"HOW DO I FIND HOA INFORMATION, AND WHO IS THE PROPERTY MANAGEMENT COMPANY?"

The following info is specific to Florida ONLY.  I have used Pinellas County for illustration purposes only.  Each county will have different public records access. 

Here are a few tricks to help with this mystery -

1) ASK THE SELLER....Although they might not know offhand, there’s a chance they have received correspondence from them OR know a Board member. Some communities have a web presence that only residents know about.

2) Go to www.sunbiz.org

• In the Left column select “LOOK UP A BUSINESS NAME”

• Choose the first link “INQUIRE BY NAME”

• Type in the name of your Subdivision in question, it doesn't have to be complete (ex. Try WESTLAKE VILLAGE)

• Scan the search results for something that looks like a community association (WESTLAKE VILLAGE CIVIC ASSOCIATION, INC.)

• Now click on the link, this will tell you who is the President, VP, Sec, etc. of the association.

• 411 the President, and ask them if they are self managed and who the best point of contact is. VOILA!

3) Finding a MANAGEMENT COMPANY is a little more tricky. Often, simply GOOGLING "HOA (enter name) MANAGEMENT COMPANY" will get you the info you need.

4) Another trick is to go to the Clerk's website (www.pinellasclerk.org):

• On left side halfway down select “Recording and Official Records”

• Choose ”Search Official Records” • Type in the name of the HOA to search

• Select a LIEN that was recently filed.  Usually, an attorney does this for them, but read the Lien itself - it will show the name of the MANAGEMENT COMPANY in the body of the Lien.

With mortgage rates at 4.42%, which is the LOWEST EVER since rates have been tracked, have you thought about re-financing. It's a tough decision that would normally be an easy one.

There are a few Pro's to re-financing:

1) Lower payment due to lower interest rate
2) Locking in an ULTRA-low interest rate good for 15, 20, or 30 yrs.
3) Converting monthly payment savings into HARD, IN-THE-BANK savings OR
4) Paying off bills with the monthly payment savings
5) Avoiding a balloon payment if you have a balloon mortgage


Some Con's you should consider:

1) Payments are pushed out 15, 20, or 30 years, setting back full satisfaction of the mortgage
2) Your principal portion of monthly payment shrinks
3) You may have to pay PMI (Mortgage Insurance) if you dont have at least 80%-85% loan-to-value ratio (LTV)
4) If you have a pre-payment penalty built into your current loan (tsk, tsk...yuou should have read the fine print)
5) If re-fi'ing with an ARM, you are losing longterm stability of your interest rate.
6) If you are paying points at the time of re-finance, compare actual upfront cost to annual savings...you may find it will take 5-10 years to break even on your savings.

Please do your due diligence if considering a re-fi! It's good for most but not for ALL!

July stats are in and our market continues to sputter as it tries to get it's legs. My personal opinion is we are in a POST-Homebuyer Tax credit depression coupled with the severe mortgage and appraisal issues we are constantly dealing with.

The number of Homes Sold in July plunged 32% compared to June. On the other hand, the amount of new homes for sale only increased 2.4% (a stable supply will stabilize home prices) and Pending Sales showed a 14% increase over June's numbers. That should translate into a good August!

For most realtors, short sales are a substantial part of our business.  After 4 years in a decreasing marketplace, more people find themselves upside down on their mortgage EVERY day.  While they certainly have their downsides, helping sellers in a financial quagmire unload a very negative asset is rewarding. 

While I have a SFR designation (Short Sale & Foreclosure Resource) and have attended numerous training events offered by our local realtor Board and other entities, there is NO substitute for getting your hands dirty and working the phones for a short sale.  I learn new things just about every short sale I close.

I took a listing recently that has THREE mortgages.  It’s a first for me.  Obviously, 1 mortgage is normally fairly straightforward and 2 mortgages requires some more advance planning and technique.  But 3 mortgages???  Now I’m in the majors, baby!

After the fear subsided, I realized I had no choice but to dive right in.  The very first thing I did was send in the authorization letters.  My second action was to hop online and Google “short sale 3^rd mortgage” and also the bank holding the note.

Now, we all know 2^nd & 3^rd lienholders THEORETICALLY have no “leverage” but they actually wield quite a lot of power, which catch many by surprise.  They have the power to withhold approval, meaning you have a dead deal.  They have the power to release the lien, allowing the sale, but NOT release the seller from the obligations of the note.  They have the power to require a large payoff at closing, which is basically a ransom demand.

