Buyers who are considering the purchase of a condominium should inspect the health of the home owner’s association before they close.
The seller should provide the buyer all financial documents relating to the association in time for an attorney for the buyer to review them before closing.
Here’s some advice from Leonard Baron, professor of finance at San Diego State University, about the information that the seller should consider:
Does the association budget include money for operating expenses such as water, lights, elevator maintenance, and landscaping?
Is there extra money set aside in a reserve fund for long-term maintenance? If there is an outside reserve study, that should be provided. If not, there should be adequate money in the reserves right now to cover 50 percent of the estimated cost of repairs over the next 30 years.
Do the condo’s expenses exceed revenues due to a high foreclosure rate or other reasons that owners’ debts go unpaid?
If there is a shortfall, does the association have a plan besides cutting back on services for making it up?
Source: The Wall Street Journal, June Fletcher (10/17/2009)
Wednesday, October 21, 2009
Tuesday, October 20, 2009
Texas Stadium Demolition
The city has moved forward with plans to demolish Texas Stadium via implosion, which was determined to be the safest way to remove the structure.
Dallas-based Weir Brothers was awarded approximately $5.9 million to implode the iconic stadium. The company will help ensure that the city’s environmental stewardship goals are satisfied. Included in these initiatives is a directive for 95 percent of the concrete and steel to be recycled.
The Texas Department of Transportation is leasing the stadium property for a staging area during reconstruction of the adjacent highways. Notice to proceed with the demolition is expected this month. Preliminary scheduling places the implosion in early 2010, with a completion date of next July.
Monday, October 19, 2009
Stricter Noise Guidelines to Help Ensure a More Peaceful, Quiet City for Irving Residents
To help give Irving residents a more peaceful and quiet environment in which to live, the city has strengthened its noise guidelines. New language allows the Police Department to provide enhanced enforcement of several ordinance clauses.
Highlights of the enhanced guidelines include: •Prohibiting commercial vehicle idling in excess of 15 minutes within residential areas or within 300 feet of a residential structure.
•Prohibiting devices that cause vibration beyond the boundary of the source property.
•Limiting construction and repairs generally between 6 a.m. and 9 p.m. on weekdays, and between 7 a.m. and 8 p.m. on weekends.
•Testing of emergency signals only between 7 a.m. and 9 p.m.
“Our goal is to provide the public with a greater understanding of the ordinance and to offer a more comprehensive list of prohibited conduct,” said Police Chief Larry Boyd. “We are hopeful that the enhanced ordinance will be a more effective tool for law enforcement.”
Additional changes to the ordinance included the elimination of outdated language. Violations of any ordinance clause may result in a fine.
Highlights of the enhanced guidelines include: •Prohibiting commercial vehicle idling in excess of 15 minutes within residential areas or within 300 feet of a residential structure.
•Prohibiting devices that cause vibration beyond the boundary of the source property.
•Limiting construction and repairs generally between 6 a.m. and 9 p.m. on weekdays, and between 7 a.m. and 8 p.m. on weekends.
•Testing of emergency signals only between 7 a.m. and 9 p.m.
“Our goal is to provide the public with a greater understanding of the ordinance and to offer a more comprehensive list of prohibited conduct,” said Police Chief Larry Boyd. “We are hopeful that the enhanced ordinance will be a more effective tool for law enforcement.”
Additional changes to the ordinance included the elimination of outdated language. Violations of any ordinance clause may result in a fine.
What's Ahead For Mortgage Rates This Week: October 19, 2009
Mortgage markets worsened last week on better than expected economic data, causing mortgage rates to rise.
Last week was the third consecutive week that mortgage rates moved higher and, since touching a multi-month low in early-October, conforming mortgage rates are up by about a half-percent.
It's likely rates will continue to rise, too. That's because the same force that held rates down for so long is now the force pulling them up -- expectations for the U.S. economy.
Over the last 6 months, it wasn't clear in what direction the country was headed. The housing sector has been gaining in strength, but the rest of the economy has been a question mark.
Last week put an end to some of those questions:
•Retail Sales posted stronger-than-expected results
•Consumer Sentiment matched September 2008 levels
•Jobless and continuing claims fell below consensus estimates
Expectations for the U.S. economy are changing on the fly. As a result, stock markets gained last week and mortgage markets lost.
