- On today's show Andy Hemmings talks with Paige Hammers of Longhorn Community Management and Kimberly Pieper with First Financial Bank Texas. Learn more about what is involved in HOA's and HOA's impact on mortgages.
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Episode Transcript
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Speaker 1 (00:02):
Hello everyone, and welcome to the Dana Simmons Real Estate Show.
My name is Andy Hemmings and I will be your
guest host today. I'm from Capital Title of Texas. We
close real estate transactions. If you are buying, selling, or refinancing,
remember Capital Title. We have five offices across Southeast Texas
(00:24):
to assist you. Baumont, Lumberton, Orange Port, Arthur and Crystal Beach. So, Dana,
thank you very much for allowing me to host the
show today. We appreciate you and everything you do for
the real estate community and the community in general. So
for today's show, we have a couple of guests, very
(00:46):
special guests. One is a guest who's been on before,
Miss Kimberly Piper with First Financial Mortgage. She does home loans.
Speaker 2 (00:55):
Welcome, thank you Andy, and thank you Dana for having
me again.
Speaker 1 (00:59):
Good to have you back. And we also have Miss
Page Hammers with Longhorn Property Management. She is a local
property manager, does a lot of work with local homeowners
associations and man, we've got a lot of stuff to
talk about. So Page, thank you for being here with
us today.
Speaker 3 (01:14):
Good morning, It's so great to be here with you.
Andy and Dana thank you.
Speaker 1 (01:19):
Yeah, you bet, you bet so. Last week on Dana's show,
she talked a little bit about property management from but
you know, she talked about it from the perspective of
an investor. Investors in using property management companies. So we're
going to we're going to take a different angle this
morning when we talk about homeowners associations and we talk
(01:40):
about property management. We're talking about for properties and a
homeowners association. So let me tell you what There is
a lot a lot of implications for the consumer, you know,
for a home buyer when you're buying a property in
a homeowners association, and we're going to really dive into that.
But first page, tell us a bit about your company,
(02:01):
because you're the owner of Longhorn Property Management, and just
give us some background how you got into it and
the services that you all provide.
Speaker 3 (02:09):
Yes, sir, thank you. We have been in existence for
two and a half years. I started on a dream.
I had a few associations who supported me in that
and we've just flourished since then and really taken over
the community helping those home owners. Things that we do
(02:31):
is we take in their association dues, we handle all
of their maintenance, shopping those master policies for associations basically
anything that has to do with those homes we're involved in.
Speaker 1 (02:43):
And so when you say master policy, tells those that
may not know what you're referring to. What would that be? Yees?
Speaker 3 (02:49):
So the master policy, it could be a general liability policy,
it could be a property or hazard policy to cover
common areas or the exterior of the building, just depending
on how those associations are set up.
Speaker 1 (03:03):
Gotcha, gotcha. And now when people think of associations a
homeowners association, a lot of times they automatically, you know,
in their mind, they default to like condominiums or townhouses.
But let's it's broader than that. It's bigger than that,
you know, for as far as the market for homeowners association.
So tell us give us an example of some different
(03:25):
homeowners associations out there in the neighborhoods that they serve.
Speaker 3 (03:28):
Right right, So there's I mean many different kinds of associations.
We have single family associations that could be gated communities.
It could just be where they are on golf courses,
or it could be townhouses or condominiums as well. So
there's so many different structures in way that they could
(03:51):
benefit the communities that they're within.
Speaker 1 (03:54):
Yeah. So when you know, when you think about a
homeowner's association, it's not one specific type of property. Could
be a property that has a shared wall like a
townhouse or a condominium, or it could be a neighborhood
like Barrington or even parts of Willow Creek. You know,
those are a couple of examples where it's single standalone
houses and the implications of you as a purchaser, there
(04:17):
are some implications when it comes to the type of
financing that you can get and things like that. So
we're going to definitely dive into that more. Now, Kimberly,
tell us just remind everybody about the services that you
provide for First Financial.
Speaker 2 (04:30):
Yes, sir, so I am a loan originator for First
Financial Bank and I've been in banking for almost thirty
three years, so seeing quite a bit of different types
of transactions, whether it's dealing with the title side, hoas
or the lending side. So I take care of all
(04:52):
the home purchase home refinance transactions.
Speaker 1 (04:56):
Yeah, and you offer a lot of different types of
home loan programs. I know, we just had a class yesterday,
yes where you were talking about one specific program, the
MMCT program, and I think I think Dana talked about
that last week actually, But you also offer USDA loans fahava,
so a lot of different types of loan.
Speaker 2 (05:15):
Products, Yes, sir, So First Financial Bank actually owns a
mortgage company, so we operate just like any other retail
mortgage company. We can even broker loans out, so you know,
we have a lot of affordable programs with the lower
down payments, all the government programs as well.
Speaker 1 (05:33):
Excellent, excellent. So before I forget, let me just how
do people get in touch with you if they're looking
for a mortgage of any kind? Yep.
Speaker 2 (05:40):
So I can actually finance properties in all fifty states
anywhere in Texas obviously, yes, sir, okay, and I yes,
and I live in Lumberton, so I'm out of our
Lumberton branch, but I'm happy to meet clients at any location.
Speaker 1 (05:55):
Yeah. That's the thing about First Financial. Y'all have a lot,
y'all cast a wide net out there. I have a
lot of different options, and y'all are so involved in
the community, so so we appreciate you. Yes, all right,
So let's talk about all right, So I used to
be a real estate agent. I'm a recovering realtor what
I what I like to say, I'm also an SOB
(06:15):
son of a broker, and so I used to I
used to sell real estate. And I still stay very
active in the real estate community, interacting with agents, and
I stay up with what's going on with our contracts
and things like that. And I know that when when
an agent is working with a buyer who's purchasing a
property in a homeowners association, their special documentation has to
(06:39):
be included. And there's just many different things that a
buyer needs to be aware of when they're buying in
an association. So let's let's talk about some of those
and I'll I'll just pitch it to you page what
what would you say? Are some of the top things
a buyer needs to be aware of when they're buying
in a homeowner's association.
Speaker 3 (07:00):
They need to make sure that they are getting a
copy of a declaration and by laws.
Speaker 4 (07:05):
That way they can see what.
Speaker 3 (07:06):
The restrictions and responsibilities are for the association. As well
as actually looking at those resale certificates and condo questionnaires
and other documents that are requested. It has a lot
of important financial information making sure that the associations have
a good standing, as well as other information, you know,
(07:29):
rentals versus homeowners. There's just a lot of important information
in there that they need to know.
Speaker 1 (07:36):
Yeah, okay, so that took maybe thirty seconds for you
to say, but it is literally that there's a whole
lot in there. Let's start with the declarations and by laws. Okay,
those are thick documents. Homeowner is probably not going to
go through and read them all, although they should, but
definitely you want to look at least look at what
(07:57):
the restrictions are for that association. Some of them are
really old. I mean they're from the sixties, but they're
still in force. And I will say this that Capital
Title can provide you with these declarations and by laws.
We have copies of I dare say, every single association
in the area and really across the state. We've got
copies of them, and we can provide them to you know,
(08:20):
we'll make sure to provide them to the homeowner. So
the declarations and by laws, just to literally some of
them are hundreds of pages long, and your right page.
They should review them to see what's in there. But
you also mentioned another document called a resale certificate, and
that is a living breathing document, right because the declarations
(08:43):
and bylaws they're static, they rarely change. Once those are
voted and in place and recorded, they don't change because
they're hard to change. Everybody's got a vote on so
they don't change. But the resale certificate is a living
breathing document. And because the financial legal legal situation, those
those things can can change. So on the resale certificate,
(09:05):
what would you say is like one of the number
one things that buyers need to be looking out for.
Speaker 3 (09:10):
They need to pay attention to what the dues are
when they are to how often, as well as looking
as at what the balance is and the income coming in,
even like a dues roll saying where the residents are
in the community on their dues, like are they behind,
are they all caught up or they head That makes
(09:32):
sure that the association is good financial standing. You definitely
want to when you're investing that they have a good
financial background.
Speaker 1 (09:40):
And I've seen some associations out there that did not
some of them. Actually, you know, there's things that happen
like because homeowner association sometimes they're they're not managed by
a professional like you. They're self managed by the residents,
and I remember one lady took off with all the money,
you know, all the money in the association, you know,
(10:01):
and that happens, and so that's why it's good to
have a professional, licensed property manager like you. So we're
going to take a quick break and come back lots
more to unpack about what you need to be aware
of when you're purchasing in a homeowners association and also
what type of loan programs are available out there. This
is Andy Hemmings with the Dana Simmons Show, and we
(10:24):
will be right back. Welcome back to the Dana Simmons
Real Estate Show. This is Andy Hemmings with capital title,
your guest host today, and thank you so much for
joining us. We talk about all things real estate, and
today's topic, we're talking specifically about homeowners' associations and the
(10:47):
just the things that you need to be aware of
when you're purchasing a home that's in a homeowners association.
All right, So, Paige circlement back to one of the
last points that you made is that the buyer wants
to look at that sale certificate to make sure that
the association isn't good standing so to speak, that financially
they're in good standing, and so one of those is
(11:09):
making sure the owner is current on their dues. And
when do you fill out the resale certificate? Do you
wait until the property is under contract and then it's
sent to you and then y'all fill it out at
that time?
