Home Buying in 92064>Question Details

Pjbroker, Home Buyer in Southlake, TX

Mello Roos obligations are not advised on Trulia....a serious disservice to Trulia's users....why not?

Asked by Pjbroker, Southlake, TX Mon May 6, 2013

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Hello PJbroker,

Mello-Roos is a form of financing that can be used by cities, counties, and special districts (such as school disricts). Mello-Roos Community Facilities Districts (referred to as "CFDs") raise money through special taxes that must be approved by 2/3rds of the voters within the district. A CFD is formed to finance major improvements and services within the district which might include schools, roads, libraries, police and fire protection services, or ambulance services. The taxes are secured by a continuing lien and are levied annually against property within the district.

In order to determine how long the Mello Roos will last for, have your Realtor check with title, as the length of time can vary.

Sincerely,

Chad Basinger, REALTOR, CPA, CFP
chad@chadbasinger.com
858-997-3704
Web Reference: http://www.chadbasinger.com
0 votes Thank Flag Link Mon Jun 16, 2014
Hello PJbroker,

Mello-Roos is a form of financing that can be used by cities, counties, and special districts (such as school disricts). Mello-Roos Community Facilities Districts (referred to as "CFDs") raise money through special taxes that must be approved by 2/3rds of the voters within the district. A CFD is formed to finance major improvements and services within the district which might include schools, roads, libraries, police and fire protection services, or ambulance services. The taxes are secured by a continuing lien and are levied annually against property within the district.

In order to determine how long the Mello Roos will last for, have your Realtor check with title, as the length of time can vary.

Sincerely,

Chad Basinger, REALTOR, CPA, CFP
chad@chadbasinger.com
858-997-3704
Web Reference: http://www.chadbasinger.com
0 votes Thank Flag Link Mon Jun 16, 2014
Trulia can't show everything, these are basic postings. Any Realtor can check to see if a home has Mello Roos assessments. I would hope your Realtor would take the time to find this out since it will make a difference, in some cases a huge difference, in your monthly payments. I certainly would want my buyers to know this up front. Why waste time looking at homes, and submitting offers, if the payment with the assessment takes you over budget? If you wait until you get the tax disclosures in escrow, you'll still have the out-of-pocket costs of the inspection and appraisal (both of which should be ordered ASAP to get loan approval in time for the loan contingency removal date). That's a really expensive way to find out something so easily obtained beforehand. We can even show the breakdown of the assessments.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
619-825-6421
Lic # 01443391
0 votes Thank Flag Link Mon May 6, 2013
I agree with Laura and Ron, M-R is a complex tax issue that should be explained in the detailed tax disclosures, not in the summary information found in listings. Buyers need to look at the details to determine what kind of M-R assessment is tied to the property. Some M-R assessments expire on a specific date or when the debt is repaid (as with capital projects) or it could go on for eternity (as they tend to when used for recurring operating expenses). But there are many other assessments in a typical tax bill that have the same features, so it's best just to have the buyer research every detail of the tax bill.
0 votes Thank Flag Link Mon May 6, 2013
As Agents, we can check the tax rolls and break out the Mello Roos from the regular property tax. Not all Agents know how to research it, tho it is super easy. But that means they don't always know and, thus, don't always enter it into the MLS. Which then causes it not to appear on all the aggregator sites.

The aggregators, like Trulia, are not Agents so not responsible for all the details of a property.

Happy to help you research if you need it.
0 votes Thank Flag Link Mon May 6, 2013
Realtors and/ or Trulia do not deal in taxes so its to much liability to be accurate on an automated system. If you are interested in a property you can have your Realtor contact their title rep to get a tax roll. You should be working with a local Realtor to advise on areas that you areinterested in if they have Mello Roos or not.
0 votes Thank Flag Link Mon May 6, 2013
Trulia is just an advertising/posting service; they are not responsible for the content:
Trulia couldn't possibly monitor all the postings.
Most Listings will show extra things like HOA fees, Mello-Roos and special assessments, easements and encrouachment, etc. But some will not until you get down to the nitty-gritty.
0 votes Thank Flag Link Mon May 6, 2013
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