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Real Estate Q&A: When It Comes to Condo Boards, Apathy Can Be Expensive

(TNS)—Q: In our condo association we don’t have enough people who want to serve on the board of directors to fill all of the seats necessary under our documents. What can we do? –Tom

A: Owner apathy is probably the most significant issue facing community associations. For your community to run properly, enough of your neighbors will need to volunteer for the difficult and often thankless job of serving on the board. If enough people do not step up to fill the required seats, the law allows any owner in the community to apply to the court to have a receiver appointed to run the association until enough owners can be found to serve.

Unlike neighborhood volunteers, a court-appointed receiver will be paid a salary by the association, and the costs of having the receiver appointed will be reimbursed to the owner who applied. Receivers can be expensive, so a special assessment will most likely be levied against all owners to cover these costs.

Since this is a drastic move, the owner making the application must notify the association at least 30 days before filing with the court and must post the notice conspicuously for other owners to see. The announcement tells the other owners that unless the vacancies are filled, the court will be asked to have a receiver appointed. Upon seeing this, your neighbors would be wise to find volunteers to serve their community.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar.

©2017 Sun Sentinel (Fort Lauderdale, Fla.)
Visit Sun Sentinel (Fort Lauderdale, Fla.) at www.sun-sentinel.com
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Would You Play Pretend Neighbors With These TV Characters?

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Good neighbors are hard to find—unless you live near your favorite fictional star. Which character on the small screen is the most sought-after in 2018?

The best on the block, according to the annual Celebrity Neighbor Survey by Zillow, are Leonard and Penny from “The Big Bang Theory,” with 19 percent of the vote. Leonard is played by Johnny Galecki, whose ranch in San Luis Obispo was destroyed in a fire last summer. Penny is portrayed by Kaley Cuoco, who, after briefly residing at Lamar Odom and Khloe Kardashian’s former home in Tarzana, made headlines with her single-gal spread.

One TV twist: Nine percent of respondents to the survey said they’re not fans of “Big Bang” characters Sheldon and Amy. The most nightmare-ish, however? Thirty-one percent said they’d dread living in proximity to the titular Simpsons—but 11 percent, still, said the opposite.

“‘The Big Bang Theory’ is one of the most popular shows on television, so it is not surprising that American adults chose its leading couple as the most desirable neighbors for 2018,” says Jeremy Wacksman, CMO at Zillow. “On the other hand, it wouldn’t be easy to live next to the Simpsons, who have spent nearly 30 seasons causing chaos for neighbor Ned Flanders and the rest of Springfield. However, as the stars of one of TV’s longest-running shows, the Simpsons are certainly beloved by some: they also tied for second on the most desirable neighbor list.”

The faves following Leonard and Penny in the ranking: The Dunphys from “Modern Family” (No. 2 alongside the Simpsons); Will and Grace from “Will & Grace” (No. 3); Jack and Rebecca Pearson from “This Is Us” (No. 4); and The Johnsons from “Black-ish” (No. 5).

After the Simpsons, the neighbors not welcome are: The Lannisters from “Game of Thrones” (No. 2); Olivia Pope from “Scandal” (No. 4); and the Jennings from “The Americans” (No. 5).

2018’s choices differ from those in prior years, when Americans were asked to pick a real-life star to share a fence with. In 2017, that honor went to the Obamas.

For more information, please visit www.zillow.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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Making Sense of Valuation’s Alphabet Soup: CMAs, BPOs, AVMs and Appraisals

The following information is provided by the Center for REALTOR® Development (CRD).

This article explains the four most common valuation methods used for real property transactions and how and when they are used. It’s important to note that the methods below are not necessarily mutually exclusive. Lenders, servicers, investors, and other professionals use one or more of these valuation methods, depending on circumstances and the type of transaction. Often, one valuation method is used to confirm or quality-check the results of another.

Comparative Market Analysis (CMA): A CMA is prepared by a licensed real estate professional and is most commonly used to help determine a home’s listing price. The CMA should not be the only factor in determining listing price; rather, it is a guide for the agent and owner to evaluate the active and sold competition, and to serve as a tool in the price-setting process. A CMA can also be used—depending on variations in state laws—for a variety of other purposes, including loan modifications, short sales and foreclosure/REO purchases, value trend analysis, mediation and negotiation. It should not serve as the sole method of valuing collateral in a real estate transaction where a mortgage is being originated.

Broker Price Opinion (BPO): A BPO is prepared by a licensed real estate professional and is an estimate of the probable future selling price of a property. Like CMAs, BPOs may be used—depending on variations in state laws—for a variety of purposes, including loan modifications, short sales and foreclosure/REO purchases, value trend analysis, mediation and negotiation. They normally should not be used as the sole way to value collateral in a real estate transaction where a mortgage is being originated, even though in some states both BPOs and CMAs are technically permitted for purchase money transactions when the transaction is less than $250,000 (though allowed, CMAs are rarely used for this purpose).

Automated Valuation Model (AVM): An AVM is a service or software that provides property valuations, often based on mathematical modeling. AVMs are most commonly developed or used by lenders, servicer appraisal staff, and investors. While AVMs are most often used by lenders or secondary markets to confirm valuations provided in appraisal reports, they should not be used as the sole method to value collateral in a real estate transaction where a mortgage is being originated. They may, however, be used as the sole valuation option for other types of transactions, such as refinances.

Appraisal: An appraisal is prepared by a licensed or certified appraiser and is an opinion of a property’s value. Appraisals are most often used to value collateral in a real estate transaction and are required for most federally-regulated transactions above $250,000. Exceptions include transactions where no new money is involved. In practice, appraisals are used for the vast majority of purchase money transactions involving a loan. For the most part, lenders or servicers determine the use of appraisal or another acceptable methodology for transactions that are not purchase money.

Source: www.nar.realtor/appraisal/valuation-services-matrix

For more education about valuation and pricing, check out this month’s featured online certification course at the Center for REALTOR® Development, Pricing Strategies: Mastering the CMA, which is the educational requirement for NAR’s Pricing Strategy Advisor (PSA) certification, and is on sale this entire month of January at 25% off its regular price. This certification aims to help real estate professionals enhance skills in pricing properties, creating CMAs, working with appraisers, and guiding their clients through the anxieties and misperceptions related to real estate valuation.

For more information, please visit RISMedia’s online learning portal from NAR’s Center for REALTOR® Development (CRD) and the Learning Library. Here, real estate professionals can sign up for online professional development courses, industry designations, certifications, CE credits, Code of Ethics programs and more. NAR’s CRD also offers monthly specials and important education updates. New users will need to register for an account.

For the latest real estate news and trends, bookmark RISMedia.com.

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$179,000 :: 13640 Iowa Dr, Warren MI, 48088

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3 beds, 2 baths
Home size: 1,327 sq ft
Lot Size: 7,840 sq ft
Added: 01/02/18, Last Updated: 01/02/18
Property Type: Single Family
MLS Number: 31337523
Community: Warren (50023)
Tract: Dorchester
Status: Active

Beautifully updated ranch with new open concept kitchen (2016) with island, & Quartz counters, newer baths, newer windows, newer roof & neutral decorating. Second full bath in basement with shower stall. Neutral decorating. Large recreation room (27×24) with wet bar. Trane 95% efficient furnace & CAC new 2015. Attached garage. Large lot with patio and shed.

Listed with Real Estate in the Pointes


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$99,500 :: 25189 AUDREY, Warren MI, 48091

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3 beds, 2 baths
Home size: 1,194 sq ft
Lot Size: 10,018 sq ft
Added: 12/31/17, Last Updated: 01/01/18
Property Type: Single Family
MLS Number: 21400281
Community: Warren (50023)
Tract: CAPLAN SUB # 01
Status: Active

3 BED AND ONE AND A HALF BATH RANCH,MOVE IN CONDITION. UPDATES INCLUDES NEW FLOORING, WHOLE HOUSE FRESHLY PAINTED, CLOSE TO SCHOOL, SHOPPING AND EXPRESS WAY.

