Terri, I don't think that the increase in value is what triggered the tax increase.

It's a bit out of my comfort zone still, so it will be a long research process before I pull the trigger on something.

Even if it was grandfathered in for the previous owner a change in ownership can sometimes trigger a requirement to bring it up to current regulations.

As far as conventional loans are concerned, it is true that transfer of title can trigger the DOS clause in the mortgage.

However, we do realize that there needs to be a minimal set of criteria to begin with, so we are addressing: Trash cans being out of sight during the week (and we need to address having them put away by say 9:00 p.m. as suggested), landscaping, what types of projects require Architectural Committee approvals (permitted projects only or assembled items versus constructed items), screen doors, fines (penalties for non-compliance) etc...This forum is giving me some great advise, keep it up folks, and as always, thanks in advance.

Make some contacts in AZ through BP or other conduits so you'll have a team coming together before you pull the trigger - banker, contractor, property manager, bird-dogs, realtors, whoever you might need for local help and area knowledge.

when will i be ready to pull the trigger???

The buyer will have to purchase the property subject to the other liens (mortgages, mechanics liens, etc) that are already in place.Although it's possible that such a sale could trigger your lender's due on sale (DOS) clause, it's highly unlikely for the DOS to get triggered as long as the mortgage keeps getting paid.

yes that is a federal rule callded HVCC and it took effect on 5/1.From what I am told if there are no comps within 3 months they prefer to go with non-comps and stay witin 3 months - meaning if you have a fully rehabbed home and no comps other then bank owned homes in three months they prefer the appraiser to take the non comp comps before they do time adjustments.Silly I know but....I would ask an appraiser to pull some comps that are HVCC approved and get a value BEFORE you pull the trigger IF financing is required.....

I was hoping to leverage this information; however, I just received a response back from our compliance department that employees cannot buy REO's we service.