Speaker 3 (11:23):
Honestly, it can come at various points. We have had
agents request them ahead of time. That way they go
ahead and have that information. That way they can make
sure they have it for the listing and readily available
for any potential buyers, or they could wait until later,
until after the contract. Usually if that happens, the agents
at least reached out to us to gather the information verbally.
Speaker 1 (11:47):
Yeah, yeah. What I often tell agents when I'm working
with them or doing trainings with them is that whenever
you list a property and a homewners association, make sure
you at least know who to contact to get that
resale certificate it And that's nice that you mentioned that
you'll Sometimes you fill it out ahead of time at
the time of listing. That's that's good to know, But
(12:08):
then it may have to be updated later because things
can change, right.
Speaker 3 (12:12):
Yes, it can, and then that causes more fees for
the seller or buyer. So we try to prevent all
the fees that we possibly can. So if we can
at least give them that information verbally and everything, then
that kind of takes care of that for the meantime
until they actually have a contract.
Speaker 1 (12:29):
Yeah. Yeah, yeah, because every time those documents are are
updated and provided, there are fees associated with it, and
that that becomes part of the negotiation and the real
estate contract, that the that the agents are negotiating. And
from a title company perspective, the reason that resale certificate
is so important is we have to make sure that
(12:52):
the dues are current, and if they're not current, we
got to collect them because at closing, the you know,
it's it's not a lean, but it's something that's owed
that affects the property. So we have to make sure
it's it's all settled. And sometimes those owners can get
pretty far behind. And you're not your she's not in
your head. Yes, so I they get far behind even though,
(13:15):
and it's probably just because you forget to remind them, right,
you know, you just let them kind of float on
their own. You never remind them, right, I mean.
Speaker 3 (13:23):
They can be reminded as much as they want. You know,
some people just don't take care of their responsibilities unfortunately.
Speaker 1 (13:31):
Yeah, And y'all actually have a little side note here,
y'all have foreclosure rights too that if the owners do
not pay their dues, y'all actually have the right to
the declarations and bylaws allow them allow y'all to file
a leaning against property and ultimately fore clothes.
Speaker 4 (13:46):
Yes, sir, and we have.
Speaker 3 (13:48):
Had to do some actions like that.
Speaker 1 (13:50):
Unfortunately, crazy somebody, But because the dues are usually not.
Speaker 3 (13:53):
That much, I'm usually whenever it comes to something like that,
it's been many many years. You usually also see though
property taxes, no insurance has been paid. They're usually behind
on many things, and it's a very unfortunate circumstance.
Speaker 1 (14:11):
Yeah, yeah, yeah, So people just don't don't don't take
care of their business, yes, sir, So the all right,
So we have to make sure the dues are current.
And sometimes there's something called a special assessment that is
in place that has to go on the resale certificate.
And I think that's really important. Tell us what a
special assessment would be an example of that.
Speaker 3 (14:33):
So, a special assessment is funds that were voted upon
to charge either one time or multiple times, depending on
what the what was voted upon, And it's usually to
take care of a capital expense like replacing many roofs
or a new fencing or something something on the bigger scales.
Speaker 1 (14:54):
Yeah, yeah, And like the reason that's important and for
a buyer is that they need to know if they're
going to be subject to a future expense. Yes, so
it's been voted on, and it may be Okay, we've
got twelve property owners in this association, just for example,
and there's a twelve thousand dollars assessment to replace a roof, which,
(15:15):
by the way, it's going to be a lot more
than that. We're just going to make the math simple here.
So everybody's getting assessed one thousand dollars, but it's not
going to be assessed for six months. Well, that buyer
is going to be subject to one thousand dollars in
that six month. So that information the resale certificate becomes
a negotiating point between the buyer and seller. Buyers like, look,
knock one thousand dollars off the price because I'm not
(15:36):
have to pay this thousand dollars later or whatever it
might be.
Speaker 4 (15:39):
Yes, sir.
Speaker 3 (15:40):
Yeah, yeah, we've had unfortunate cases like that, ref replacements
that need to be done. There's an assessment that's already
been passed. You know, a buyer wants to sell their
property hoping they won't have to pay that, but those
resale certificates, that's why we make sure that we fill
them out really well and that all that information is
provided so everybody knows what they're getting into.
Speaker 1 (16:02):
Yeah. Yeah, And if there's any lawsuits that might be
affecting the association, that's in there too.
Speaker 4 (16:09):
Yes, sir.
Speaker 1 (16:10):
Have you seen that happen, any lawsuits against an association?
Kim's nod their head over here.
Speaker 3 (16:14):
Yes, I mean we've managed I mean we managed thirty
three associations.
Speaker 1 (16:21):
Thirty three associations, yes, sir, So we've.
Speaker 4 (16:23):
Dealt with lawsuits, foreclosures.
Speaker 1 (16:27):
What's a lawsuit that would be filed against an association.
Speaker 3 (16:30):
We've had homeowners who have suit association. I mean there
are different circumstances. It could be one due to damages
to their property that they feel that the association was
responsible for, possibly due to neglect, and different cases like that,
and we'd have to prove it.
Speaker 4 (16:49):
It could be.
Speaker 3 (16:51):
That they again, I mean, the association is just responsible
for things that they feel like that they're not. I
mean that they are, but they're not necessarily Yeah, so
it could be a variety of issues.
Speaker 1 (17:01):
Yeah, I got you, Wow, thirty thirty three associations. So
sint and you've been running your own company now for
how long?
Speaker 4 (17:10):
Two and a half years?
Speaker 1 (17:10):
Sow and a half years? Yes, Okay, you've learned some
new stuff since you started doing that. Uh, yes, sir,
suppose stuff.
Speaker 3 (17:16):
We've been enquired a lot more than what I would
like to say, and everything.
Speaker 1 (17:20):
Well, we just I mean, we just live in a
litigious society in general. Now, it's just the way it is.
Speaker 4 (17:24):
Unfortunately, you really do.
Speaker 3 (17:26):
There's a lot of I mean associations. That's this is
why it's so crucial to know what the association's responsibility
is for. I mean, is if you don't have the
proper understanding, then you get wrapped up in something that
you don't really know, and you could think that the
association is responsible for certain aspects of the property that
(17:48):
it may not be responsible for, and then you're stuck
with a financial burden that you weren't prepared for. Yeah,
and people get upset whenever it comes to their money
and everything. And then also their property. You know, that's
their home, that's what they live in.
Speaker 1 (18:01):
Yeah, yeah, yeah, definitely so And I know, you know,
we're talking about a lot of the you know, things
to be aware of. But I think it's also important
to say that there's so many benefits to having a property.
Property and a home owners association. Y'all make sure the
properties are maintained to a certain level consistency in the
(18:22):
neighborhood financial documentation, so y'all provide all these services. So
there's a lot of benefits to owning a property in
an association as well.
Speaker 3 (18:32):
Yes, sir, I mean, depending on how it's set up,
if it's like a condo or townhouse, I mean it
could even be a single family. They could provide lawn services,
they could provide trash services. Again, like you said, maintenance
to the exterior of their property. If they're being managed
by a management company and kept up, that means that
(18:52):
their property values are staying up and that they're staying
in compliance and everything so that they have a beautiful
home and everything to live.
Speaker 1 (19:00):
Yeah, and just upholding certain standards for the visual appeal
of the property.
Speaker 3 (19:06):
Yes, that as well and everything.
Speaker 1 (19:08):
I even knows people can do some crazy stuff, so exactly.
Speaker 3 (19:11):
And I mean, you know, not everybody wants to have
a pink door next door to them, and you know
trailers parked everywhere. Some people just want a nice, clean,
pristine community.
Speaker 1 (19:22):
Yeah. Now, the thirty three associations that you personally manage,
like give us an idea of the geography, like where
these spread out.
Speaker 3 (19:32):
So it's throughout Southeast Texas. A majority are currently within Beaumont.
We do have one in Lumberton, and then we are
about to pick up one important.
Speaker 2 (19:42):
Hi.
Speaker 1 (19:43):
Congratulations, that's good. There's not many in Lumberton. There's not
many associations that there.
Speaker 3 (19:47):
There's actually a few more than what you would think
and everything, and there's I mean, there's a lot more
in this area than people really are aware of. I
didn't even know over five years ago how many associations
were just in Beaumont alone. Yeah, I mean there's probably
around one thousand, if not more than that. What's just
(20:07):
in Beaumont's Oh my word, there's a lot of business
out there for you, Yes, sir, yes, sir.
Speaker 1 (20:14):
So if someone is buying a house in one of
the associations that you manage it. Let's say they get
the resale certificate and they have questions on it that
their agent might not be able to answer because the
agent is just well they're just the agent. They're just
passing information along. Can a perspective home buyer call you
or someone from your office to explain anything like what
level of communication can you have with someone who is
(20:35):
not yet a member of the association.
Speaker 3 (20:37):
Absolutely so, if we are managing the association, we are
open those potential buyers, even current owners, they have you
know that they have a right to know all of
that information. Also, especially if they're purchasing into it and everything.
They need to know what they're getting involved into, what
(20:58):
it's actually going to tell, what are their responsibilities and
as a homeowner, and what the association is responsible for.
Obviously we couldn't go into, you know, some privacy stuff
with potential like specific people's contacts or something like that,
but as far as like what the association is spending
(21:19):
their money on, like law and maintenance xteror maintenance, if
there's any deferred maintenance as well, that could be something
that's actually not listed on a resale certificate. So much,
but it would be that the management company or the
board if not managed by a management company, would know
that there's deferred maintenance. And it's really important to know
(21:41):
that as well, because if you have a lot of
deferred maintenance and they also don't have a lot of money,
then there's all there's some financial issues there and there's
gonna have to be special assessments or a dues increase potentially,
so you have to be prepared for.
