While some of you will understand instantly what this post’s subject title means, others will get lost along the way if we don’t clarify some road signs.

That ‘FHA Anti-Flipping Rule Waiver’ stop sign is good through ‘Dec 31, 2012’. No California-stops, please. Thank you.

Before moving forward, let’s make sure we all understand the legal definition of “Property Flipping”:

A practice whereby a property recently acquired is resold for a considerable profit with an artificially inflated value.” ~ Housing and Urban Development / Fair Housing Administration (HUD/FSA)

(And for those who think flipping requires anything less than deep pockets and lots of hard work, the creator and star of A&E’s reality show, “Flip This House” has some great insight into the inevitable question: Is house-flipping as easy as it looks on TV?)

The stop sign was put in on February 1, 2010 by HUD/FHA. Before that, there was one of these:

What that meant was that prior to the February 1, 2010, HUD/FHA didn’t allow a home buyer to use an FHA loan when purchasing a home from an investor who bought the home, did repairs and renovations, then listed it for sale within ninety days of the original acquisition date. If you were a buyer with an FHA loan, you had to wait until the 91st day to make an offer on a flipped home sold by an investor.

This prompted investors to stay away from HUD owned homes, which had the kind of negative effects we’ve all seen with REO’s (bank owned homes) being abandoned for long periods of time, leading to vandalism, squatters, and reflecting poorly on the surrounding community. The rule was originally supposed to expire in Feb 2010, but with so many houses distressed and foreclosed the FHA waived the rule (video) to encourage home buying until Dec 31, 2012.

Because of the FHA 90-day flip waiver extension (full PDF guidelines), investors can now accept offers from FHA buyers within the first 90 days.

This has been an important extension because the goal of ‘house flipping’ is (of course) to sell the home as fast as possible and for as much as possible. This helps to stabilize home prices by allowing home investors to purchase HUD or bank-owned houses and sell them quicker, raise housing prices faster, removing all the negative effects of abandoned homes, and therefore turn the housing market around sooner.

Since the original waiver went into effect on February 1, 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on properties resold within 90 days of acquisition.” ~ HUD.gov

Come Jan 1, 2013…

What lies ahead for the U.S. Housing Market…?

What about closer to home, say Central Phoenix? I’ve been writing about that very thing over the last couple months in my series ‘Get Your PHX Market Briefing’ based on my expertise in this area and with invaluable input from Mike Orr at The Cromford Report.

If you would like to be part of a future ‘Get Your PHX Market Briefing’, please contact me at 602-456-9388 or feel free to email me.

We found out in part 2 that While Prices Are Rising in Central Phoenix in 2012, they’ve risen most dramatically under $150,000. The high end properties of $800,000 and upwards have increased in price, but not nearly as dramatically. (Before I jump-in, I want to again recognize Mike Orr and Tina Tamboer for allowing me to share their work from the Cromford Report which is mixed in with my take that follows.)

The monthly average price per square foot in greater Phoenix in this chart to the left is very broad. Obviously, not every home is going to be at $100 per square foot, especially in central Phoenix.

Jump your eyes down to this little blue square in the center of the next chart, which will come up later.

 I’m going to be putting everything into the historical context of that square, which is Non-Distressed homes between 2005 and mid-2009 for Single Family Residences in Maricopa County.

In this next chart, below, which shows the price per square foot from 2001 to Aug 2012, try to ignore the $190 Close Encounters peak  and take a look at the far left line. That’s the 2001 price lines. They were basically at about $100/sf at that time. Again, this is for the greater Phoenix average per square foot.

Based on that, here’s my rule of thumb: “Did you buy your home around 2001 or 2002 or before that?” You’re probably going to be okay to sell now, because you’ve survived the worst of it. If you’re thinking, “Gosh, I could really sell my home now”, or if you know someone who’s thinking that, make sure you both take a look at your specific area, before making the leap.

I know. What a relief.

Do we want to get back to over $190 per square foot, to that place where the UFO’s are landing on our mountain of Devil’s Peak? Heck no, not anytime soon. What this long-term context tells you is we do have a little bit of ways to go still. This is a great way to look at this to tell whether people are potentially underwater or those who are likely to be okay.

Next up: Median Sales Price.

We’re back to the little blue square I mentioned earlier: people who are potentially undewater from the 2005 to mid 2009 range.