This week, rates could move higher still. There are an unusually large number of key economic reports including on housing and inflation, plus a handful of speeches from key Federal Reserve members.
With each positive announcement, mortgage rates should rise.
Last week was the third consecutive week that mortgage rates moved higher and, since touching a multi-month low in early-October, conforming mortgage rates are up by about a half-percent.
It's likely rates will continue to rise, too. That's because the same force that held rates down for so long is now the force pulling them up -- expectations for the U.S. economy.
Over the last 6 months, it wasn't clear in what direction the country was headed. The housing sector has been gaining in strength, but the rest of the economy has been a question mark.
Last week put an end to some of those questions:
•Retail Sales posted stronger-than-expected results
•Consumer Sentiment matched September 2008 levels
•Jobless and continuing claims fell below consensus estimates
Expectations for the U.S. economy are changing on the fly. As a result, stock markets gained last week and mortgage markets lost.
This week, rates could move higher still. There are an unusually large number of key economic reports including on housing and inflation, plus a handful of speeches from key Federal Reserve members.
With each positive announcement, mortgage rates should rise.
Friday, October 9, 2009
~Tips for Homeowners With Pets When Facing Home Foreclosure~
If you are facing home foreclosure and you have pets, here are some tips to help you relocate with your pets or find other safe placement for them. Never leave pets behind when you vacate your home!
Take Your Pets With You or Find Them a Safe Place to Stay:
•Take your pets with you when you vacate your home; they will not survive if abandoned in the home or set loose. In addition, the comfort and companionship of pets can provide therapeutic benefits to family members by easing the strain of moving to a new residence.
•Follow these steps to find safe placement for your pets if you are unable to vacate your home with them:
-Ask family, friends and co-workers if they will care for your pets while you relocate.
-Ask your veterinarian if you can receive low-cost boarding for your pets, or set up a payment plan for boarding costs, while you relocate.
-If you cannot find temporary placement for your pets, visit www.petfinder.com to search for animal shelters and animal rescue organizations in your area where you can surrender ownership of your pets and which do not euthanize adoptable animals.
This will provide peace of mind that your pets will be safe until they are adopted into a new home. Some shelters and organizations may offer to house your pets for a period of time (60 days, for example) at no cost, or at a reduced cost, while you find new housing, so you can be reunited with your pets. If you do not reclaim your pets within the time period, they may be placed for adoption. Always ask if this is an option.
-You also can surrender your pets to your local open-admission animal shelter, but be advised that open-admission shelters are required to accept all animals (including strays), and the adoption of your pets cannot be guaranteed. Thus, if the shelter is overcrowded, it may be forced to euthanize your pets.
Don’t Leave Pets Behind:
•Never vacate your home and leave pets behind or set them loose. It’s inhumane and may be illegal.
-If you leave pets indoors or release them outdoors, state criminal animal-cruelty laws may apply (e.g., abandoning or neglecting your pets), even if you believe you have left sufficient food and water for your pets.
-If you leave pets behind and have arranged for someone to periodically check on them, you may still be in violation of criminal animal-cruelty laws. In addition, when the mortgage lender takes possession of the home, your pets will be removed by the local animal control agency, which will leave your pets at risk of an uncertain future that may include euthanasia.
When faced with foreclosure, please remember to provide for your pets to ensure that they are safe and that you do not face a criminal investigation and possible criminal charges for abandoning or neglecting them. By following these simple steps, this will help you, your family and your pets have a better future.
Take Your Pets With You or Find Them a Safe Place to Stay:
•Take your pets with you when you vacate your home; they will not survive if abandoned in the home or set loose. In addition, the comfort and companionship of pets can provide therapeutic benefits to family members by easing the strain of moving to a new residence.
•Follow these steps to find safe placement for your pets if you are unable to vacate your home with them:
-Ask family, friends and co-workers if they will care for your pets while you relocate.
-Ask your veterinarian if you can receive low-cost boarding for your pets, or set up a payment plan for boarding costs, while you relocate.
-If you cannot find temporary placement for your pets, visit www.petfinder.com to search for animal shelters and animal rescue organizations in your area where you can surrender ownership of your pets and which do not euthanize adoptable animals.
