See the news & stories ▲altacities®▲...




[ Flipboard Archive ]

Financing your HOA buy via FHA, VA?

Our 1317-unit HOA (with 170 condo owners within) is not fully available to all potential buyers.  The community south of Corona in the Southern California Inland Empire is not FHA certified for a couple of reasons: 1) the existence of a a mandatory, developer imposed community development fund that places an escrow fee of .5 percent of the sale price on all properties, and 2) a specific unresolved legal case by the HOA against the original developer of a backroom deal for telecommunications.

Such impediments to FHA (even VA) certification are not unusual, but the State of California now requires HOAs to make these disclosures public.  That could be a good thing.

Flip②▶STORIFY ♥ FLIPBOARD ★ BLOGGER ▲ALTACITIES ©
Now with 3,600+ followers on http://socialcurrent see.com and the sites above in affiliation with http://demaconnect.com



Create your online store and start selling. Try it free at Weebly.com!

Comments

Post a Comment

Popular posts from this blog

The CA DSA Helps Ensure Open Governance, Yes or No?

Image
🏛️ The purpose of the Davis–Stirling Act in ensuring open governance in California homeowners associations (HOAs) is rooted in the principles of transparency, accountability, and owner participation . The law mandates open operations for HOA boards because these boards function like local governments—making rules, levying fees, and enforcing penalties that affect property owners' rights and finances. ⚖️ Key Purposes for Open Governance under the Davis–Stirling Act: 1. Transparency of Board Actions HOAs must hold meetings in a way that homeowners can observe, attend, and participate . Open Meeting Act (Civil Code §4900–4955): Requires that board meetings (with few exceptions) be noticed and held in public. Prevents decisions being made behind closed doors unless legally permitted (e.g., legal issues, personnel matters). 2. Homeowner Access to Information Homeowners have the right to: Receive advance notice of meetings and agendas (Civil Code §4920). Revie...
Read more

Caveats about HOA CC&Rs

Image
Anyone who lives or has lived in a common interest development (aka homeowners association or HOA) has certain cognizance of the covenants, rules, and conditions (CC&Rs) of those "private government" communities.  Virtually every conflict that can and will arise in these locations is the result of CC&Rs that were initially drafted by the community developer and then perhaps altered or amended by the HOA attorneys.  Sometimes those changes need enabling legislation at the state level, but that is a whole different matter.  If the HOA lobby is not 100% behind those changes, the local HOA homeowner has little chance of effecting the change. Earthquake Insurance | CBS SF Bay Area | Condo owners are denied affordable earthquake insurance. Consumer reporter Julie Watts investigates the insurance policy loophole. |   VIDEO  ▶ Flip②▶  STORIFY  ♥  FLIPBOARD  ★  BLOGGER ▲ ALTACITIES  ® ▶  TWITTER See more in the 'social c...
Read more

#HOA 'Gray Laws'▶ #SocialCurrentSee

Image
Flip②▶ #SocialCurrentSee by #ALTACITIES and #CANSWERIST ▶ Circa 1985 and the origins of the California Davis-Stirling Act governing HOAs pic.twitter.com/AImrsBR9SB — Mike Foxworth (@ALTALOMAN) March 14, 2017 With more than 9 million Californians as homeowners, residents of common interest developments (aka homeowner associations or HOAs), it stands to reason that there is a specific body of law to help govern these communities. Of course, that law is the Davis-Stirling Act (DSL), extant since 1985. Did you know?  The prime-position author of that law, the notable former and recalled Gov. Gray Davis actually did not write the law, but relied upon a San Diego law professor for the content with cooperation from fellow attorney and former CA Assemblyman Lawrence Stirling. The summary story is shared in the archive above. Actually, the origin and authorship standings for the Davis-Stirling Act is not really that unusual in California.  In order to get bil...
Read more