When you take this median sales price, for single-family homes, all the way across the board, you can see it’s pretty obvious that during those years, for those people who are non-distressed (which is when we saw the big bubble and crash) these are the people who have not sold yet.

They’re potentially underwater, we don’t know for sure, but they’re not considered distressed or late on their payments.

So what’s going to happen with all of those? Are they suddenly going to find themselves in the market? Say, a year from now, when the prices get a little bit better for some of those people?

That’s going to be something that you’re going to want to watch.

I love this next particular chart. This tells you how much growth we have and how much potential you have if you happen to be an investor.

The long-term timeline with just general growth, year over year, (taking into account population, prices) is going to keep up at a regular pace.

This is a kind of equilibrium with a pretty good number of houses for sale that people will want to buy. This long distance in this chart is great because however long it takes us to reach that point, there’s still the potential for you to either buy something as an investment, and get some return on that investment, or buy a home and know that you didn’t buy it above what it should be worth.

Next, let’s look at greater Phoenix wide and then we’ll drill down closer into some specific zip codes. This is encouraging stuff. Okay, so look at this section listed as under $200,000.

Look at the price and notice that price per square foot has gone up 33% since August 2011. That’s citywide.

Now hop down to the next chart and look at the similar thing for greater Phoenix, between $200,000 and $500,000.

Drill down between $200,000 and $300,000, for just these zip codes, look at this huge 14% growth!

This speaks to a premise  that I’ve been pushing for a very long time: in central Phoenix, especially around the light rail and historic neighborhoods, prices dropped the least and will come back the fastest.

This is something to keep in mind as density continues.

And $500,000 and $800,000, in the same areas in the same zip code?

Look at this 18% growth!

That’s from the lowest point to where we are right now, that’s a good place to stay.

$800,000-$1 million? See below: The growth is 5%. Again, that’s in the Camelback corridor area.

“Under Contract” homes is what this next chart is all about. We’ll end today’s brief on this. It offers a lot of insight.

If a house is under contract, you don’t know the price at which the house is under contract for. It’s private information. Let’s say you go to the multiple listing service and look at the sales price of the house and its $200,000. The next day, it says it’s “pending”. It still says $200,000 but that property could have a contract for $215,000 or $190,000. You just don’t know.

But MLS does because agents must report it

It’s in the system. They can’t tell you what it is. But they can report an aggregate.

So when you hear “Under contract. Legally average list price per square foot.” That means that on this date, 10/1/12, everything under contract was under contract for an average of $93.88 per square foot.

Those hosues aren’t going to close for 30 days, though. So, when you look at this chart and see that right now it’s $93.88 per square foot, that’s the amount that is going to be realized, most likely, in the market 30 or 40 days from now.

If you’re following this chart and you suddenly see this line turn a different direction, you have a very good indication that 30 days from now, that may be what the market is going to start to look like.

That’s as much of a crystal ball, as I think you are ever going to see.

The thing that’s impacting all of these numbers, especially in places like the Camelback corridor, and those other zip codes, is new-home sales recorded, as in “What are the homebuilders doing?”

Great Question. In part 4 of our Get Your Phx Market Briefing, we’ll find out that very thing…

Let me start out by saying that this investigation into credit unions may not take as long as I originally thought in part 1.  Just doing Internet searches, I found 10 in Phoenix metro. My criterion to narrow it down from there was simple geography: the proximity to Central Phoenix and the number of their locations. I did this via the most important investigative step: I found them all on the Local First Arizona website.  Reviewing those I narrowed them down from five to settle on three (the links that follow are to their reviews on Local First): Arizona Central Credit Union, Desert Schools Federal Credit Union, and Marisol Federal Credit Union.

I did all of this before I contacted any of the Credit Unions in person.

I then narrowed it down from three, to two, because Marisol Federal Credit Union wouldn’t pick up their phone. That’s a big deal when it comes to a bank. Before I called, I looked at their website and saw that in order to avoid fees on their accounts, the minimum balance was pretty high. I wouldn’t really save anything compared to my existing account at JPWellsComeriBank in that area. Conclusion: Marisol was out of the running.

