The goal of my blog is to bring you the best consumer housing information available. That’s why I am incorporating two new blog videos per week that address consumer housing issues. Please call me if you have a real estate need. Our team is here to help you with all of your real estate needs!

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Ever wanted to find out more about Foreclosures in Spring, The Woodlands, and Houston, Texas? Check out this video from The Houston Association of Realtors to learn more. It’s part of my twice a week video blog series that helps consumers make informed real estate decisions.

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WASHINGTON, D.C. (Bankrate.com) – Texas has the second-highest closing costs in the country, according to Bankrate.com’s annual survey.

On average, the origination and third-party fees on a $200,000 mortgage in Texas this year total $4,708.

 The highest closing costs on the same mortgage elsewhere in the country is in New York, at $5,623.

 Nationally, the average closing cost is $3,741, a 36.6 percent increase over 2009.

Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive – and organized – its members are.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, by laws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? How is that money being invested?
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn’t the assessment cover – common area maintenance, recreational facilities, trash collection, etc.
6. What special assessments have been mandated in the past 5 years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.
7. How much turnover occurs in the building?
8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

Reprinted from REALTOR Magazine Online by permission of the National Association of Realtors, Copyright 2005, All rights reserve.

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Do you know your agent’s responsibilities?

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