Speaker 1 (21:57):
That great point and that resales SORTI does it refresh
my memory? Does it show how much money is in
reserves to pay for these things?
Speaker 4 (22:05):
It does show the reserves.
Speaker 3 (22:07):
It'll also show just like their balance and everything and
their regular accounts, so it's definitely important to check all
of that. And if it's not listed in there, the
resale certificate does also state who filled it out, and
there should be contact information included in that where you
can reach out to that person, those board members, if
(22:27):
it's not managed by a management company, they should be
willing to give you that information.
Speaker 1 (22:32):
Should being the operative word there.
Speaker 3 (22:34):
Well.
Speaker 1 (22:34):
I always like, I always we always like when from
a title company perspective and from the agent perspective, when
a property is professionally managed because it's so much easier. Okay,
we are going to take another break and we will
be right back to talk more about home purchasing in
a homeowners association. And uh, we're going to pivot over
(22:54):
to Miss Kimberly Piper and we're going to talk about
the financing of properties and things that you need to
be aware of. This is Andy Hemmings with Capital Title,
and you're listening to the Dana Simmons Real Estate Show.
Welcome back to the Dana Simmons Real Estate Show. This
is Andy Hemmings with Capital Title, your guest host, and
(23:16):
thank you once again for listening in. We are talking
real estate, and specifically we're talking about real estate and
homeowners' associations and how the two intersect with you as
a home buyer. Lots of things that are very important
for you to understand as a consumer. And I know
everything we're talking about. I know Dana and her team
(23:38):
are very very familiar with all this. They know how
to negotiate the contracts that all the relevant aspects of
the contracts, all of the amendments and addendums and things
like that that have to be negotiated. So Dana and
her team are very familiar with all of this. Let's
talk about financing, can't believe when it comes to properties
(24:01):
and homeowners association and what would you say are some
of the you know, some of the more important things
that a buyer needs to be aware of when getting
financing for a property in a homeowners association.
Speaker 2 (24:11):
Sure, so one of the first things to look for,
are you know, is there an association and going through
all those steps that page mentioned, but then knowing how
much the dues are going to be. As a lender,
that's one of my first questions that I ask when
I'm pre qualifying a borrower. Are you looking for something
that's in an HOA just so I can make sure
(24:33):
I leave room for those HOA dues because that can
kick someone out of qualifying if you're not planning for.
Speaker 1 (24:40):
That, So that go that gets worked into their debt
to income ratio. Yes, okay, good to know.
Speaker 2 (24:46):
Yes, So I'm going to look for that. I'm going
to look to see if there's any transfer fees through
the HOA transferring with the ownership during the sale, because
that can be included and that can be the buyer's responsibility.
Speaker 1 (25:00):
Be added to their closing costs.
Speaker 2 (25:01):
Yeah, yeah, I'm going to look for that. And then
also if it's a condo, then it opens up Pandora's
closet a whole other array of issues. So things that
I'm going to look for on the condos, I'm going
to have to have a condo questionnaire complete. And boy,
when when those properties are managed by a professional management company,
(25:22):
it does make the process so much easier. But there
can also be a charge. So I need to make
sure that you know what is that charge? How much
are you going to is it going to cost the
borrower for the condo questionnaire so that I can include
that in my in myl an estimate.
Speaker 1 (25:38):
Yeah, And because those charges that they're they're negotiated in
the scope of the contract. This is something that the
agents negotiate on behalf of the buyer and seller because
buyer may pay for some of these fees, seller may
pay for them, and so you need to know that
information and the contracts actually there is a box that's
checked whether or not the property is subject to mandatory
(26:00):
ship in a homeowners association. So that's one thing right
off the bat that that buyers need to be aware of,
and then there's the subsequent paperwork that gets filed with that.
Speaker 2 (26:11):
Yes, and then, like I said, with the condos, there's
just so much, so many more details we have to
look at. We have to look at the occupancy rates.
So okay, yeah, there are a few different ways we
can finance condos at First Financial Bank. We can finance
them on the secondary market through Fanny May and Freddie
mac That's when that condo questionnaire comes into play, and
(26:35):
we look to make sure that the occupancy rates that
are occupied either by a primary or secondary homeowner can't
exceed fifty percent.
Speaker 1 (26:45):
Okay, I feel like I need to I need to
add some clarification to some of this. Yeah, because when
you hear condominium, you could literally have two buildings that
two developments that look exactly the same, but one is
legally a condominium and one is legally a town home.
(27:05):
And it makes all the difference in the world with financing.
And there's developments out here in Beaumont that they're called townhomes,
but they're condominiums, correct. And the way you can tell
as a buyer is if it is a unit and building,
it's a condominium. If it's a lot and block, it's
a townhouse. And there are so many more options for
financing if it's a townhouse as opposed to a condominium.
(27:28):
Now we could get into the legality of all that.
Don't worry about that. Just remember just because it says
townhouse doesn't mean it's a townhouse. It could be a condominium.
Look at the legal description says a unit and building.
So you mentioned a condominium questionnaire, and in a condominium
there has to be it has the association has to
be at least fifty percent owner occupied. Right now, page
(27:49):
do you fill out the condo questionnaire?
Speaker 3 (27:51):
Yes, for associations that we manage, we fill out all
of those documents.
Speaker 1 (27:56):
You do all that. Okay, great, thank you it it
makes it does make it so much easier. Okay. So
with a condominium that's one of the criteria fifty percent
owner occupied, and that's a big deal because there's a
lot of people by the condominiums for investments, and that
ratio can get sixty seventy eighty percent pretty easily. Isn't
(28:18):
there also a provision in there like one owner can't
own more than ten percent of the unit.
Speaker 2 (28:22):
Thirty five percent, So oh it's thirty five it's thirty
five percent. Yep.
Speaker 4 (28:26):
So we look for that. We look to make sure
that there are who's past you? How many past you?
Speaker 1 (28:34):
You're going to be looking out quency a right, so
we look for that. Now, why are these things important
to you as a what do you care? Camerly? Why
does it matter?
Speaker 4 (28:42):
It just puts layers of risk onto the transaction.
Speaker 2 (28:46):
Yeah, we look for reserves as well, so they have
to be at fifteen percent as far as the reserves
are concerned, okay, and then we also look for that
blanket policy.
Speaker 1 (28:57):
Okay, yeah, well the insurance that that's a whole other
topic here. Yeah, okay, So the with the condominiums also,
they cannot qualify for certain types of loans, right, Like
there are certain types of loans like if a buyer
needs to get an FHA loan, for instance, what does
that mean for them?
Speaker 2 (29:18):
So it really just depends. It all goes back to
that condo questionnaire. The nice thing about First Financial Bank,
the loans that I do are on the secondary market
through Fannyman Freddy mac. So it's really important that the
condos are warrantable, so you have warrantal warrantable condos and
non warrantable. So if there if there isn't a blanket
policy or there aren't reserves, then it makes the condominium
(29:41):
project non warrantable. But we could still finance that in
house at First Financial Bank. So that's where we have
our flexibility. Is with our in house products. You're going
to always get the best rate in terms on the
secondary market. And you can do as little as as
five percent down on a condo. So and if it
(30:02):
was a fully warrantable condo projects, there's even three percent down,
So you're gonna get a much better deal if it yeah,
if it conforms.
Speaker 1 (30:12):
Yeah, but even if it doesn't, Okay, So FAJA is
three and a half percent. So you're saying, y'all, but
y'all can do it in house for five percent.
Speaker 4 (30:20):
In house would be ten percent.
Speaker 1 (30:22):
Yeah, just understood you.
Speaker 4 (30:23):
Okay, Now that's okay, Yeah, I got you.
Speaker 1 (30:25):
Okay, all right. Good information, Good information. So do y'all
do so? Do you work with a lot of buyers
that are purchasing in homeowners associations? And what are some
of the we do?
Speaker 2 (30:37):
I haven't seen as many here, but being that I
lived in Scottsdale, Arizona, there's condos everywhere everywhere in the
high rise condos. Even the community that I lived in.
I lived in a gated community and they were all
single family homes, but they condominimized the neighborhoods.
Speaker 1 (30:56):
So we had a condo mediumized.
Speaker 4 (30:59):
Yes, yeah, it's a big word.
Speaker 1 (31:01):
I can't believe I got that out first time.
Speaker 2 (31:03):
Yeah.
Speaker 1 (31:05):
Okay, So, uh tell everybody once again how they can
get in touch with you.
Speaker 2 (31:09):
Yes, sir, you can reach me at four oh nine
two zero one five one eight seven and I am
in our Lumberton office, so stop buy and see me.
Speaker 1 (31:18):
Yep. So she can help you with not only properties
and homeowners associations of course, but Kimberly, it's nice to
know that you have the you know, the familiarity with
the you know, these specialty type of situations and you're
looking out for your for your borrower. Yes, yeah, and
so y'all work together a lot like so a page
like when you're when a property is selling in an association.
(31:40):
What's some of the communication that you have back and
forth with the lender. I know how we as the
title company talk with you all. How do you work
with the lender.