I didn’t just pick up the phone, though, and start calling the three before I narrowed it down to two. I started with an Excel spreadsheet, naturally, where I prepared to rate each credit union according to the following categories:

• Number of ATM locations?
• Online system usability?”The online stuff is important because I don’t want to be forced to go into the bank. Who does? Small business owners want to be able to just get it done on their computers.” ~ Me
• What did their bill pay system look like (and did it cost anything)?
• Their security system (if credit card is stolen? How secure is their internal information?)
• Customer service?
• Fee structure (personal and business checking, personal and health savings?)
• Reinvest locally?
• Member of Local First Arizona?

That left two Credit Union’s worth more serious consideration: An actual physical trip to the branch.

I started with Desert Schools Federal Credit Union, before I went to Arizona Central Credit Union. In part 3 of my investigation, I’ll share those two experiences, what I decided and why. (I may even include another humorous link as a bonus. What? You didn’t see it? I’ll give you one guess which link it is…)

To see the next installment, please click here.

I was listening to the news recently. They were siting the Case-Shiller index talking about what the average home price was in America. This always seemed absurd to me. You could tell me that the average temperature in America is 75° and that doesn’t help me plan a trip. So I got to thinking, it would be great to have a sort of one-stop shop where people could come in and talk to people like Jeannie Bolger, Mike Orr, or myself.

So this past Tuesday, that’s what I did. We had a room of about 25 people. Some were buying houses, some selling them. Some were investors, some realtors, some mortgage brokers. Some were just curious. Another reason I did this was because I just wanted my friends to have this information. I know the market. I work hard to understand the market. We’ve been fighting some of the same myths over the past three years and I wanted to clear the air.

I covered several things in my presentation:

• The home delinquency rate in America and in Maricopa County
• The inventory that’s currently out there
• Some interesting trends hidden inside the data.

Much of my briefing was based on Mike Orr’s Cromford Report. (Thanks to Mike Orr and Tina Tamboer for allowing me to share their work at the presentation and here as well.) I’m a huge fan of this report. If The Cromford Report were like the Grateful Dead, I would just follow them around everywhere, like a groupie. It’s very easy to understand, has helpful visuals, and is easy to digest. Mike is not only behind The Cromford Report, he’s also the director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.

Orr made this great statement, which he calls the Coiled Spring Theory:

The longer it takes for prices to respond, the larger prices are going to be.

I think that’s very true in the market right now. For greater Phoenix, the local average sales price per square foot, in just the last year, has seen a 30% increase in prices. Is that going to happen again this coming year? Quite possibly. And that has a lot to do with the number of homes left on the market, and where the next ones are coming from.

Before we get to that, let’s talk about delinquency. This is when people are simply late on their loans. They may foreclose. They may short sale.

I have heard the following phrase a lot over the past year:

We don’t know what the banks are hiding.

I like Mike Orr’s response to that. He says what they’re really saying is:

We’re too lazy to check.

It’s really easy to see what’s coming downstream from the banks. You can see it in several ways. First, by looking at the number of delinquency filings at the county courts. You can see who’s getting notices that they’re late on their loan and are in danger of being foreclosed. Second, you can see it in the number of trustee sales.

When you look at these numbers (see pictured graph, below), you see that Phoenix has no shadow inventory.

Phoenix was well above the USA average in 2009 and 2010 for the number of delinquent loans or foreclosures. Today, we’re below USA average. We’re number 38.

Below is another great snapshot of where we are.

Nevada is in a world of hurt right now. But things in Arizona are not what you have been hearing in the news over the last few years. It’s just not like that anymore for us. In fact, one of the reasons we saw the two big drops in Arizona (note the AZ drop-offs in the above graph) is that title companies got really good at processing short sales and they got us through that. So in Arizona, residential foreclosures are down.

If you want to see the big picture of why there is no shadow inventory, this next chart is a great thing to look at. I was saying it in Aug, 2011 (“If I have to hear another person predict a massive “shadow inventory” I’m going to turn green, and you wouldn’t like me when I turn green…) and I said it again this past July when I wrote about Countervailing Forces (you remember the graphic: two monopoly houses dueling with light sabers. I crack me up, sometimes.)

On this chart, that line on the bottom is the normal level at which people expect to see foreclosures in the market. There’s always going to be some percentage of people who should not have bought the house and now they’re upside down late on payments. The real interesting bit here is that based on this chart we can see that there are still going to be some things coming onto the market or those people are going to be short selling. They’ll find a way through it, but they’ll have a better chance at a better way through it then they would have three years ago.