Listed with Greenland Realty


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$99,500 :: 25189 AUDREY, Warren MI, 48091

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3 beds, 1.1 baths
Home size: 1,194 sq ft
Lot Size: 10,018 sq ft
Added: 12/31/17, Last Updated: 12/31/17
Property Type: Single Family
MLS Number: 217112401
Community: Warren
Tract: CAPLAN SUB # 01
Status: Active

3 BED AND ONE AND A HALF BATH RANCH,MOVE IN CONDITION. UPDATES INCLUDES NEW FLOORING, WHOLE HOUSE FRESHLY PAINTED, CLOSE TO SCHOOL, SHOPPING AND EXPRESS WAY.

Listed with Greenland Realty


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$49,900 :: 13399 Sherman Avenue, Warren MI, 48089

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3 beds, 1 bath
Home size: 1,158 sq ft
Lot Size: 4,356 sq ft
Added: 12/30/17, Last Updated: 12/30/17
Property Type: Single Family
MLS Number: 217112332
Community: Warren
Tract: JOHN F. KEYS KEYSLAWN ESTATES
Status: Active

This home is a great home and needs repairs. The kitchen needs remodeling as well as the bath. The upstairs had some animal entry which tore the drop ceiling however the entry point on the roof was repaired. It has great space and a lot of potential for the interested buyer. There would need to be a new furnace and hot water heater because they are not present.

Listed with Keller Williams Royal Oak Market Center


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$179,900 :: 4406 THORNWOOD CRT, Warren MI, 48092

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2 beds, 2 baths
Home size: 1,393 sq ft
Lot Size: 0 sq ft
Added: 12/29/17, Last Updated: 12/29/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 21400042
Community: Warren (50023)
Tract: PALMER WOODS ESTATES #439
Status: Active

Move in ready condo in private Gated Community. End Unit with brick paver patio. Hardwoodand tile floors throughout with new carpet in LR and DR. Deep Basementwith glass block windows. All appliances included and a one Year Home Warranty.

Listed with Keller Williams Rochester


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$109,900 :: 24271 CUNNINGHAM AVE, Warren MI, 48091

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3 beds, 2 baths
Home size: 888 sq ft
Lot Size: 6,534 sq ft
Added: 11/09/17, Last Updated: 12/28/17
Property Type: Single Family
MLS Number: 21388608
Community: Warren (50023)
Tract: S/P LADD CENTER
Status: Sold

Fantastic 3 bedroom ranch home ready for move in. Newly built in 1997 this charming house has it all. Comfortable great room with open look through into kitchen and nook. Oak kitchen includes range, dishwasher and refrigerator. 3 spacious bedrooms. Full bath is sparkling clean. Partially finished basement offers space to entertain, have TV room, office and bedroom. Full bath with shower in basement. Large laundry room and extra storage in basement. NEW 2013 roof. NEW 2014 Furnace, AC and water heater. NEW 2016 windows. Beautiful fenced yard with fire pit and side yard. Large 2+ car garage with entry door, electricity and opener. A TRUE GEM!! Fantastic home for you or for Invesment.

Listed with Keller Williams Domain Birmingham


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$152,000 :: 26826 PALOMINO AVE, Warren MI, 48089

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4 beds, 3 baths
Home size: 1,619 sq ft
Lot Size: 10,018 sq ft
Added: 10/18/17, Last Updated: 12/27/17
Property Type: Single Family
MLS Number: 21380969
Community: Warren (50023)
Tract: ST JOHNS # 03
Status: Sold

An open floor plan greets you into this warm, spacious 1619 sf home with separate great and family rooms, 4 bedrooms and 1 full and 2 half baths. The bright kitchen/breakfast area is large and invites you to entertain for the holidays! The master bedroom is off on its own and has its own half bath. The yard is large and fenced, and the property is close to shopping and expressways. Seller is related to agent.

Listed with Keller Williams Realty-Brighton


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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