Speaker 3 (31:48):
So it's it's pretty much about the same way they
reach out to us for the condo questionnaires. They usually
kind of want to see the resale certificates as well,
also requesting all of those master policies for the associations,
which could be again general liability, hazard, property, just depends
(32:08):
on what all they're having to cover for the association.
After you know, they review all of those, they could
have further in depth questions regarding those policies and financials
as well. So we handle all of that communication. That way,
they get all of the correct information so we can
hopefully get these the lending to go through and everything
(32:28):
fairly quickly. That's why I love working with Kimberly. She's
very very helpful with that.
Speaker 1 (32:33):
Now, when you say master policies, that's the same as
the blanket policy. Yes, same thing. Okay, So all right,
we're going to go to break in just a second,
and what I want us to talk about is the
insurance implications of buying in an association, because when you
buy it an owner association, you're going to have home
own association dues, You're going to have an insurance policy
(32:56):
for the interior of the property. That's what I call it.
Maybe there's a fancier word, and you're going to have
blanket insurance also, and then you may have flood insurance too,
So there's a lot of a lot of different types
of insurance that you need to be aware of that
are going to add to your expenses. And the Kimberly
is going to have to put into her loan application information.
(33:17):
So we're going to take a break and we're going
to come back and we're going to talk about that
specifically because I think Page and talk with you, that's
one of the stickiest issues out there right now in
the marketplace. So this is Andy Hemmings with the Dana
Simons Show, and we will be right back. Welcome back
to the Dana Simmons Real Estate Show. This is Andy
(33:37):
Hemmings with Capital title, your guest host for today. And
today we're talking with miss Page Hammer's Longhorn Property Management
and Kimberly Piper over at First Financial Mortgage and we're
talking about homeowners' associations and the implications as a home buyer.
And what I think is so important for people to
(33:58):
understand right now has to do with insuranceurance. And there
are special types of insurance that are going to have
to be placed on condominiums and townhouses on buildings that
have shared walls. Right, So if it's an association like Barrington,
where it's standalone homes, this doesn't really apply. They're in
an association, but this point on insurance doesn't apply at
(34:20):
least I don't think it does in any way.
Speaker 3 (34:22):
Right.
Speaker 1 (34:22):
Okay, So we're talking about condominiums townhouses where they have
a shared wall, and you mentioned a master policy also
known as blanket insurance, and so if you would just
give a page, just give a brief description of what
blank insurance blanket insurance is and why it's necessary.
Speaker 3 (34:39):
Yes, So for those condos and townhouses, it's very important
because the condos and sometimes townhouses, they're going to most
likely be responsible for the actual exterior of those buildings,
which is from the studs out, including the foundation, the roof,
all of that. So you want to make sure that
(34:59):
the association has that blanket and master policy to protect
it if something happens, if there was a storm to
come through and tear them down. That policy is what's
going to build all of those structures back. It's also
important to have your interior insurance because it doesn't cover that,
so you would have to rebuild the inside why the
(35:21):
association's insurance with that blanket policy rebuilt the exterior.
Speaker 1 (35:27):
Yeah, so that's a perfect explanation. And once again, the
blanket policy covers the studs out, interior policy covers the
sheet rock in yes, sir, okay, and two totally separate policies.
And I don't think this has changed. But the interior
policy has to be worked into the monthly payment, correct,
(35:50):
but the blanket insurance policy does not correct. That's right, man,
And that really catches some people by surprise. We run
into it all the time because I have yet to
see where blanket insurance is disclosed anywhere on the resale
certificate and the seller's disclosure. I mean, it's just something
that has to come up at some point in time
in the conversation with agents when they're working for their buyer.
(36:14):
And I always thought that was interesting that there's no
line for what where the blanket is? How much is
the blanket insurance? Is the carrier?
Speaker 2 (36:20):
Is it?
Speaker 1 (36:20):
Am I missing something? Is it published anywhere like on
a retail certificate or anything.
Speaker 3 (36:25):
No, So the resale certificate is a trek form, so
we're not able to change that document. And unfortunately it
does not have a line on it eye.
Speaker 1 (36:33):
I don't know why it doesn't.
Speaker 3 (36:34):
It doesn't make any sense. And honestly, it's very crucial information.
I mean that can make and break a sell because
it depends on how much side that policy is for
that unit and everything. I mean, it could be double
or even triple what their interior policy or what a
normal residential policy is, because they're actually considered a commercial
(36:54):
insurance policy.
Speaker 1 (36:56):
It catches so many well I wouldn't say so many,
but it does happen that at closing is when the
buyer learns that they have this whole different insurance policy.
And especially happens when it's a for sale by owner
where there's not agents involved. Okay, so like here's a
here's a for instance, you go out and you buy
a condominium and you're working, uh just you working directly
(37:20):
with with the homeowner and you know they're getting their
loan through through Kimberly. You're the you're the property manager,
the all the documentation that you receive, there's nowhere on
there that's going to talk about that blanket insurance policy.
But we as the title company, we're going to find
out how much that blanket insurance policy is and we're
going to make sure that it's pro rated at closing.
(37:42):
And so the buyer is going to be hit with
this additional bill at closing for the pro rated blanket
insurance and they're going to have to pay for the
new policy when it renews. And if you don't have
somebody with their out now, Kimberly, I'm sure you would
have made them aware of it already, so it wouldn't
happen when you're involved. But we see it happen at
closing all more often than I than I like.
Speaker 3 (38:06):
Yeah, yeah, In the resale certificates, we actually for us specifically,
we include a couple extra pages that speak over the
the master policy as well as giving them all of
that contact information to reach out to us and gather
that information and anybody else that they would need to
speak with.
Speaker 1 (38:24):
So when you provide the documentation to the resale certificate
declarations and by laws, you make that part of the
package as well. Yes, sir, good who that helps a bunch?
That helps a bunch. And so, Kimberly, how do you
have that conversation with a buyer when there's a blanket policy?
You have to you have to explain to them that
it's not in their mortgage.
Speaker 4 (38:44):
Correct.
Speaker 2 (38:45):
Yeah, there's several things that don't get factored into their
monthly mortgage payment, so we look at it from a
debt to income perspective, But they have to I always
let them know, you're going to be paying the hoads
monthly on your own. So we'll ask grow for the
taxes and the homeowner's insurance, the interior policy on a condo,
(39:10):
but the hoades they pay separately.
Speaker 1 (39:13):
Yeah, so HOA dues are paid separately. A flood insurance
is often paid separately, sometimes unless it's in a flood zone. Yeah,
what they call a mandatory correct, which I'll consider mandatory.
Speaker 2 (39:26):
Yes.
Speaker 1 (39:26):
Yeah, So there could be a number of items outside
of their monthly mortgage payment that they're that they're having
to pay on. So these are all things that you know,
as a consumer, you just really need to be aware of.
And it doesn't mean that it doesn't necessarily mean that
it's a bad deal by any means. You just need
to go into it fully informed about what y'all are,
all of your expenses are going to because so many
(39:47):
people think, oh, there's my mortgage payment, there's my p
I TI principal interest, taxes and insurance and that's it
not always the case.
Speaker 2 (39:54):
And like Page said, making sure that they truly understand
what an HOA is that they you know that they
are going to have to conform to certain rules.
Speaker 1 (40:03):
And yeah, all right, I want to talk about write
a first refusal because that is such a little understood
concept out there, and I know we don't have a
lot of time. Let's try to take one minute and
talk about write a first few So write a first refusal.
Are associations where the when a property goes under contract,
(40:23):
the remain the other property owners have a right to
match that offer and buy the property, and thereby the
person that was going to buy the property they get
kind of booted out of the way. And this is
mainly the case with older properties. Right, a first refusal,
it's you don't see them on any new associations. There's
a lot of associations out there that still have that
(40:43):
and has to be taken into consideration.
Speaker 3 (40:45):
Yes sir, yes it's and it's very beneficial for investors.
Speaker 1 (40:51):
Right, yes, sir, yeah, it can be very beneficial for investors. Yeah,
but you as when you're purchasing a property, just know
that if you do. If you are purchase singing a
property with a writere first refusal, there's somebody else that
may step in front of you, and just many buyers
aren't aware of that.
Speaker 3 (41:08):
Yeah, that is included in that resale certificate and it's
also listed in the condo questionnaire as well. So that
could also lengthen the closing time and everything, because depending
on how many days, it's usually ten days that those
other owners have the potential to act on that right
and everything.
Speaker 1 (41:27):
Yeah. Wow, well we covered a lot of ground today, y'all,
and I just want to stress the importance out there
to anyone listening of working with professionals that understand all
of these moving parts, working with an agent like the
Dana Simmons team who understands how to negotiate contracts with
all these things in mind, working with companies like First
(41:49):
Financial and Kimberly here that know how to explain to
you as the home buyer, and especially if you're purchasing
in a homeowners association that's managed by some like Paige
and her team, utilizing her as a resource to explain
everything about that purchase that you're making Paige, for anybody
that might want to get in touch with you? How'd
(42:09):
they do so?
Speaker 3 (42:10):
They can look us up at our website www. Lhc
mg mt dot com or just look up Longhorn Community Management.
Speaker 1 (42:20):
Perfect, real quickly. How do they get in touch with you?
Speaker 2 (42:22):
You can find me at the Lumberton office four oh
nine two zero one five one eight seven perfect y'all.
Speaker 1 (42:30):
Thank you everyone for listening in today. This is Andy
Hemmings with Capitol Title. You can find me six five
eight four oh nine sixty five eight three six ninety
five for all your title questions. And this has been
the Dana Simmons Real Estate Show. We appreciate y' all
listening in and have a wonderful day.
