n already difficult condominium market is likely to become more challenging for buyers, sellers and especially lenders as a result of new underwriting guidelines adopted recently by Fannie Mae and mirrored, in key respects, by Freddie Mac. The revised rules respond to the mounting loan delinquencies and defaults that have bruised the bottom lines of Fannie, Freddie and just about everyone else inv... read more

Before making your initial telephone contact with a new management company candidate, it is an excellent idea to gather your property’s vital details – description, income and expense information – for them so that they are in a position to provide you with detailed responses to your interview questions. Generally, inquiries to a new management company will be directed toward their professio... read more

Questions from readers Q: I’m hoping you can help us. We have 12 privately owned condos where I reside – Lakewood, Calif. – and we are in need of financial assistance for painting, exterminating termites, etc. We don’t have enough monies in our reserves, and I’m wondering if you have ever heard of homeowners’ association’s having credit cards for such use. Please let me k... read more

In many homeowners’ associations, frustration is lurking just below the surface, waiting to explode into anger. Frustration is the result of unfulfilled expectations. These expectations can be reasonable or unreasonable, mature or immature. Mature expectations are thoughtful considerations colored by fairness. These folks will generally resolve their issues in a win-win fashion. Immature expecta... read more

The past few years have seen association insurance premiums rise dramatically. Whereas deductibles on association policies were typically $1,000 not many years ago, today it is more common for associations to have $2,500, $5,000 or even $10,000 deductibles. As insurance deductibles continue to increase, associations are reviewing how to allocate those deductibles. Insurance professionals note that... read more