Some people argue that I’m not looking in the right place. They’ll say,

All those banks are just holding onto their houses. They just haven’t been listed yet. You’re not seeing them in this chart.

Well those people will have to keep arguing, or holding their breath, until part 2 of this series on Get Your PHX Market Briefing. That’s when I’ll share how I answer those people and I’ll share some relevant and interesting insights about the inventory that’s actually out here in Central Phoenix.

If you would like to be part of a future PHX Market Briefing, please contact me at 602-456-9388.

[train photo: andrew_j_w] [modified with permission by Ken Clark]

JUMP TO PART 2 OF THE MARKET BRIEFING HERE.

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“Phoenix’s Innovation and Efficiency efforts are leading the way nationally,” said Mayor Greg Stanton. “As a leader of the city, I get my best ideas from listening to people. We want to put as many of the city’s best ideas forward as possible.”

This deserves a huge round of applause!

The Innovation and Efficiency Task Force went to work January 2010, with private sector members and city executives serving together. Ideas flow through the Task Force to a subcommittee and then to the full City Council. In this excellent 10-minute video the City Celebrates $59 million in Innovation and Efficiency Savings (with numerous specific examples) and announces a $100 million Goal.

“The leadership from Mayor Stanton and Councilman Gates, the full City Council, our Task Force members and hard work from city staff have created a culture of innovation,”said City Manager and Task Force creator, David Cavazos. “Innovative ideas and sound financial management are at the heart of what we do here at the city of Phoenix, and we will continue to find new ideas and solutions.”

Marty Schultz, Task Force Member, and Senior Policy Dir. Brownstein/Hyatt/Farber/Schrek had this to say about the people in the private sector who are involved:

“They are actually very smart people who have finance backgrounds, service backgrounds, and management backgrounds, and have been able to work closely with the city staff.”

This brings to mind a string of programs Mayor Stanton and the city have initiated: In June, I told you about the unveiling of “Go Green Like Your Grocer”, a community energy efficiency showcased at AJ’s Fine Foods; in August, the innovate community-engaging website ‘My Plan Phx’ opened an opportunity for residents to help shape the future of the city through participation in updating the city’s General Plan (Conserve Create ConnectPHX), and planning for the communities along the light rail line (ReinventPHX). This short 1:30 video gives a good idea of what My Plan PHX is all about.

As a former State Legislator and the former state Energy Office Director, I have a strong understanding of energy efficiency in homes. I participated in Energize Phoenix on my property in Garfield, as have many others. That’s a significant bonus when people work with me as their agent. Of the two homes I’ve renovated in Central Phoenix, I did the Energize Phoenix program on my 1925 Arts and Crafts Bungalow. (The other home is a 1948 “war baby” tract home). I understand the attractions and challenges of old homes, as well as how to identify quality new homes. So, please let me know if I can apply my experience to help you buy or sell an energy efficient home in Phoenix.

 [innovation image: seth1492][usa image: Kyle McDonald]

I saw a movie recently (“Heist: Who Stole the American Dream?“), which featured our own Kimber Lanning, Local First Arizona’s founder and director since its inception. We got to talking about why it’s important to consider moving to a credit union as your bank of choice.For years, I had been thinking about the prospect of closing my national bank account and opening an account at a local credit union.

Well, it is finally time and I need your help. Allow me to explain.

To start, and for the sake of this series, let’s just say that I bank with “CitWellsiBank of America.”

Like most banks, my bank charges these fees unless I carry a certain balance; difficult for a small business to do. I suspect credit unions have fees of their own. However, that money has to go somewhere, but I’d rather have it go to a local credit union and keep the money in the local economy. Did you know that when you spend your money locally, four times that amount stays in local circulation, than if you spend it on a national chain or, in this case, a bank?

Credit unions, by design, are investors in their local economy (I think you could make the case that we wouldn’t have the same damage to our economy if we were all using credit unions that weren’t too big to fail. The big banks prior to the recession were doing big credit default swaps, bundling loans (great 2-minute video clip explanation from William Hurt film, “Too Big to Fail” at the link), and selling off collateralized debt obligations.