Hello everyone, and welcome to the Dana Simmons Real Estate Show.
My name is Andy Hemmings and I will be your
guest host today. I'm from Capital Title of Texas. We
close real estate transactions. If you are buying, selling, or refinancing,
remember Capital Title. We have five offices across Southeast Texas
(00:24):
to assist you. Baumont, Lumberton, Orange Port, Arthur and Crystal Beach. So, Dana,
thank you very much for allowing me to host the
show today. We appreciate you and everything you do for
the real estate community and the community in general. So
for today's show, we have a couple of guests, very
(00:46):
special guests. One is a guest who's been on before,
Miss Kimberly Piper with First Financial Mortgage. She does home loans.
Speaker 2 (00:55):
Welcome, thank you Andy, and thank you Dana for having
me again.
Speaker 1 (00:59):
Good to have you back. And we also have Miss
Page Hammers with Longhorn Property Management. She is a local
property manager, does a lot of work with local homeowners
associations and man, we've got a lot of stuff to
talk about. So Page, thank you for being here with
us today.
Speaker 3 (01:14):
Good morning, It's so great to be here with you.
Andy and Dana thank you.
Speaker 1 (01:19):
Yeah, you bet, you bet so. Last week on Dana's show,
she talked a little bit about property management from but
you know, she talked about it from the perspective of
an investor. Investors in using property management companies. So we're
going to we're going to take a different angle this
morning when we talk about homeowners associations and we talk
(01:40):
about property management. We're talking about for properties and a
homeowners association. So let me tell you what There is
a lot a lot of implications for the consumer, you know,
for a home buyer when you're buying a property in
a homeowners association, and we're going to really dive into that.
But first page, tell us a bit about your company,
(02:01):
because you're the owner of Longhorn Property Management, and just
give us some background how you got into it and
the services that you all provide.
Speaker 3 (02:09):
Yes, sir, thank you. We have been in existence for
two and a half years. I started on a dream.
I had a few associations who supported me in that
and we've just flourished since then and really taken over
the community helping those home owners. Things that we do
(02:31):
is we take in their association dues, we handle all
of their maintenance, shopping those master policies for associations basically
anything that has to do with those homes we're involved in.
Speaker 1 (02:43):
And so when you say master policy, tells those that
may not know what you're referring to. What would that be? Yees?
Speaker 3 (02:49):
So the master policy, it could be a general liability policy,
it could be a property or hazard policy to cover
common areas or the exterior of the building, just depending
on how those associations are set up.
Speaker 1 (03:03):
Gotcha, gotcha. And now when people think of associations a
homeowners association, a lot of times they automatically, you know,
in their mind, they default to like condominiums or townhouses.
But let's it's broader than that. It's bigger than that,
you know, for as far as the market for homeowners association.
So tell us give us an example of some different
(03:25):
homeowners associations out there in the neighborhoods that they serve.
Speaker 3 (03:28):
Right right, So there's I mean many different kinds of associations.
We have single family associations that could be gated communities.
It could just be where they are on golf courses,
or it could be townhouses or condominiums as well. So
there's so many different structures in way that they could
(03:51):
benefit the communities that they're within.
Speaker 1 (03:54):
Yeah. So when you know, when you think about a
homeowner's association, it's not one specific type of property. Could
be a property that has a shared wall like a
townhouse or a condominium, or it could be a neighborhood
like Barrington or even parts of Willow Creek. You know,
those are a couple of examples where it's single standalone
houses and the implications of you as a purchaser, there
(04:17):
are some implications when it comes to the type of
financing that you can get and things like that. So
we're going to definitely dive into that more. Now, Kimberly,
tell us just remind everybody about the services that you
provide for First Financial.
Speaker 2 (04:30):
Yes, sir, so I am a loan originator for First
Financial Bank and I've been in banking for almost thirty
three years, so seeing quite a bit of different types
of transactions, whether it's dealing with the title side, hoas
or the lending side. So I take care of all
(04:52):
the home purchase home refinance transactions.
Speaker 1 (04:56):
Yeah, and you offer a lot of different types of
home loan programs. I know, we just had a class yesterday,
yes where you were talking about one specific program, the
MMCT program, and I think I think Dana talked about
that last week actually, But you also offer USDA loans fahava,
so a lot of different types of loan.
Speaker 2 (05:15):
Products, Yes, sir, So First Financial Bank actually owns a
mortgage company, so we operate just like any other retail
mortgage company. We can even broker loans out, so you know,
we have a lot of affordable programs with the lower
down payments, all the government programs as well.
Speaker 1 (05:33):
Excellent, excellent. So before I forget, let me just how
do people get in touch with you if they're looking
for a mortgage of any kind? Yep.
Speaker 2 (05:40):
So I can actually finance properties in all fifty states
anywhere in Texas obviously, yes, sir, okay, and I yes,
and I live in Lumberton, so I'm out of our
Lumberton branch, but I'm happy to meet clients at any location.
Speaker 1 (05:55):
Yeah. That's the thing about First Financial. Y'all have a lot,
y'all cast a wide net out there. I have a
lot of different options, and y'all are so involved in
the community, so so we appreciate you. Yes, all right,
So let's talk about all right, So I used to
be a real estate agent. I'm a recovering realtor what
I what I like to say, I'm also an SOB
(06:15):
son of a broker, and so I used to I
used to sell real estate. And I still stay very
active in the real estate community, interacting with agents, and
I stay up with what's going on with our contracts
and things like that. And I know that when when
an agent is working with a buyer who's purchasing a
property in a homeowners association, their special documentation has to
(06:39):
be included. And there's just many different things that a
buyer needs to be aware of when they're buying in
an association. So let's let's talk about some of those
and I'll I'll just pitch it to you page what
what would you say? Are some of the top things
a buyer needs to be aware of when they're buying
in a homeowner's association.
Speaker 3 (07:00):
They need to make sure that they are getting a
copy of a declaration and by laws.
Speaker 4 (07:05):
That way they can see what.
Speaker 3 (07:06):
The restrictions and responsibilities are for the association. As well
as actually looking at those resale certificates and condo questionnaires
and other documents that are requested. It has a lot
of important financial information making sure that the associations have
a good standing, as well as other information, you know,
(07:29):
rentals versus homeowners. There's just a lot of important information
in there that they need to know.
Speaker 1 (07:36):
Yeah, okay, so that took maybe thirty seconds for you
to say, but it is literally that there's a whole
lot in there. Let's start with the declarations and by laws. Okay,
those are thick documents. Homeowner is probably not going to
go through and read them all, although they should, but
definitely you want to look at least look at what
(07:57):
the restrictions are for that association. Some of them are
really old. I mean they're from the sixties, but they're
still in force. And I will say this that Capital
Title can provide you with these declarations and by laws.
We have copies of I dare say, every single association
in the area and really across the state. We've got
copies of them, and we can provide them to you know,
(08:20):
we'll make sure to provide them to the homeowner. So
the declarations and by laws, just to literally some of
them are hundreds of pages long, and your right page.
They should review them to see what's in there. But
you also mentioned another document called a resale certificate, and
that is a living breathing document, right because the declarations
(08:43):
and bylaws they're static, they rarely change. Once those are
voted and in place and recorded, they don't change because
they're hard to change. Everybody's got a vote on so
they don't change. But the resale certificate is a living
breathing document. And because the financial legal legal situation, those
those things can can change. So on the resale certificate,
(09:05):
what would you say is like one of the number
one things that buyers need to be looking out for.
Speaker 3 (09:10):
They need to pay attention to what the dues are
when they are to how often, as well as looking
as at what the balance is and the income coming in,
even like a dues roll saying where the residents are
in the community on their dues, like are they behind,
are they all caught up or they head That makes
(09:32):
sure that the association is good financial standing. You definitely
want to when you're investing that they have a good
financial background.
Speaker 1 (09:40):
And I've seen some associations out there that did not
some of them. Actually, you know, there's things that happen
like because homeowner association sometimes they're they're not managed by
a professional like you. They're self managed by the residents,
and I remember one lady took off with all the money,
you know, all the money in the association, you know,
(10:01):
and that happens, and so that's why it's good to
have a professional, licensed property manager like you. So we're
going to take a quick break and come back lots
more to unpack about what you need to be aware
of when you're purchasing in a homeowners association and also
what type of loan programs are available out there. This
is Andy Hemmings with the Dana Simmons Show, and we
(10:24):
will be right back. Welcome back to the Dana Simmons
Real Estate Show. This is Andy Hemmings with capital title,
your guest host today, and thank you so much for
joining us. We talk about all things real estate, and
today's topic, we're talking specifically about homeowners' associations and the
(10:47):
just the things that you need to be aware of
when you're purchasing a home that's in a homeowners association.
All right, So, Paige circlement back to one of the
last points that you made is that the buyer wants
to look at that sale certificate to make sure that
the association isn't good standing so to speak, that financially
they're in good standing, and so one of those is
(11:09):
making sure the owner is current on their dues. And
when do you fill out the resale certificate? Do you
wait until the property is under contract and then it's
sent to you and then y'all fill it out at
that time?
Speaker 3 (11:23):
Honestly, it can come at various points. We have had
agents request them ahead of time. That way they go
ahead and have that information. That way they can make
sure they have it for the listing and readily available
for any potential buyers, or they could wait until later,
until after the contract. Usually if that happens, the agents
at least reached out to us to gather the information verbally.
Speaker 1 (11:47):
Yeah, yeah. What I often tell agents when I'm working
with them or doing trainings with them is that whenever
you list a property and a homewners association, make sure
you at least know who to contact to get that
resale certificate it And that's nice that you mentioned that
you'll Sometimes you fill it out ahead of time at
the time of listing. That's that's good to know, But
(12:08):
then it may have to be updated later because things
can change, right.
Speaker 3 (12:12):
Yes, it can, and then that causes more fees for
the seller or buyer. So we try to prevent all
the fees that we possibly can. So if we can
at least give them that information verbally and everything, then
that kind of takes care of that for the meantime
until they actually have a contract.
Speaker 1 (12:29):
Yeah. Yeah, yeah, because every time those documents are are
updated and provided, there are fees associated with it, and
that that becomes part of the negotiation and the real
estate contract, that the that the agents are negotiating. And
from a title company perspective, the reason that resale certificate
is so important is we have to make sure that
(12:52):
the dues are current, and if they're not current, we
got to collect them because at closing, the you know,
it's it's not a lean, but it's something that's owed
that affects the property. So we have to make sure
it's it's all settled. And sometimes those owners can get
pretty far behind. And you're not your she's not in
your head. Yes, so I they get far behind even though,
(13:15):
and it's probably just because you forget to remind them, right,
you know, you just let them kind of float on
their own. You never remind them, right, I mean.
Speaker 3 (13:23):
They can be reminded as much as they want. You know,
some people just don't take care of their responsibilities unfortunately.
Speaker 1 (13:31):
Yeah, And y'all actually have a little side note here,
y'all have foreclosure rights too that if the owners do
not pay their dues, y'all actually have the right to
the declarations and bylaws allow them allow y'all to file
a leaning against property and ultimately fore clothes.
Speaker 4 (13:46):
Yes, sir, and we have.
Speaker 3 (13:48):
Had to do some actions like that.
Speaker 1 (13:50):
Unfortunately, crazy somebody, But because the dues are usually not.
Speaker 3 (13:53):
That much, I'm usually whenever it comes to something like that,
it's been many many years. You usually also see though
property taxes, no insurance has been paid. They're usually behind
on many things, and it's a very unfortunate circumstance.
Speaker 1 (14:11):
Yeah, yeah, yeah, So people just don't don't don't take
care of their business, yes, sir, So the all right,
So we have to make sure the dues are current.
And sometimes there's something called a special assessment that is
in place that has to go on the resale certificate.
And I think that's really important. Tell us what a
special assessment would be an example of that.
Speaker 3 (14:33):
So, a special assessment is funds that were voted upon
to charge either one time or multiple times, depending on
what the what was voted upon, And it's usually to
take care of a capital expense like replacing many roofs
or a new fencing or something something on the bigger scales.
Speaker 1 (14:54):
Yeah, yeah, And like the reason that's important and for
a buyer is that they need to know if they're
going to be subject to a future expense. Yes, so
it's been voted on, and it may be Okay, we've
got twelve property owners in this association, just for example,
and there's a twelve thousand dollars assessment to replace a roof, which,
(15:15):
by the way, it's going to be a lot more
than that. We're just going to make the math simple here.
So everybody's getting assessed one thousand dollars, but it's not
going to be assessed for six months. Well, that buyer
is going to be subject to one thousand dollars in
that six month. So that information the resale certificate becomes
a negotiating point between the buyer and seller. Buyers like, look,
knock one thousand dollars off the price because I'm not
(15:36):
have to pay this thousand dollars later or whatever it
might be.
Speaker 4 (15:39):
Yes, sir.
Speaker 3 (15:40):
Yeah, yeah, we've had unfortunate cases like that, ref replacements
that need to be done. There's an assessment that's already
been passed. You know, a buyer wants to sell their
property hoping they won't have to pay that, but those
resale certificates, that's why we make sure that we fill
them out really well and that all that information is
provided so everybody knows what they're getting into.
Speaker 1 (16:02):
Yeah. Yeah, And if there's any lawsuits that might be
affecting the association, that's in there too.
Speaker 4 (16:09):
Yes, sir.
Speaker 1 (16:10):
Have you seen that happen, any lawsuits against an association?
Kim's nod their head over here.
Speaker 3 (16:14):
Yes, I mean we've managed I mean we managed thirty
three associations.
Speaker 1 (16:21):
Thirty three associations, yes, sir, So we've.
Speaker 4 (16:23):
Dealt with lawsuits, foreclosures.
Speaker 1 (16:27):
What's a lawsuit that would be filed against an association.
Speaker 3 (16:30):
We've had homeowners who have suit association. I mean there
are different circumstances. It could be one due to damages
to their property that they feel that the association was
responsible for, possibly due to neglect, and different cases like that,
and we'd have to prove it.
Speaker 4 (16:49):
It could be.
Speaker 3 (16:51):
That they again, I mean, the association is just responsible
for things that they feel like that they're not. I
mean that they are, but they're not necessarily Yeah, so
it could be a variety of issues.
Speaker 1 (17:01):
Yeah, I got you, Wow, thirty thirty three associations. So
sint and you've been running your own company now for
how long?
Speaker 4 (17:10):
Two and a half years?
Speaker 1 (17:10):
Sow and a half years? Yes, Okay, you've learned some
new stuff since you started doing that. Uh, yes, sir,
suppose stuff.
Speaker 3 (17:16):
We've been enquired a lot more than what I would
like to say, and everything.
Speaker 1 (17:20):
Well, we just I mean, we just live in a
litigious society in general. Now, it's just the way it is.
Speaker 4 (17:24):
Unfortunately, you really do.
Speaker 3 (17:26):
There's a lot of I mean associations. That's this is
why it's so crucial to know what the association's responsibility
is for. I mean, is if you don't have the
proper understanding, then you get wrapped up in something that
you don't really know, and you could think that the
association is responsible for certain aspects of the property that
(17:48):
it may not be responsible for, and then you're stuck
with a financial burden that you weren't prepared for. Yeah,
and people get upset whenever it comes to their money
and everything. And then also their property. You know, that's
their home, that's what they live in.
Speaker 1 (18:01):
Yeah, yeah, yeah, definitely so And I know, you know,
we're talking about a lot of the you know, things
to be aware of. But I think it's also important
to say that there's so many benefits to having a property.
Property and a home owners association. Y'all make sure the
properties are maintained to a certain level consistency in the
(18:22):
neighborhood financial documentation, so y'all provide all these services. So
there's a lot of benefits to owning a property in
an association as well.
Speaker 3 (18:32):
Yes, sir, I mean, depending on how it's set up,
if it's like a condo or townhouse, I mean it
could even be a single family. They could provide lawn services,
they could provide trash services. Again, like you said, maintenance
to the exterior of their property. If they're being managed
by a management company and kept up, that means that
(18:52):
their property values are staying up and that they're staying
in compliance and everything so that they have a beautiful
home and everything to live.
Speaker 1 (19:00):
Yeah, and just upholding certain standards for the visual appeal
of the property.
Speaker 3 (19:06):
Yes, that as well and everything.
Speaker 1 (19:08):
I even knows people can do some crazy stuff, so exactly.
Speaker 3 (19:11):
And I mean, you know, not everybody wants to have
a pink door next door to them, and you know
trailers parked everywhere. Some people just want a nice, clean,
pristine community.
Speaker 1 (19:22):
Yeah. Now, the thirty three associations that you personally manage,
like give us an idea of the geography, like where
these spread out.
Speaker 3 (19:32):
So it's throughout Southeast Texas. A majority are currently within Beaumont.
We do have one in Lumberton, and then we are
about to pick up one important.
Speaker 2 (19:42):
Hi.
Speaker 1 (19:43):
Congratulations, that's good. There's not many in Lumberton. There's not
many associations that there.
Speaker 3 (19:47):
There's actually a few more than what you would think
and everything, and there's I mean, there's a lot more
in this area than people really are aware of. I
didn't even know over five years ago how many associations
were just in Beaumont alone. Yeah, I mean there's probably
around one thousand, if not more than that. What's just
(20:07):
in Beaumont's Oh my word, there's a lot of business
out there for you, Yes, sir, yes, sir.
Speaker 1 (20:14):
So if someone is buying a house in one of
the associations that you manage it. Let's say they get
the resale certificate and they have questions on it that
their agent might not be able to answer because the
agent is just well they're just the agent. They're just
passing information along. Can a perspective home buyer call you
or someone from your office to explain anything like what
level of communication can you have with someone who is
(20:35):
not yet a member of the association.
Speaker 3 (20:37):
Absolutely so, if we are managing the association, we are
open those potential buyers, even current owners, they have you
know that they have a right to know all of
that information. Also, especially if they're purchasing into it and everything.
They need to know what they're getting involved into, what
(20:58):
it's actually going to tell, what are their responsibilities and
as a homeowner, and what the association is responsible for.
Obviously we couldn't go into, you know, some privacy stuff
with potential like specific people's contacts or something like that,
but as far as like what the association is spending
(21:19):
their money on, like law and maintenance xteror maintenance, if
there's any deferred maintenance as well, that could be something
that's actually not listed on a resale certificate. So much,
but it would be that the management company or the
board if not managed by a management company, would know
that there's deferred maintenance. And it's really important to know
(21:41):
that as well, because if you have a lot of
deferred maintenance and they also don't have a lot of money,
then there's all there's some financial issues there and there's
gonna have to be special assessments or a dues increase potentially,
so you have to be prepared for.
Speaker 1 (21:57):
That great point and that resales SORTI does it refresh
my memory? Does it show how much money is in
reserves to pay for these things?
Speaker 4 (22:05):
It does show the reserves.
Speaker 3 (22:07):
It'll also show just like their balance and everything and
their regular accounts, so it's definitely important to check all
of that. And if it's not listed in there, the
resale certificate does also state who filled it out, and
there should be contact information included in that where you
can reach out to that person, those board members, if
(22:27):
it's not managed by a management company, they should be
willing to give you that information.
Speaker 1 (22:32):
Should being the operative word there.
Speaker 3 (22:34):
Well.
Speaker 1 (22:34):
I always like, I always we always like when from
a title company perspective and from the agent perspective, when
a property is professionally managed because it's so much easier. Okay,
we are going to take another break and we will
be right back to talk more about home purchasing in
a homeowners association. And uh, we're going to pivot over
(22:54):
to Miss Kimberly Piper and we're going to talk about
the financing of properties and things that you need to
be aware of. This is Andy Hemmings with Capital Title,
and you're listening to the Dana Simmons Real Estate Show.
Welcome back to the Dana Simmons Real Estate Show. This
is Andy Hemmings with Capital Title, your guest host, and
(23:16):
thank you once again for listening in. We are talking
real estate, and specifically we're talking about real estate and
homeowners' associations and how the two intersect with you as
a home buyer. Lots of things that are very important
for you to understand as a consumer. And I know
everything we're talking about. I know Dana and her team
(23:38):
are very very familiar with all this. They know how
to negotiate the contracts that all the relevant aspects of
the contracts, all of the amendments and addendums and things
like that that have to be negotiated. So Dana and
her team are very familiar with all of this. Let's
talk about financing, can't believe when it comes to properties
(24:01):
and homeowners association and what would you say are some
of the you know, some of the more important things
that a buyer needs to be aware of when getting
financing for a property in a homeowners association.
Speaker 2 (24:11):
Sure, so one of the first things to look for,
are you know, is there an association and going through
all those steps that page mentioned, but then knowing how
much the dues are going to be. As a lender,
that's one of my first questions that I ask when
I'm pre qualifying a borrower. Are you looking for something
that's in an HOA just so I can make sure
(24:33):
I leave room for those HOA dues because that can
kick someone out of qualifying if you're not planning for.
Speaker 1 (24:40):
That, So that go that gets worked into their debt
to income ratio. Yes, okay, good to know.
Speaker 2 (24:46):
Yes, So I'm going to look for that. I'm going
to look to see if there's any transfer fees through
the HOA transferring with the ownership during the sale, because
that can be included and that can be the buyer's responsibility.
Speaker 1 (25:00):
Be added to their closing costs.
Speaker 2 (25:01):
Yeah, yeah, I'm going to look for that. And then
also if it's a condo, then it opens up Pandora's
closet a whole other array of issues. So things that
I'm going to look for on the condos, I'm going
to have to have a condo questionnaire complete. And boy,
when when those properties are managed by a professional management company,
(25:22):
it does make the process so much easier. But there
can also be a charge. So I need to make
sure that you know what is that charge? How much
are you going to is it going to cost the
borrower for the condo questionnaire so that I can include
that in my in myl an estimate.
Speaker 1 (25:38):
Yeah, And because those charges that they're they're negotiated in
the scope of the contract. This is something that the
agents negotiate on behalf of the buyer and seller because
buyer may pay for some of these fees, seller may
pay for them, and so you need to know that
information and the contracts actually there is a box that's
checked whether or not the property is subject to mandatory
(26:00):
ship in a homeowners association. So that's one thing right
off the bat that that buyers need to be aware of,
and then there's the subsequent paperwork that gets filed with that.
Speaker 2 (26:11):
Yes, and then, like I said, with the condos, there's
just so much, so many more details we have to
look at. We have to look at the occupancy rates.
So okay, yeah, there are a few different ways we
can finance condos at First Financial Bank. We can finance
them on the secondary market through Fanny May and Freddie
mac That's when that condo questionnaire comes into play, and
(26:35):
we look to make sure that the occupancy rates that
are occupied either by a primary or secondary homeowner can't
exceed fifty percent.
Speaker 1 (26:45):
Okay, I feel like I need to I need to
add some clarification to some of this. Yeah, because when
you hear condominium, you could literally have two buildings that
two developments that look exactly the same, but one is
legally a condominium and one is legally a town home.
(27:05):
And it makes all the difference in the world with financing.
And there's developments out here in Beaumont that they're called townhomes,
but they're condominiums, correct. And the way you can tell
as a buyer is if it is a unit and building,
it's a condominium. If it's a lot and block, it's
a townhouse. And there are so many more options for
financing if it's a townhouse as opposed to a condominium.
(27:28):
Now we could get into the legality of all that.
Don't worry about that. Just remember just because it says
townhouse doesn't mean it's a townhouse. It could be a condominium.
Look at the legal description says a unit and building.
So you mentioned a condominium questionnaire, and in a condominium
there has to be it has the association has to
be at least fifty percent owner occupied. Right now, page
(27:49):
do you fill out the condo questionnaire?
Speaker 3 (27:51):
Yes, for associations that we manage, we fill out all
of those documents.
Speaker 1 (27:56):
You do all that. Okay, great, thank you it it
makes it does make it so much easier. Okay. So
with a condominium that's one of the criteria fifty percent
owner occupied, and that's a big deal because there's a
lot of people by the condominiums for investments, and that
ratio can get sixty seventy eighty percent pretty easily. Isn't
(28:18):
there also a provision in there like one owner can't
own more than ten percent of the unit.
Speaker 2 (28:22):
Thirty five percent, So oh it's thirty five it's thirty
five percent. Yep.
Speaker 4 (28:26):
So we look for that. We look to make sure
that there are who's past you? How many past you?
Speaker 1 (28:34):
You're going to be looking out quency a right, so
we look for that. Now, why are these things important
to you as a what do you care? Camerly? Why
does it matter?
Speaker 4 (28:42):
It just puts layers of risk onto the transaction.
Speaker 2 (28:46):
Yeah, we look for reserves as well, so they have
to be at fifteen percent as far as the reserves
are concerned, okay, and then we also look for that
blanket policy.
Speaker 1 (28:57):
Okay, yeah, well the insurance that that's a whole other
topic here. Yeah, okay, So the with the condominiums also,
they cannot qualify for certain types of loans, right, Like
there are certain types of loans like if a buyer
needs to get an FHA loan, for instance, what does
that mean for them?
Speaker 2 (29:18):
So it really just depends. It all goes back to
that condo questionnaire. The nice thing about First Financial Bank,
the loans that I do are on the secondary market
through Fannyman Freddy mac. So it's really important that the
condos are warrantable, so you have warrantal warrantable condos and
non warrantable. So if there if there isn't a blanket
policy or there aren't reserves, then it makes the condominium
(29:41):
project non warrantable. But we could still finance that in
house at First Financial Bank. So that's where we have
our flexibility. Is with our in house products. You're going
to always get the best rate in terms on the
secondary market. And you can do as little as as
five percent down on a condo. So and if it
(30:02):
was a fully warrantable condo projects, there's even three percent down,
So you're gonna get a much better deal if it yeah,
if it conforms.
Speaker 1 (30:12):
Yeah, but even if it doesn't, Okay, So FAJA is
three and a half percent. So you're saying, y'all, but
y'all can do it in house for five percent.
Speaker 4 (30:20):
In house would be ten percent.
Speaker 1 (30:22):
Yeah, just understood you.
Speaker 4 (30:23):
Okay, Now that's okay, Yeah, I got you.
Speaker 1 (30:25):
Okay, all right. Good information, Good information. So do y'all
do so? Do you work with a lot of buyers
that are purchasing in homeowners associations? And what are some
of the we do?
Speaker 2 (30:37):
I haven't seen as many here, but being that I
lived in Scottsdale, Arizona, there's condos everywhere everywhere in the
high rise condos. Even the community that I lived in.
I lived in a gated community and they were all
single family homes, but they condominimized the neighborhoods.
Speaker 1 (30:56):
So we had a condo mediumized.
Speaker 4 (30:59):
Yes, yeah, it's a big word.
Speaker 1 (31:01):
I can't believe I got that out first time.
Speaker 2 (31:03):
Yeah.
Speaker 1 (31:05):
Okay, So, uh tell everybody once again how they can
get in touch with you.
Speaker 2 (31:09):
Yes, sir, you can reach me at four oh nine
two zero one five one eight seven and I am
in our Lumberton office, so stop buy and see me.
Speaker 1 (31:18):
Yep. So she can help you with not only properties
and homeowners associations of course, but Kimberly, it's nice to
know that you have the you know, the familiarity with
the you know, these specialty type of situations and you're
looking out for your for your borrower. Yes, yeah, and
so y'all work together a lot like so a page
like when you're when a property is selling in an association.
(31:40):
What's some of the communication that you have back and
forth with the lender. I know how we as the
title company talk with you all. How do you work
with the lender.
Speaker 3 (31:48):
So it's it's pretty much about the same way they
reach out to us for the condo questionnaires. They usually
kind of want to see the resale certificates as well,
also requesting all of those master policies for the associations,
which could be again general liability, hazard, property, just depends
(32:08):
on what all they're having to cover for the association.
