. Feel free to contact me if you need that info on any ad you see. Kevin... more
Yes, you could try calling my lender at United Realty & Loan, her name is Patty Villanueva her cell is 760-521-8398 or email her at Patty.URM1.com, if anyone can do it she can. I have her qualifying clients of mine who are in Sydney, where 1 is a US citizen & the other isn't.
You're up awfully late, you can call Patty even on the weekends.
Shoot me an email directly if you'd like to talk to me some more. I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors... more
The most accurate and dependable information will come from your real estate professional. Real estate websites often take several days or mor to become updated while that agent will have current information as soon as it is entered into the MLS.
Additionally, you should have your OWN personal agent to look out for your best interests.....avoid working with the listing agent, seek your own representation.
Length of time on the market will vary by exact location, pricing, condition, size, etc.; therefore if looking to sell, invite a few local agents from different realty companies, ask for a market analysis, review the data, ask opinions and gor from there; market analyses are provided free of charge by most agents.... more
Canoga Park, CA 91304 - Houses (SFR) - Historic Count of Sales by Month (January-April for the years 2009-2012)Sales, Number ofMonth 2009 2010 2011 2012Jan 40 28 30 36Feb 30 25 37 32Mar 44 26 48 33Apr
It can take a day (VERY rare) or it can take months. Buying a short sale property can take some patience but can be rewarding in the end!
Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center
WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!... more
Canoga Park Short Sale Agent ~ Need Short Sale Help ?There are a good number of homeowners in Canoga Park that might need the help of an experienced Short Sale agent. Real estate values have declined,
Lenders will use the middle score from all 3 credit bureaus which may or may not be Experian. In addition, if it's a large collection amount, lenders will require it be paid off prior to closing on a new home. You should consult w/ your lender before you begin to search for a home. They should be able to advise on the best course of action so as to move forward w/ a pre-approval. Good luck.... more
Thank you for your question.....
Realty Trac information can be a bit confusing and many people find their information misleading...so you are not alone-regardless of your level of experience. Our advice is to seek a local real estate professional for their support. They will be able to provide you with the information you require and guide you through the buying process.
Determining the successful purchase price of a foreclosure can depend on a number of factors including-condition of the property, the amount owed to the bank, length of time on the market, the banks level of motivation, amount of interest in the property, etc. There is no magic formula.....but an agent familiar with your location should be able to help you.
We recently closed on a transaction in which the bank foreclosed on an amount of $75,000 owed to them and put an asking price on the property of $175,000. The message here is that it's important to do research and be familiar with the area's recent market activity of similar property.
Hi Glory, the price is $319,999. It has tennis courts and a heated pool! If you give me your email, I can send you the listing, and if you'd like to see it, let me know because there is restricted viewing hours.... more
There are many posts on this subject in this forum on this subject and you could search for them. Here is a short version of the definitions.
Preforeclosure - Before foreclosure - the homeowner is late on his payments and the bank is starting the process of exercising their collection rights. Preforeclosure actually starts the minute a homeowner defaults on their mortgage payments, long before the Notice of Default (NOD) is filed, but most people don't give it this title until the bank has actually files the NOD. During this period the homeowner can negotiate with the bank to stop the foreclosure process, get a loan mod, refinance, pay the delinquent amount, negotiate forebearance, sell their home, etc. (owners rights and remedies) It is a time of choices and will last at least 121 days in California.
Foreclosure - Some people begin to refer to a home as "in foreclosure" when the Notice of Trustee Sale (NTS) is filed. This is a 21 day notice that the bank intends to sell the home on the courthouse steps at a Trustee Sale or Auction. Up until 5 days before the auction the owner can still exercise any and all of their rights and remedies. Mnay people use the term forclosure for the entire 121 day period (and technically this is correct). Some people don't use the term foreclosure until after the Trustee Sale (which is technically wrong). Many people use the term to refer to the home once it is bank owned.
REO - stands for real estate owned. This is a home which is owned by the bank who acquired it through foreclosure.
Short sale - This is simply the sale of a home for less than the amount owed the bank. Some of these homes are in pre-foreclosure and some are not. Also note, not ALL homes in preforeclosure and which are listed for sale are short sales (although some realtors will tell you differently). The homeowner is selling this home, however, the lender must approve receiving the sales price as payment in full on the outstanding mortgage loan. The short sale process is NOT short. It can take 60 - 180 days to get the bank to approve taking less than they are owed.
Bank owned - the same as REO, and for some people the same as foreclosure.
Hope that helps. You can look at some of the other post on Trulia (including my own) for more information on this subject, or you can contact me directly through my profile. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty