Wednesday, September 9, 2009

What is Mortgagee Letter 2009-19 and why should you care?

Condominium Buyers and Condominium Sellers

The FHA condo approval process changes on October 1, 2009 and will have a huge impact on the condominium marketplace for both sides, buyers and sellers. These are nationwide regulations and will affect all, and I chose to look at an area I am familiar with southwest of Boston Massachusetts in the Franklin, North Attleboro, and Attleboro areas.

There is a free information session in Mansfield, MA, Jack Conway Real Estate, 273 Chauncy Street (route 106) on Wednesday September 23 at 6 PM till ???. The subject is complicated, has a potential huge impact, and you have a lot at stake and possibly at risk. Your best bet is to know for yourself what is going on. Knowledge is power!! The session will have licensed real estate experts and financial experts on hand. No sales presentations, no intrusive or nosy questioning, no need to provide personal information, just an email address if you prefer. Conway possibly could develop an ongoing opt-in email list if folks are interested.

This is a community service by Conway open to the public, from any community ----- limited seating ----- I know at least 4 seats are taken. Call and leave just an email
address (used only by Conway, not sold or released) to insure a seat, or there may be some standing room only if you choose to just drop in. 508 409 5195

The major change is the FHA requires the lender to determine eligibility for FHA lending within a condo project. The lender, not FHA, has to keep all the legal documents, contracts, plans, insurance coverage, and owner occupancy conditions, etc.

Here are examples of what you should know about when considering real estate single family house versus condominium unit. There is a lot more detail than just these examples :
Part IV section B talks about elimination of the “spot loan” process
Part IV section D talks about new condominium construction relating to noise levels and correction steps
Part V talks about $$ monetary reserve requirements, which are funded directly from association monthly fees. What is the impact on buyer? On seller? For instance, I know some older projects in Mansfield may need major infrastructure work such as roadways, parking areas, and roofs.
Part V also talks about percentage of ownership allowed, such as 50% of a project has to be owner occupied ---- also, no one investor can own more than 10% of the units. This could have a major impact on condos in Easton and Foxboro, and potentially could permanently eliminate FHA buyers from a given location.

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Tuesday, July 14, 2009

Pride of Home Ownership -- Display the United States Flag




Owning your own home has been called “the American dream” since the birth of our nation.

Here are some pointers on how to handle the flag of the United States as you display on your “American dream” home, so follow these steps and you will know you are doing it the “right” way.

These are excerpts and paraphrases from the United States Code, Title 36, Chapter 10

  • Fly the flag during daylight hours only, fly in darkness only if the flag is illuminated with its own light source (i.e., street lights, sign lights do not count)


  • Fly the flag in fair weather, take it indoors in inclement weather


  • The white stars are always in the upper left corner


  • Fly the flag at half-mast on specified days only, usually by instruction from the President of the United States, and we do it as one nation. Local, regional and statewide requests for half-mast of the national flag lessen the intended nationwide impact of unity in observance. President of the United States, and we do it as one nation. Local, regional and statewide requests for half-mast of the national flag lessen the intended nationwide impact of unity in observance.


  • Always display a flag in good condition, no fading, tattered, stained, etc.
Pride of self, pride of ownership and pride of community are often part of buying your home. Why not display that symbol of freedom and pride of nation by displaying the Stars and Stripes on your property, especially new homeowners? Contrary to the impression the mass media may sometimes attempt to convey, the overwhelming majority of American citizens respect this nation and respect the beautiful flag of the United States.

web : rcurley@jackconway.com
contact : 508 409 5195

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Thursday, June 18, 2009

Your Unoccupied Property Listed For Sale

A little additional effort needed

Here are some security steps you should consider beyond the obvious difference of listing an unoccupied property versus an occupied property. The need for increased security rises while available time to provide such security decreases.
The key idea is to vary the look of the property on a regular basis to make it appear someone is around much of the time. This idea becomes essential if the property still has furnishings within.

Park an available vehicle in the drive for a few days, then alternate .

Pick up any windblown litter regardless of size: have the mail forwarded.
Leave an inexpensive tool visible, such as a bamboo rake, and re-position it from time to time.

Likewise, discreetly place a youth soccer ball or kickball in the yard, also reposition .

Cut the grass on basically the same schedule as the nearby neighboring properties .

Set exterior night lighting to shut-off in daylight hours.

Set interior lighting for early dusk until 10 to 11 PM.

Periodically re-position window curtains, drapes blinds, etc

Use the inside shut-off for any outside water spigots.

Vary and use an unpredictable routine to visit the property, sometimes morning, sometimes afternoon, etc.

Each of these suggestions requires minimal effort and provides that extra security of your valuable property while on the listing marketplace.

Hint: yard sales are a great source for cheap used tools, balls, and the like.












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