Author: Ray Morton

Mining for Gold

Mining for Gold


Real estate and gold have a lot in common. They are both highly desired tangibles that hedge inflation, and usually appreciate.  If you are looking to make an investment, the name of the game is buying low and selling high.  If you are looking to invest in real estate, foreclosures are a great place to start mining.

Foreclosures are created from a previous homeowner’s default on their mortgage. Often there is equity in the property.  Some people fear purchasing a foreclosed property because of perceived property condition/cost of repairs. The advantages of acquiring foreclosures are often price, location, and preferred construction.  Often the price to own a brick home with your desired space, and functionality comes at a great expense.  One solution to ease the fear of purchasing a foreclosed property is to consider financing a renovation. 

Renovation Loans allow you to purchase and improve a property in one loan. They create a “win -win” in foreclosure acquisition It’s the best of all worlds, price, location, and functionality with that fresh appeal.

If you are headed west to the “gold rush”…. allow us to help you “mine for” that perfect nugget of a home! For more information on how to sell or buy in this market, contact us at 888-362-1706.




Understanding HOAs and buying homes


Understanding an HOA

Home Owners Associations (HOA) are the governing entity for most suburban communities. They are a both a good thing and can be…. Just a thing to the owner of a property.

An association manages and maintains the common/shared areas of a community. They are also in charge of  enforcing any covenants or restrictions (CCRs)that a community may have adopted.  When a community has an HOA, you as a home owner must pay the dues on time, and remain in compliance to the CCRs of the community.

There are a few things to know about buying/selling with properties that have an HOA.



Most HOAs charge dues/fees. Some collect either monthly or quarterly.  You will pay the association directly.


Where there are governing entities, there are Laws. In this instance incorporated by-laws.  Make sure you run in by the HOA before you spend time and money to do something special or visible on your property. This particularly includes major landscaping, pools, fences, hosting parties, renovations.


Each HOA is responsible for maintaining a budget. Each owner is entitled to a copy of it. As a lender, we want to see that the budget reserves (savings) are over 10% of the bottom line for the budget.  If not, we consider the property non-warrantable, and may not lend on it.

Power to foreclose

If you don’t pay your HOA dues—you don’t stay in your property.   Please be sure to pay the applicable fees when requested.


In a large community, it would be really easy to find several properties where people decided to show their personality. The uniformity practice of an HOA helps to ensure keep the community as original as possible, and can  positively impact the market values as well.

HOAs can be a great thing for some, but if mismanaged, can be a nightmare for others. Be sure to ask your realtor important questions about the community before you agree to purchase a property.   If you need expert advice, we would love guide you through your home purchasing process.

Contact us today! Morton Malloy Realtors 888-362-1706