So when I was talking to Kimber at the movie, I got to thinking about the things were holding me back and I realized that they are probably the same things that hold back other people:

Time. This is probably the biggest impediment to making the switch. My suspicion is that it’s going to take a lot of time to research credit unions, narrow it down to one, set up all of my business accounts, personal accounts, savings accounts so that it’s an exact replication of what I currently have and like. Not to mention learning new things like how to navigate their online offerings, their apps (if they have them) and how to move money around between banks the process.

Uncertainty. Will the credit union have a similar setup on its website interface? How easy will it be to get cash from a credit union with, presumably, fewer locations and ATMs. Where will I get cash if I need it? The big banks tell us we have to go to an ATM or a branch to get money, but we’re smart consumers; we know we can just visit the local supermarket and get cash back and there’s no ATM fees this way. Am I to expect the same level of trust/uncertainty when considering a relationship with a local credit unions?

Security. We’ve been duped into believing that big, national banks are the only ones who take security seriously. How often are local credit unions information compromised? We know it happens to the big banks. What measures do local credit unions take and how do they compare to the national banks?

Over the course of the next two months, I’ll be doing a series on my personal experience in setting up and moving from my big national bank to a local credit union. The first one, which you’re reading now, is defining The Problem: time, uncertainty, and security.

I’m going to do it for everyone, putting these posts up. And I’d love to have your comments as we do it. Tell me what you’ve experienced. Please help me get started by answering these questions:

1) Have you ever considered moving to a credit union?

2) What has kept you from seriously considering a credit union? What’s been holding you back? Why did you decide against a credit union?

3) What credit union do you recommend (or not recommend) and why?

I look forward to our journey together. (Read Part 2, “Credit Unions: Funnel it Down”.)

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If you owe a debt to someone and they cancel or forgive that debt, the canceled amount may be taxable. Same goes for mortgage debts. Hence, the creation in 2007 of the Mortgage Debt Forgiveness Relief Act. The IRS explains the concept surprisingly well. This act expires in 96 days, the end of this year, after the holidays; much sooner than you realize.

People have been opining this whole year about the possible extension of the $1 billion mortgage debt forgiveness relief provision at the end of the year. I’ve been hearing the following:

“Should I short sell before the end of the year?”

“Can I count on the hopeful January 1 extension?”

“The $1 billion mortgage debt relief provision allows me to avoid paying taxes on mortgage debt forgiven by my lender, but it expires at the end of the year! My chance to short sell and still seek tax relief is disappearing quickly!”

“But I hear these holiday months aren’t as slow as one might think. Oh, no! I’m almost out of time to avoid the tax repercussions of selling my home short!”

Let’s be clear on what the act does.

The 2007 Mortgage Debt Relief Act allows taxpayers to exclude up to $2 million of forgiven debt on their principal residence in calendar years 2007 through 2012. With one caveat: The discharge of debt must be directly related to the decline in the residence’s value or in the financial condition of the taxpayer.

The Mortgage Forgiveness Debt Relief Act was originally going to expire at the end of 2010, but lawmakers decided to extend it until the end of 2012. If it does expire, anyone who receives mortgage forgiveness on day one of 2013, or after that, will have to face paying income tax on a forgiven debt.

Isn’t it in the President’s budget?
Didn’t it pass the committee level in the Senate?

Yes/But… We don’t know the outcome of the election in November and nothing is moving in Congress for the next 6 weeks. This time bomb very likely won’t be voted on before the end of the year, what with their attention consumed with the nation’s budget crisis.

Furthermore, given that it takes 3 to 6 months to close on a short sale…Are you really willing to take the risk that the act will be extended?

What’s the bottom line?

List now and be more certain that you will avoid that tax liability. I strongly advise you consult with a tax attorney!

[referee photo: compujeremy] [house photo: surprise truck]

The photos of this home just don’t do it justice. If you want to see how great it is, you should see this blog post from the folks who renovated it. This is a foreclosed property and the last owner damaged the floors of one room by keeping his dogs in there. It was a shame.

However, this complex, NonPariel, is a wonderful mid-century modern property with a very tight community of (mostly) owners. This is not my listing, but I can help you buy it.

Personally, I am biased. I believe that idea buyer will be an owner-occupant. That means stability and engagement by the owner. The HOA fees are high on this because it is based on square footage, but this is a huge property.

Please see this link for the listing, or touch on the photo, above.