This will provide peace of mind that your pets will be safe until they are adopted into a new home. Some shelters and organizations may offer to house your pets for a period of time (60 days, for example) at no cost, or at a reduced cost, while you find new housing, so you can be reunited with your pets. If you do not reclaim your pets within the time period, they may be placed for adoption. Always ask if this is an option.
-You also can surrender your pets to your local open-admission animal shelter, but be advised that open-admission shelters are required to accept all animals (including strays), and the adoption of your pets cannot be guaranteed. Thus, if the shelter is overcrowded, it may be forced to euthanize your pets.
Don’t Leave Pets Behind:
•Never vacate your home and leave pets behind or set them loose. It’s inhumane and may be illegal.
-If you leave pets indoors or release them outdoors, state criminal animal-cruelty laws may apply (e.g., abandoning or neglecting your pets), even if you believe you have left sufficient food and water for your pets.
-If you leave pets behind and have arranged for someone to periodically check on them, you may still be in violation of criminal animal-cruelty laws. In addition, when the mortgage lender takes possession of the home, your pets will be removed by the local animal control agency, which will leave your pets at risk of an uncertain future that may include euthanasia.
When faced with foreclosure, please remember to provide for your pets to ensure that they are safe and that you do not face a criminal investigation and possible criminal charges for abandoning or neglecting them. By following these simple steps, this will help you, your family and your pets have a better future.
Thursday, October 8, 2009
Ways To Reduce Heating Costs
Furnace
The furnace or boiler is the largest energy user in most homes.
•If health permits, keep thermostat at 68°F or below.
•Lower thermostat at night and when you're gone (55°F lowest setting).
•Check the furnace filter once a month during the heating season. Change or clean when dirty.
•Have a professional tune-up of your heating system every other year.
•Replace your older, 60% efficient furnace with one of at least 90% efficiency.
The furnace or boiler is the largest energy user in most homes.
•If health permits, keep thermostat at 68°F or below.
•Lower thermostat at night and when you're gone (55°F lowest setting).
•Check the furnace filter once a month during the heating season. Change or clean when dirty.
•Have a professional tune-up of your heating system every other year.
•Replace your older, 60% efficient furnace with one of at least 90% efficiency.
Wednesday, October 7, 2009
Preparing your Home for Sale: Weekend Projects to Get Your Home in Tip top Shape!
There are loads of things that need to be done when you’re selling your home. And sprucing it up should be on the top of the list.
But what should you tackle yourself and what should you leave to the professionals? A good rule of thumb is to call in the help of a professional when dealing with gas, electricity and plumbing. Otherwise, rolling up your sleeves and tackling a few of those neglected household projects can help draw attention to your home and get it sold.
Great Weekend Projects
1. Sand and stain the deck - A weathered, faded deck sticks out like a sore thumb. On the other hand, a freshly stained, clean deck can go a long way at sprucing up your outdoor living space.
2. Repaint the trim and shutters - Curb appeal is a huge selling point for any home. After all, making a great, first impression goes a long way toward a quick sale. A fresh coat of paint on your home’s trim, gutters and front door is a great way of sprucing up your home’s exterior.
3. Weed and landscape the front yard - Again, great curb appeal can not be stressed enough. Get your hands dirty and clear the flower and plant beds of weeds and mulch them to add the finishing touch.
4. Paint the interior - A fresh coat of warm, neutral paint on your home’s interior walls can instantly transform the rooms of your home. Choose a calm, warm color that will appeal to a variety of buyers.
5. Scrub down the kitchen appliances - Sparkling clean kitchen appliances can take a dull, dingy kitchen and give it an instant face lift. Scrubbing down your kitchen appliances - inside and out - is also essential if the appliances are staying with the home.
6. Steam clean the carpets - Stained carpets are a great way to lose potential buyers. Rent a steam cleaner and spend the weekend getting your carpets in tip-top shape.
7. Have a garage sale! - Is there any better way to spend your weekend than making money? A garage sale can help you rid your Irving home of unwanted junk that is cluttering up your home and distracting buyers from your home’s selling points. Plus, it can help you earn some cold, hard cash to cover your moving expenses!
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