Condo Project Checklist

Condominium Project Checklist for Realtors®

The following information is designed to assist Real Estate Agents in determining whether a

condominium project may be prone to disqualification for financing. This information is general

in its scope and for informational purposes only and is not intended to replace a lender’s HOA

certification.

How to use this information:

Use this checklist to uncover possible deficiencies in the HOA’s qualifying criteria. An HOA that

cannot meet certification guidelines may prevent a buyer from obtaining financing for that

property.

Project Approval

What to ask: is the project approved by the appropriate agency?

Who to ask: the agency’s condo lookup website.

• FHA: https://entp.hud.gov/idapp/html/condlook.cfm

• Fannie Mae: https://www.efanniemae.com/sf/refmaterials/approvedprojects/. The list of

approved projects is at the bottom of the webpage organized by state.

• Freddie Mac: follows Fannie Mae and HUD (reciprocal review).

• VA: http://condopudbuilder.vba.va.gov/2.2/frames.html

What to look for: project must be approved by the agency associated with the expected

financing (FHA, Fannie, Freddie, VA).

HOA Dues Delinquency

What to ask: how many units are late 30 days or more on HOA dues?

Who to ask: HOA / property management.

What to look for: no more than 15% of the units delinquent 30 days or more in HOA dues.

Non-Owner Occupancy Rate

What to ask: what is the ratio of non-owner occupied units to owner occupied?

Who to ask: HOA / property management.

What to look for: 51% or more of units must be owner occupied. Non-owner occupancy is

usually determined by identifying off site mailing addresses.

_

_

_

Litigation

What to ask: is the HOA in litigation or is there pending litigation?

Who to ask: HOA / property management.

What to look for: no litigation in process or pending.

Adequate Reserves

What to ask: what is the total budget and how much is held in reserves (for unexpected

expense and insurance deductible).

Who to ask: HOA / property management.

What to look for: amount held in reserves must be 10% or more of total budget.

Percentage of Units Owned by a Single Entity

What to ask: how many units are owned by a single entity?

Who to ask: HOA / property management.

What to look for: no ownership by any single entity of more than 10% of the units.

Posted via email from IngraffiaHomeInspection's posterous

WARNING: 2010 Census Cautions from the Better Business Bureau

GOOD INFORMATION TO PASS ON TO EVERYBODY THAT YOU KNOW:

2010 Census to Begin

WARNING: 2010 Census Cautions from the Better Business Bureau

Be Cautious About Giving Info to Census Workers by Susan Johnson

With the U.S. Census process beginning, the Better Business Bureau
(BBB) advises people to be cooperative, but cautious, so as not to become a victim of fraud or identity theft. The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United   States and will gather information about every person living at each address including name, age, gender, race, and other relevant data.

The big question is - how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice:

** If a U.S. Census worker knocks on your door, they will have a badge, a handheld device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions.  However, you should never invite anyone you don't know into your home.

** Census workers are currently only knocking on doors to verify address information.

Do not give your Social Security number, credit card or banking information to anyone, even if they claim they need it for the U.S. . Census.

REMEMBER, NO MATTER WHAT THEY ASK, YOU REALLY ONLY NEED TO TELL THEM HOW MANY PEOPLE LIVE AT YOUR  ADDRESS..

While the Census Bureau might ask for basic financial information, such as a salary range,
YOU DON'T HAVE TO ANSWER ANYTHING AT ALL ABOUT YOUR FINANCIAL SITUATION.

The Census Bureau will not ask for Social Security, bank account, or credit card numbers, nor will employees solicit donations.  Any one asking for that information is NOT with the Census Bureau.

AND REMEMBER, THE CENSUS BUREAU HAS DECIDED NOT TO WORK WITH ACORN ON GATHERING THIS INFORMATION..  No Acorn worker should approach you saying he/she is with the Census Bureau.

Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the
Census Bureau will not contact you by Email, so be on the lookout for Email scams impersonating the Census.

Never click on a link or open any attachments in an Email that are supposedly from the U.S. Census Bureau.

PLEASE SHARE THIS INFO WITH FAMILY, COLLEAGUES, AND FRIENDS.

Posted via email from IngraffiaHomeInspection's posterous

Hooters 2010 calendar

Download now or preview on posterous

HootersC.pdf (1411 KB)

Posted via email from IngraffiaHomeInspection's posterous