As the summer begins to tease us with signs of fading out–the sky is overcast and the rain is supposed to continue for the next week or so, I find myself thinking about the end of the year. Specifically, I think about how the older realtors always talk about the “slow months” –November through January.

Now, I’m no old hand, but I’m not that new and I can tell you that last Halloween through New Year’s was all work for me in the real estate business.

As the story goes, people stop buying or selling houses because the holidays just creep up on them and they get distracted. The common wisdom says that the market slows down after the summer and then maybe you may be able to negotiate a better deal during the holidays and Christmas. But that has not been the case the last two years.

If you look at previous years (see below), you will see that this is generally true; especially around Thanksgiving. In the first chart below you will see the last nine years. Some of them drop off drastically, but come back around February. In the second chart you will see 2004 and 2005 compared to 2010 and 2011. In ’10 and ’11 there was a little drop around November, but then we just picked right up again.

In other words, don’t assume that the end of the year is going to be slow!

The take away?

First: Don’t assume the end of the year is going to be slow. Whether you are selling or buying, take advantage of the active market.

Second, it’s been hectic the last two years. We have every reason to believe it’s going to be hectic this year, too.

And by the way, if you’re thinking to short sale, you’re running out of time if you want to avoid the tax repercussions of selling your home short. Please see this article and learn how the Mortgage Forgiveness Debt Relief Act allows you to avoid paying taxes on mortgage debt forgiven by your lender. This act runs out at the end of this year.

This is part two of my little analysis of what you might want to consider when deciding between a house and a condo. So, let’s get right in to it.

1.      Gated security may be just what you’re looking for right now.

Perhaps you are living alone. Perhaps you like to know that there are people right next door. These are all legitimate concerns that condominiums (at least the good ones) seek to address.

Some questions to consider regarding security at condos:

• How careful is the management company with the common area keys or codes?
• Is the common are well-lit?
• Is the HOA paying for any live security? If so, how much does that impact the monthly assessments?
• When you look at the condo, does it look like the other condo dwellers take security seriously?

2.      Condos are often close to public transportation (the car-free life!)

One of the best things about urban dwelling is that you can leave that car in the garage, or just go without it completely.

Some things to consider when you’re looking for a condo:

• Some condos used to be apartment buildings and the parking may not always protect your car from the sun and weather while you are taking the light rail to work every day.
• The closer your condominium is to public transportation, the more likely that your condo will eventually sell for more.
• If you are thinking of the car-free lifestyle, also consider whether amenities such as groceries, the dry cleaners, and coffee shops are near-by.

3.      Condos maintain all the goodies: pools, landscaping, general maintenance.

 Especially on those hot summer days, it’s a great relief not to have to maintain your own landscaping, or pay somebody else to do it. This is especially helpful if the condo has a pool. Maintaining a pool at a detached residence house can cost thousands every year, and you may not even use it 10% of the time!

Some things to ask yourself before you buy a condominium**:

• Is the current HOA solvent? Do they have enough to properly maintain all of the features they promise when you buy?
• Who manages the property? Many HOA’s pay a management company to take care of details such as landscaping contracts and maintenance.
• How long has that company been working? How many properties do they maintain? What do the current residents think of their work?

** You can have a chance to ask these questions during the inspection period.

 4.      What is an assessment and what is expected of you in an HOA?

An assessment is a monthly fee on every unit in condo that goes in to a pot to pay to keep the place up. If you don’t pay your assessments, the HOA can record a lien against your property. If you have a lien against your property, you can’t finalize the sale of your condo to another person without paying off that lien.

The more units vacant in a condominium, the harder it is for the HOA to pay the bills.

Also, if there are outstanding big projects or maintenance issues on the condominium, or if the HOA board is not wise with its money (your money!), your assessment might go up every month.

Learn what you can about the HOA board, before you purchase a condominium.

5.      What is a CC&R?

CC&R means “Covenants, Conditions, and Restrictions”. It means, basically, that all of the people in a Home Owner’s Association agree that their property came with (and will go with, in the future) certain conditions and restrictions.

In other words, condo owners can’t just do anything they want with their condo.

CC&R’s outline everything from how often the board meets, to what is considered common property.

When you buy a condominium, inspecting the CC&R before your purchase is just as important as inspecting the condo’s wiring!

If you are part of an HOA, read what is expected of you in the CC&R’s. The best way to protect your investment is to stay involved in the HOA.