If one has never dealt with a particular bank in a particular lien position, then Google is a great place to start.  The amount of info-sharing via customers and realtors is great.  For instance, I learned that this particular 3^rd mortgage has a separate number for submitting authorization letters (which I knew beforehand) and it behooves realtors to follow up for a contact in their Executive Client Relations division, where they will be assigned a neogitator.  Unfortunately, I also learned that under no circumstances will they release the deficient amount owed on the equity line – at least that is what people claim.  A follow-up call to the lender confirmed that.

Information is power these days.  I have already alerted the sellers in order to set their expectations.  I know the bank’s negotiation position beforehand.  I also know how they have responded to other borrowers.

So if you’re wondering how your bank responds to short sales, just Google it.  You’ll be glad you did.

Mortgage tips for Buyers.

Preventing the last minute collapse of your mortgage file doesn't take much...just knowing how the game is played. A new rule (Fannie) called Loan Quality Initiative went into effect on July 1, 2010 that requires lenders, Before Closing, to check credit to make sure borrowers have not incurred any new debts. If borrowers incur More debt, and it affects the underwriting ratios by more than 2%, the loan will have to be re-underwritten prior to closing. Here's some Old School Advice that's still relevant!


Don’t – allow multiple credit checks

Don’t - apply for new credit within 45 days of signing a contract

Don’t – “Shop” for new credit before closing (Furniture, cars, etc)

Don’t – Go on a spending spree (using your credit limits) to buy things for your new home.



Do – File tax returns and/or extensions

Do – Explain or document all inquiries on your credit report

Do – Disclose all Debt – even if it did not show up on your credit report

Do – Work with a knowledgeable lender who can help you navigate the ever-changing mortgage industry.

Hi. We need to talk.

Please, have a seat. No, you should really sit down.

It's been a rough couple of years, with the market zigging and zagging...ok, mostly "zagging".

I can see the serious money you put in your home...the granite counters, crown moulding, remodeled pool, outdoor kitchen...you've done a wonderful job!

You're probably asking yourself, "Is he going to give me bad news?"

Unfortunately, I am. I don't want to, but it's my job.

Your home's value has fallen - hard. But your not alone...according to the county, my own home's value has fallen 23% from 2009 - 2010. A little excessive, but I won't argue...I want my taxes lowered.

Just so we're clear, Pinellas County has released it's 2010 real estate values in advance of mailing all countywide homeowners their real estate TRIM (TRuth In Millage) notice. The numbers are "preliminary" but I doubt they'll change much.

Also, we're NOT talking true value numbers...we don't use the tax records for that. We would use comparable properties sold w/i the last 3-6 months.

However, for tax purposes, the County is saying our homes' values took a nosedive. Your first thought is probably "Whew" followed closely by "What does that mean for me?"

Well, you MAY be paying lower taxes, as long as the taxing authority doesn't raise your millage rate. GOTCHA!

If you're selling, you BETTER believe buyers are looking at this info. I try to counsel my clients that it should not be relied upon solely for valuation purposes.

If you're curious, go to WWW.PCPAO.ORG and click on "Search our Database" on the lefthand side. Select you method of entry (I used address) and get out the tissues...

Just keep in mind that historically Real Estate has DOUBLED every 7-10 years so we're in a trough now. Our population is increasing (read: demand) and with so few new homes being built, our supply is stable. There will be a stabilization and turnaround, but no one can say when.

Hey, it looks grim but it will get better. As we all know, nothing stays the same forwever...

Welcome to the NEW normal.  Our inventory has leveled out at approximately 27,000 units.  About 11% - 12% of AVAILABLE properties are selling each month - that means just 1 in 10 will close!

I was thinking about what to blog while cleaning my pool today and !voila! it came to me - pools. They are a MUST HAVE for many buyers and a HEADACHE for some sellers. The number of pools in Florida has been reported to be WELL OVER 1,000,000... unfortunately, we also lead the nation in drowning deaths as a result.

That said, maintaining a pool can be daunting for new owners. Lucky for me, my wife was a Certified Pool Operator (CPO) in VA and ran many commercial pools. She was always the one to let me know what I was screwing up and how to remedy.

Your husband/wife/significant other not a CPO? We can fix that - we have many local pool supply companies that will test your water for free. Of course, they hope you buy the chemicals their tests say you need. When we had our pool resurfaced, a condition of our warranty was that we had to have the water tested EVERY month. This I do at a local pool supply co.

