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Carver Communications - Index

Carver Communications - 7.15.08 - Index

Recently, the San Antonio
Board of REALTORS® was asked to
serve on committees whose objectives
are to find ways to have compatible
development while preserving
the missions of both Camp
Bullis and Lackland AFB installations.
Each base is currently working
on their own Joint Land Use
Study (JLUS). A third JLUS committee
will be formed in coming
weeks for Randolph AFB. In all
cases, stakeholders and interested
parties will review various criteria
to bring forward recommendations
on how best to develop and maintain
lands adjacent to these bases while
preserving private property rights.
Ultimately, it has been suggested
that a broad-based approach be written,
agreed to by stakeholders and
brought forward to the state level
(legislatively) so that recommendations
can be uniformly considered,
written into law and implemented.
Thus, the results could be enacted
By Robyn Locke,
Director of Political and Community Affairs
SABOR Participates in JLUS
into state law. Costly studies, construction
delays and other such
uncertainties could be minimized by
utilizing the information derived
from these studies enacted for bases
found throughout the state of Texas.
This will be a worthy ambition for
those who work towards this goal
without compromising the rights of
those who own the adjacent property.
Mineral Interests
Addendum in the Works
Mineral rights have become a
more common discussion in real
estate transactions in Texas. The
Texas Real Estate Commission’s
Broker-Lawyer Committee is considering
proposing a contract addendum
to deal with mineral interests.
If adopted by the commission,
a seller will be able to use the
addendum to reserve all or a portion
of the oil, gas and other minerals
owned by the seller. While it would
July 15, 2008 REAL ESTATE NEWSLINE 7
still be advisable for parties to consult
an attorney in transactions
where mineral interests are an issue,
the addendum will provide the parties
a way to carry out their wishes.
The proposed addendum will be
posted for public comment on
TREC’s Web site, and the Broker-
Lawyer Committee will meet on
August 4, 2008 to discuss comments
received. (Though the addendum
was not posted at the time of this
writing, please check back at
www.trec.state.tx.us )
HUD Loosens Flipping
Rule on Foreclosures
In an effort to stabilize declining
home values in certain neighborhoods,
the Bush Administration
announced a temporary policy that
will extend government-backed
mortgage insurance and allow for
the immediate sale of vacant foreclosed
properties.
For one year, the Federal
Housing Administration (FHA) will
insure foreclosed properties marketed
and sold by property disposition
firms on behalf of lenders. The
properties, which must be purchased
by owner-occupants, will no longer
be subject to the customary 90-day
waiting period. "A glut of foreclosed
and abandoned homes harms
neighborhoods, frustrates homebuyers
and delays a community's recovery,"
said Brian D. Montgomery,
Assistant Secretary of Housing-
Federal Housing Commissioner.
"The action we take today will allow
homebuyers to purchase these
homes in much greater numbers and
ease the excess supply of unsold
homes in neighborhoods across the
country."
FHA's new temporary policy
will help stabilize neighborhoods
experiencing high rates of foreclosure
by reducing the inventory of
unsold properties. Many foreclosed
properties remain vacant for
months, inviting vandalism and
reducing values of surrounding
homes. To address that sizeable
inventory, lenders have hired companies
that specialize in the marketing
and disposition of foreclosed
homes. It's reasonable and appropriate
that these firms have the ability
to sell the properties to borrowers
using FHA financing.
With certain exceptions, FHA
currently prohibits insuring a mortgage
on a home owned by the seller
for less than 90 days. This prohibition
is intended to prevent property
"flipping," a predatory practice that
strips a home of its equity before
being quickly resold at an inflated
price to an unsuspecting buyer.
FHA's new policy will permit the
immediate sale of foreclosed properties
to legitimate borrowers wishing
to use FHA-insured financing.
To read the full text of this new temporary
policy, visit FHA's website.
Sources are: TAR and HUD