The FHA will be issuing new rules to limit or end transfer fees assessed by third parties. Basically, any home sale involved with assessing buyers transfer fees will not be eligible for an FHA loan. This supports what we advocate and maybe our legislators will get it this time around and vote for home owners and not property managers and lawyers with legislation limiting HOA transfer fee.
The National Association of Realtors has come out to oppose transfer fees that developers and others assess home buyers to generate private revenue and profit. They still are not on board with prohibiting or limiting HOA transfer fees assessed by property managers that our group has written extensively on and lobbied our legislators in Colorado. When will the Colorado Association of Realtors (CAR) and our State representatives stand up to the lawyers and the CAI to end transfer fees and defend the folks who put bread on their plate: home owners? Ask CAR? Email: communications@ColoradoREALTORS.com
If the new FHA guidelines limit or prohibit the assessment of transfer fees on their loans this would be a good first step and help in promoting legislation in Colorado to end this abusive and unjustified fee. The new rules will be published later this year.