I'm not going to go over the basics of pool chemistry, as I do not claim to be a pool expert. I have become comfortable with my own pool and spend just about 5-10 minutes PER WEEK cleaning it. BUT EVERY POOL IS DIFFERENT!

The purpose of this blog article was to bring to light something I found out today. During my monthly water test, I was told I had low "Total Alkalinity" and low "Calcium Hardness" due to the 8" of rain we have received. That reminded me I had to drain the pool TWICE this last week.

I googled my pool's "condition" and here's what I found:

The total alkalinity (TA) is a measure of how much of the alkaline substances there are in the water. In the swimming pool water, we are concerned with bicarbonate alkalinity, which should be between 80 ppm and 120 ppm.

When the total alkalinity (TA) is within this range, it prevents rapid pH changes and "stabilises" the pH level.

If the TA is too low, Marbelite and plaster walls will become etched, metals corrode, the pool's walls and floor can stain, the water can turn green, eyes burn and we can have pH bounce (pH rapidly going up and down, seemingly at random).

If the TA is too high, the pH is difficult to adjust, the water becomes cloudy, the pool constantly needs acid (according to your test kit) and the chlorine loses its efficiency as a disinfectant.

It is recommended that you test the TA regularly, but in practice it changes very little in a well-maintained pool.

As for the calcium hardness, I have seen it pull calcium from the pool surface when it is too low:

Low calcium hardness

Low calcium hardness results in corrosive water. The plaster surfaces or tile grouting softens and erodes, metal equipment and accessories oxidize and rust quickly, and the water becomes aggressive. This can lead to staining of the pool's surfaces as well as an eventual need for resurfacing.

Increase low calcium hardness

The calcium hardness level can simply be increased through the addition of calcium chloride or any commercial calcium increaser (which contains CaCl).

Alternatively, in swimming pools that suffer constantly of low hardness due to the quality of the fill water, calcium hypochlorite could be the chlorine of choice. This chlorine adds calcium to the pool water with each addition keeping the level up. Care must be taken to test Conditioner a couple of times a year as this chlorine (65% - 70% CHC) does not contain conditioner in its formulation.

High calcium hardness

High calcium hardness results in scale formation on the pool surfaces as well as scaling in the pipes, plumbing and filter. In extreme cases the water becomes dull and cloudy with the calcium precipitating out into the water rather than onto a surface. High calcium levels will also irritate swimmers, causing sore eyes in particular.

So if you have a pool and have rec'd a bit of rain, make sure you test your pool water. If anything, I hope this post saves you some frustration down the road...

This is amazing...the Associated Press says the last time rates were this low was in the 1950's...

All Rates But 1-Year ARM Hit Record Lows In Freddie Mac Weekly Survey
For Immediate Release

June 24, 2010
Contact: corprel@freddiemac.com
or (703) 903-3933

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.69 percent with an average 0.7 point for the week ending June 24, 2010, down from last week when it averaged 4.75 percent. Last year at this time, the 30-year FRM averaged 5.42 percent.

The 15-year FRM this week averaged 4.13 percent with an average 0.6 point, down from last week when it averaged 4.20 percent. A year ago at this time, the 15-year FRM averaged 4.87 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent this week, with an average 0.7 point, down from last week when it averaged 3.89 percent. A year ago, the 5-year ARM averaged 4.99 percent.

The 1-year Treasury-indexed ARM averaged 3.77 percent this week with an average 0.7 point, down from last week when it averaged 3.82 percent. At this time last year, the 1-year ARM averaged 4.93 percent. This is the lowest the 1-year ARM has been since the week ending May 6, 2004 when it averaged 3.76 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

“Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in the housing market slowed in May following the expiration of the homebuyer tax credit,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Freddie Mac began collecting rates for 30-year fixed loans in April 1971, 15-year fixed mortgages in September 1991 and 5-year hybrid ARMs in January 2005. The record low for traditional 1-year ARMs of 3.36 percent occurred during the week of March 25, 2004.

“Both new and existing home sales showed unexpected declines in May. Existing sales fell 2.2 percent, compared to the market consensus forecast of a 6.0 percent gain, based on figures published by the National Association of Realtors® . Sales of new homes fell 32.7 percent to an annualized rate of 300,000 units, which was the largest monthly drop and slowest pace since records began in 1963, according to the Census Bureau .”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

http://www.freddiemac.com/pmms/release.html?week=25&year=2010