After you know, they review all of those, they could
have further in depth questions regarding those policies and financials
as well. So we handle all of that communication. That way,
they get all of the correct information so we can
hopefully get these the lending to go through and everything
(32:28):
fairly quickly. That's why I love working with Kimberly. She's
very very helpful with that.
Speaker 1 (32:33):
Now, when you say master policies, that's the same as
the blanket policy. Yes, same thing. Okay, So all right,
we're going to go to break in just a second,
and what I want us to talk about is the
insurance implications of buying in an association, because when you
buy it an owner association, you're going to have home
own association dues, You're going to have an insurance policy
(32:56):
for the interior of the property. That's what I call it.
Maybe there's a fancier word, and you're going to have
blanket insurance also, and then you may have flood insurance too,
So there's a lot of a lot of different types
of insurance that you need to be aware of that
are going to add to your expenses. And the Kimberly
is going to have to put into her loan application information.
(33:17):
So we're going to take a break and we're going
to come back and we're going to talk about that
specifically because I think Page and talk with you, that's
one of the stickiest issues out there right now in
the marketplace. So this is Andy Hemmings with the Dana
Simons Show, and we will be right back. Welcome back
to the Dana Simmons Real Estate Show. This is Andy
(33:37):
Hemmings with Capital title, your guest host for today. And
today we're talking with miss Page Hammer's Longhorn Property Management
and Kimberly Piper over at First Financial Mortgage and we're
talking about homeowners' associations and the implications as a home buyer.
And what I think is so important for people to
(33:58):
understand right now has to do with insuranceurance. And there
are special types of insurance that are going to have
to be placed on condominiums and townhouses on buildings that
have shared walls. Right, So if it's an association like Barrington,
where it's standalone homes, this doesn't really apply. They're in
an association, but this point on insurance doesn't apply at
(34:20):
least I don't think it does in any way.
Speaker 3 (34:22):
Right.
Speaker 1 (34:22):
Okay, So we're talking about condominiums townhouses where they have
a shared wall, and you mentioned a master policy also
known as blanket insurance, and so if you would just
give a page, just give a brief description of what
blank insurance blanket insurance is and why it's necessary.
Speaker 3 (34:39):
Yes, So for those condos and townhouses, it's very important
because the condos and sometimes townhouses, they're going to most
likely be responsible for the actual exterior of those buildings,
which is from the studs out, including the foundation, the roof,
all of that. So you want to make sure that
(34:59):
the association has that blanket and master policy to protect
it if something happens, if there was a storm to
come through and tear them down. That policy is what's
going to build all of those structures back. It's also
important to have your interior insurance because it doesn't cover that,
so you would have to rebuild the inside why the
(35:21):
association's insurance with that blanket policy rebuilt the exterior.
Speaker 1 (35:27):
Yeah, so that's a perfect explanation. And once again, the
blanket policy covers the studs out, interior policy covers the
sheet rock in yes, sir, okay, and two totally separate policies.
And I don't think this has changed. But the interior
policy has to be worked into the monthly payment, correct,
(35:50):
but the blanket insurance policy does not correct. That's right, man,
And that really catches some people by surprise. We run
into it all the time because I have yet to
see where blanket insurance is disclosed anywhere on the resale
certificate and the seller's disclosure. I mean, it's just something
that has to come up at some point in time
in the conversation with agents when they're working for their buyer.
(36:14):
And I always thought that was interesting that there's no
line for what where the blanket is? How much is
the blanket insurance? Is the carrier?
Speaker 2 (36:20):
Is it?
Speaker 1 (36:20):
Am I missing something? Is it published anywhere like on
a retail certificate or anything.
Speaker 3 (36:25):
No, So the resale certificate is a trek form, so
we're not able to change that document. And unfortunately it
does not have a line on it eye.
Speaker 1 (36:33):
I don't know why it doesn't.
Speaker 3 (36:34):
It doesn't make any sense. And honestly, it's very crucial information.
I mean that can make and break a sell because
it depends on how much side that policy is for
that unit and everything. I mean, it could be double
or even triple what their interior policy or what a
normal residential policy is, because they're actually considered a commercial
(36:54):
insurance policy.
Speaker 1 (36:56):
It catches so many well I wouldn't say so many,
but it does happen that at closing is when the
buyer learns that they have this whole different insurance policy.
And especially happens when it's a for sale by owner
where there's not agents involved. Okay, so like here's a
here's a for instance, you go out and you buy
a condominium and you're working, uh just you working directly
(37:20):
with with the homeowner and you know they're getting their
loan through through Kimberly. You're the you're the property manager,
the all the documentation that you receive, there's nowhere on
there that's going to talk about that blanket insurance policy.
But we as the title company, we're going to find
out how much that blanket insurance policy is and we're
going to make sure that it's pro rated at closing.
(37:42):
And so the buyer is going to be hit with
this additional bill at closing for the pro rated blanket
insurance and they're going to have to pay for the
new policy when it renews. And if you don't have
somebody with their out now, Kimberly, I'm sure you would
have made them aware of it already, so it wouldn't
happen when you're involved. But we see it happen at
closing all more often than I than I like.
Speaker 3 (38:06):
Yeah, yeah, In the resale certificates, we actually for us specifically,
we include a couple extra pages that speak over the
the master policy as well as giving them all of
that contact information to reach out to us and gather
that information and anybody else that they would need to
speak with.
Speaker 1 (38:24):
So when you provide the documentation to the resale certificate
declarations and by laws, you make that part of the
package as well. Yes, sir, good who that helps a bunch?
That helps a bunch. And so, Kimberly, how do you
have that conversation with a buyer when there's a blanket policy?
You have to you have to explain to them that
it's not in their mortgage.
Speaker 4 (38:44):
Correct.
Speaker 2 (38:45):
Yeah, there's several things that don't get factored into their
monthly mortgage payment, so we look at it from a
debt to income perspective, But they have to I always
let them know, you're going to be paying the hoads
monthly on your own. So we'll ask grow for the
taxes and the homeowner's insurance, the interior policy on a condo,
(39:10):
but the hoades they pay separately.
Speaker 1 (39:13):
Yeah, so HOA dues are paid separately. A flood insurance
is often paid separately, sometimes unless it's in a flood zone. Yeah,
what they call a mandatory correct, which I'll consider mandatory.
Speaker 2 (39:26):
Yes.
Speaker 1 (39:26):
Yeah, So there could be a number of items outside
of their monthly mortgage payment that they're that they're having
to pay on. So these are all things that you know,
as a consumer, you just really need to be aware of.
And it doesn't mean that it doesn't necessarily mean that
it's a bad deal by any means. You just need
to go into it fully informed about what y'all are,
all of your expenses are going to because so many
(39:47):
people think, oh, there's my mortgage payment, there's my p
I TI principal interest, taxes and insurance and that's it
not always the case.
Speaker 2 (39:54):
And like Page said, making sure that they truly understand
what an HOA is that they you know that they
are going to have to conform to certain rules.
Speaker 1 (40:03):
And yeah, all right, I want to talk about write
a first refusal because that is such a little understood
concept out there, and I know we don't have a
lot of time. Let's try to take one minute and
talk about write a first few So write a first refusal.
Are associations where the when a property goes under contract,
(40:23):
the remain the other property owners have a right to
match that offer and buy the property, and thereby the
person that was going to buy the property they get
kind of booted out of the way. And this is
mainly the case with older properties. Right, a first refusal,
it's you don't see them on any new associations. There's
a lot of associations out there that still have that
(40:43):
and has to be taken into consideration.
Speaker 3 (40:45):
Yes sir, yes it's and it's very beneficial for investors.
Speaker 1 (40:51):
Right, yes, sir, yeah, it can be very beneficial for investors. Yeah,
but you as when you're purchasing a property, just know
that if you do. If you are purchase singing a
property with a writere first refusal, there's somebody else that
may step in front of you, and just many buyers
aren't aware of that.
Speaker 3 (41:08):
Yeah, that is included in that resale certificate and it's
also listed in the condo questionnaire as well. So that
could also lengthen the closing time and everything, because depending
on how many days, it's usually ten days that those
other owners have the potential to act on that right
and everything.
Speaker 1 (41:27):
Yeah. Wow, well we covered a lot of ground today, y'all,
and I just want to stress the importance out there
to anyone listening of working with professionals that understand all
of these moving parts, working with an agent like the
Dana Simmons team who understands how to negotiate contracts with
all these things in mind, working with companies like First
(41:49):
Financial and Kimberly here that know how to explain to
you as the home buyer, and especially if you're purchasing
in a homeowners association that's managed by some like Paige
and her team, utilizing her as a resource to explain
everything about that purchase that you're making Paige, for anybody
that might want to get in touch with you? How'd
(42:09):
they do so?
Speaker 3 (42:10):
They can look us up at our website www. Lhc
mg mt dot com or just look up Longhorn Community Management.
Speaker 1 (42:20):
Perfect, real quickly. How do they get in touch with you?
Speaker 2 (42:22):
You can find me at the Lumberton office four oh
nine two zero one five one eight seven perfect y'all.
Speaker 1 (42:30):
Thank you everyone for listening in today. This is Andy
Hemmings with Capitol Title. You can find me six five
eight four oh nine sixty five eight three six ninety
five for all your title questions. And this has been
the Dana Simmons Real Estate Show. We appreciate y' all
listening in and have a wonderful day.
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